Some Key Things U.S. Entrepreneurs Need to Know About the Law and Lawyers

47 Pages Posted: 17 May 2015 Last revised: 11 May 2019

See all articles by Lawrence J. Trautman

Lawrence J. Trautman

Prairie View A&M University - College of Business

Anthony J. Luppino

University of Missouri at Kansas City - School of Law

Malika Simmons

University of Missouri - Kansas City Institute for Entrepreneurship and Innovation

Date Written: September 24, 2015

Abstract

New business formation is a powerful economic engine that creates jobs. Diverse legal issues are encountered as a start-up entity approaches formation, initial capitalization and fundraising, arrangements with employees and independent contractors, and relationships with other third parties. The endeavors of a typical start-up in the United States will likely implicate many of the following areas of law: intellectual property; business organizations; tax laws; employment and labor laws; securities regulation; contracts and licensing agreements; commercial sales; debtor-creditor relations; real estate law; health and safety laws/codes; permits and licenses; environmental protection; industry specific regulatory laws and approval processes; tort/personal injury, products liability, and insurance laws; antitrust and other unfair competition laws; import/export laws; immigration laws; laws related to the internet, privacy and e-commerce; and possibly many other federal, state and/or local laws, and, for many businesses these days, international laws. Company founders need to develop familiarity with the effects of such laws and need to access qualified legal talent to address legal issues in the planning and implementation of their venture. This article is designed to provide entrepreneurs with an overview of several areas of law that commonly arise in for-profit start-up ventures and offer them some important tips on working with lawyers.

Keywords: accounting, angel investor, business organizations, copyright, corporate finance, corporate governance, entrepreneurship, intellectual property, lawyers, leadership, legal issues, National Venture Capital Association (NVCA), patents, securities law, start-up, trademark, venture capital

JEL Classification: D80, D81, D82, G21, G24, G28, G32, G33, H25, K10, K12, K20, K22, K30, K31, K32, K34, M13

Suggested Citation

Trautman, Lawrence J. and Luppino, Anthony J. and Simmons, Malika, Some Key Things U.S. Entrepreneurs Need to Know About the Law and Lawyers (September 24, 2015). 46 Texas Journal of Business Law 155 (2016). Available at SSRN: https://ssrn.com/abstract=2606808 or http://dx.doi.org/10.2139/ssrn.2606808

Lawrence J. Trautman (Contact Author)

Prairie View A&M University - College of Business ( email )

Prairie View, TX
United States

Anthony J. Luppino

University of Missouri at Kansas City - School of Law ( email )

5100 Rockhill Road
Kansas City, MO 64110-2499
United States

Malika Simmons

University of Missouri - Kansas City Institute for Entrepreneurship and Innovation ( email )

5100 Rockhill Road
Kansas City, MO 64110-2499
United States

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