Legal Questions regarding new internet start-ups?
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Legal Questions regarding new internet start-ups?
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My buddy and I have been developing an internet startup and we have a couple questions regarding how to protect our idea and mutual interests.
• Is it worth obtaining an LLC or incorporating even though we’re in no position to get sued?
• If and when should we trademark our logo?
• If and when hould we file a patent of our idea?
I’ve heard many conflicting stories regarding the pros and cons of LLC’s, incorporating, trademarks and patents making it hard to distinguish good advice from bad ones.
Right now it’s just the two of us and we’re looking to bring another programmer aboard. We want to ensure he’ll feel confident working with us knowing he won’t get screwed and we also want to make sure he can’t take our idea and run with it.
Another problem is he doesn’t know how much time he can devote to the project but we do like his ideas and insight and would be willing to make him a co-founder with a near equal share of the company if he can pull his weight.
After reading an article about this, it suggested to divide the company into shares. So, say there are 100 shares of the company, I would take 50, and my original business partner would also take 50. Now we bring aboard this new guy, starting him with no shares, then over the course of 2 years if he works out we would make him fully vested with 40 shares, making the total shares 140, that would mean my buddy and I have a 35% stake in the company, and this new guy (providing he works out) will have a 28% stake. Is there a way we can make this agreement legally binding?
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James T
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You should always setup a company legally once you are sure the idea can work, be prepared to change your idea in order to make it work, flexibility is the key.
You should trademark a logo once you have an income and expenditure and a clear market positioning strategy.
In light of the recent US announcements, an idea is no longer patentable, you have to prove that the process has a machine process and is a physical entity and not a vapour ware.
Keep it simple and never make promises about how you think it might turn out, apply commonsense to the startup and understand that there are four phases to realising a company in total.
1)Ideation , the formation of an idea and how it can be brought to market
2)Business Design, the business and how it will scale, be built, maintained and what skills involved.
3)Business Launch, Go to market the impact on the business and servicing the changes from launch to refining for customer feedback.
4) The service delivery, the skills required to run it day to day, you will find different interest peaks and troughs on each stage, so careful planning to get you through each one.
Once you can prove that your business is going to be sustainable and marketable enmasse then get all your legal as you go, again comes down to planning and sourcing the right people to assist the build out in all areas... |
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