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hey, not sure you if you will see this but just in case: first, i am not a lawyer, and this isn't legal advice, just stories from experience. Maintaining prop
by wheelerwj 8y ago
hey, not sure you if you will see this but just in case:
first, i am not a lawyer, and this isn't legal advice, just stories from experience.
Maintaining proper corporate formalities and handling finances is a big part of actually _operating_ a business. The main idea is that if you want to operate as a business, what you are actually doing is operating a separate legal entity to separate the legal and financial risk from you personally as the owner. This often includes setting up a proper corporate entity such as an LLC or inc, and maintaining the proper financial records, among other things. At later stages, this means working with your board and corporate counsel to maintain minutes and have regular board meetings too.
As a founder, if you are pre-revenue but are starting to get customers/users who want to pay, its a good time to speak with an attorney to talk about getting some kind of liability protection setup (in today's environment, that also means ToS and Privacy Policies too). But if you are before that, it might still be early.
The good news is that most lawyers do a quick consult for free, and its a GREAT time to start to develop your skills in working with counsel.