A large percentage of millennials consider themselves entrepreneurs, and millennial-led startups are growing more common in many sectors. Unfortunately, this entrepreneurship mentality sometimes extends to the practice of attempting do-it-yourself legal work, with adverse results. In her article “Top 5 Legal Mistakes Made by Millennial Startups,” Partner Ginny Sanderson lists a few of the most common legal mistakes she sees being made by young entrepreneurs.
Many startups are eager to take their website live or put their app on the market, with vague plans to seek legal advice after enough money is made to justify the expense. Additionally, many entrepreneurs assume that since their businesses are small, they will fly under the radar and are less likely to be sued. However, all companies are vulnerable to lawsuits, no matter how small, and as Sanderson notes, “The best preventative legal advice is usually obtained at the outset.” Some startups may also run into problems by using poorly constructed legal documents, which may not be effective or address all potential issues.
Starting a business is cheaper and easier than ever, but it is imperative that entrepreneurs should still consult a lawyer to ensure that they are in compliance with the law and fully protect their businesses.
This entry was posted on Thursday, December 15, 2016 and is filed under Startups, Internet Law News.