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Legal Basics for Startups (Part 1): Legal Basics and Foundations for Startups
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Key Insights
Startups should get the structure right early. The corporate structure chosen at the beginning can affect governance, decision-making and how the business operates as it grows. Founders should consider whether the structure supports governance, decision-making and the way the business is intended to operate.
Shareholders’ agreements help manage founder relationships. A shareholders’ agreement can be significant for startups with more than one founder or shareholder. It can help set expectations around governance, decision-making and how the parties will manage their rights and obligations as the business develops.
IP, contracts and compliance should not be afterthoughts. Startups often rely heavily on intellectual property, customer relationships and supplier arrangements. Protecting IP, using comprehensive customer and supplier contracts, and complying with corporations law and relevant industry-specific regulations can reduce risk and give the business a stronger foundation.
Startups move quickly, but the legal foundations still matter.
In Part 1 of this Explain That series on Legal Basics for Startups, Andrew Henshaw is joined by Robert Osler to discuss some of the key legal considerations for startups and founders, including corporate structure, governance, intellectual property, contracts and compliance.
The episode introduces the legal foundations that can affect how a startup is established, managed and protected as it grows. Andrew and Robert discuss why founders should think carefully about structure and decision-making early, and why legal documents should support the way the business is intended to operate.
The discussion covers:
- choosing an appropriate corporate structure;
- governance and decision-making between founders;
- the role and importance of shareholders’ agreements;
- protecting intellectual property;
- managing contracts with customers and suppliers;
- why comprehensive contracts matter;
- compliance with corporations law;
- industry-specific regulations that may apply; and
- how legal foundations support broader startup risk management.
As the first episode in the series, this discussion provides a practical foundation for founders and startup advisers before later episodes explore more specific legal issues.
A practical discussion for startup founders, business owners and advisers seeking to understand the legal basics that should be addressed when establishing and growing a startup.
For advice on startup structuring, shareholders’ agreements, intellectual property protection, commercial contracts or regulatory compliance, contact Velocity Legal’s Commercial team.
This podcast in no way constitutes legal advice. It is general in nature and is the opinion of the author only. You should seek legal advice tailored to your individual circumstances before acting on anything related to this podcast.
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