Page 44 - In The Mind of Startups Business Magazine InDesign Template – 50 Pages

www.designersjoint.com

Legal considerations for

startups: contracts, agree-

ments, and compliance

There are many legal considerations that come with
starting a new business, and failure to address them
properly can lead to serious consequences.

tarting a new business
venture can be an
exciting and reward-
ing experience, but it
Scan also be a daunt-
ing one. There are many legal
considerations that come with
starting a new business, and
failure to address them prop-
erly can lead to serious con-
sequences. In this article, we
will discuss some of the legal
considerations that startups
should be aware of, including
contracts, agreements, and
compliance.

Contracts:
One of the most important
legal considerations for start-
ups is contracts. Contracts
are legally binding agreements employees. They can cover a ers. They can cover topics such
between two or more parties, wide range of topics, including as pricing, delivery schedules,
and they can be used to govern compensation, benefits, and and quality control.
a wide range of business rela- job duties.
tionships. Startups should be Partnership agreements:
prepared to enter into a variety Customer contracts: These agreements are used
of contracts as they begin to These contracts are used to to govern the relationship
establish themselves in their govern the relationship be- between two or more parties
respective industries. Some tween a startup and its cus- that are working together to
common types of contracts tomers. They can cover topics achieve a common goal. They
that startups may encounter such as payment terms, deliv- can cover topics such as profit
include: ery schedules, and warranties. sharing, decision-making au-
thority, and dispute resolution.
Employment contracts: Supplier contracts:
These contracts are used These contracts are used to Agreements:
to govern the relationship govern the relationship be- In addition to contracts, start-
between a startup and its tween a startup and its suppli- ups should be aware of other

44 IN THE MIND OF STARTUPS