Many company owners see hiring fintech lawyers banking the same way they would treat hiring a firefighter or plumber: as a last resort. In a court of law, you shouldn’t be that reckless.
Legal difficulties, especially ones that don’t appear to be of immediate importance, often take a backseat to more pressing demands, especially for young firms. However, engaging with an attorney early on to avert difficulties and ensure the firm is safeguarded against future difficulties is also part of prudent business planning.
While the vast majority of firms will hire a lawyer to assist them to incorporate, many startups fail to meet the ongoing legal obligations of being a company. In accordance with state law, you must convene annual shareholder, director, and partner meetings at which minutes are recorded and officials are elected. If this isn’t done, the company’s “corporate veil” may be “pierced” in the case of a lawsuit or other legal action, leaving the company’s officials open to personal responsibility or other legal issues.
Businesses need legal safeguards for many of their intangible assets. Copyright law protects a business’s right to use its name, logo, and brand name on its unique products and services. A trademark may be filed for many different types of works, including computer programs, semiconductor chip mask designs, ship hull blueprints, and many more. However, techniques, such as a method for refining petroleum, and novel compositions of matter, such as chemical compounds or combinations, may also be protected by patents, despite common belief to the contrary. An organization’s competitive edge may be safeguarded via the registration of trademarks, copyrights, and patents.
The expertise of one’s staff is considered a valuable resource by many businesses, particularly those in the technology sector. However, they don’t take the necessary steps to safeguard their assets by having staff sign non-disclosure and non-compete agreements. As staff turnover is unavoidable, it is crucial to safeguard your company’s intellectual property in the event that departing workers take their trade secrets with them.
Many first-time company owners are so preoccupied with getting their venture off the ground that they fail to plan for what would happen if one of the founding partners decides to depart. The company’s continued existence might be jeopardized by the abrupt departure of a key partner or stakeholder. Buy-sell agreements or buy-back agreements are essential for closely held firms because they guarantee that partners or big shareholders may sell their investments without causing legal complications or an unreasonable financial burden for the company.
The price tag of fixing all these problems deserves some attention. Good attorneys are expensive, but so are any other consultants you deem essential to your company. Many times, a company’s legal requirements may be ascertained with a quick conversation with an attorney. Getting a lawyer’s opinion before signing any important documents is like getting a checkup or a fire inspection to avoid costly complications later on.
Fintech Harbor is home to a team of specialists that provide full-service backing for businesses and startups in the financial and technology sectors all around the globe. They partner with ICO initiatives, as well as IT firms, software developers, cryptocurrency exchanges, and money processors.
Get an e-money issuer license, set up your own payment system, form a legal corporation, and open an office in any country you choose, for example, company registration in Cyprus, with the aid of a fintech attorney.