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Your Houston go-to lawyers when starting up a business
When?
As a startup owner in Houston, you're used to tackling all kinds of challenges on your own. Whether it be marketing, finances, or hiring, an entrepreneur wears a lot of hats. But there's one business expense that it usually makes sense to outsource -- and that's legal advice.
What?
Hiring a lawyer is a smart move for startup owners in Houston. Finding trustworthy legal counsel early in the life of your business can save hassle and expense down the road.
Where?
Don't fight fires. Prevent them.
Don't ask yourself what the world needs. Ask yourself what makes you come alive, and go do that. Because what the world needs are people who have come alive.
Howard Thurman
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#lawyerup
HOUSTON
Startup Investor Protection
Investing in a startup is a risky proposition. But with the help of a technology lawyer, you can minimize your risk and maximize your chances of making money on your investment.
Our lawyers can help you navigate the often-complex world of startup equity. We're familiar with the risks and potential rewards of investing in a startup, and we can help you: negotiate the terms of your investment, protect your investments with shareholders' and partnership agreements, and resolve disputes between you, founders, and other investors.
Incorporation
As a startup owner, you'll need to consider what type of business entity to form. There are many different types of business entities, and each has its own advantages and disadvantages. An attorney can help a startup evaluate the pros and cons of each type of entity and choose the one that is best for the company.
Some forms that you might consider include a limited liability company, a partnership or limited partnership, or a corporation. If your business accomplishes a social good and you meet certain requirements, you might even consider a nonprofit entity or split the difference with a public benefit corporation.
Contact us to learn more about what entity type is right for you.
Protecting Your Brand
As a new business, you're striving to distinguish yourself in the market. Your branding matters. And if you're a product-driven company, your technology may by the key defining that brand.
That's where trademarks and patents come in. Trademark protection prevents competitors from copying your name, logos, and other branding elements, while patents protect your business from copycat product designs. In the eyes of the law, these intangible assets truly are property, and they're usually one of your business' most valuable assets. Promise Legal's attorneys can help you develop a strategy to identify, manage and protect your intellectual property.
Not sure if you need a trademark? Click here to schedule a call with us.
Fundraising & Regulations
Looking to raise business capital through loans or investment? Our attorneys can help you negotiate terms and paper the deal in a way that reduces misunderstandings and conflicts down the road. We're familiar with various forms of startup fundraising, including convertible notes, restricted stock, stock options, and commercial loans, and we can help you decide on a structure that's right for you.
If you do opt for investment over financing, be aware that selling or giving away part of your business to anyone is considered a "sale of securities" by the SEC. Make sure you speak with an attorney before issuing equity to avoid getting sideways with these federal regulations. We can help you meet the requirements to be exempt from registration with the SEC.
FAQs
Startup lawyers are a special breed of attorneys. We understand that high risk equals high reward, and we see ourselves as your strategic partners, not just the department of “no”.
At Promise Legal in particular, we also run our own practice like a lean, bootstrapped startup. We leverage technology wherever we can to improve service and reduce costs, and our tech-savvy attorneys even develop software internally to automate the most redundant parts of legal work.
In some ways, startup lawyers are generalists who can advise on all the various issues a new business encounters, from formation and funding to intellectual property and employment law. But good ones also have deep expertise in highly relevant areas like digital privacy, and the best ones also have the technical expertise to truly understand the ins and outs of your product.
At Promise Legal, we’re proud to offer quality services informed by both our legal skills and our tech expertise. If you’re looking for a creative, business-minded attorney to support your startup’s growth, we’re here for you.
When starting a business, it is critical to be aware of the many legal problems that can arise. Here are some of the most common legal problems new businesses face:
Choosing the wrong business structure
Choosing the wrong business structure is one of the most common legal problems new businesses face. The three most common business structures are sole proprietorships, partnerships, and corporations. Each has its own advantages and disadvantages, so it is important to choose the right one for your business.
Failing to obtain the necessary licenses and permits
Every business needs to obtain the necessary licenses and permits before it can legally operate. Failure to do so can result in heavy fines and even the shutdown of your business.
Infringing on another business’s intellectual property
This can include using another business’s trademarked name or logo without permission, or copying their products or services. Infringing on another business’s intellectual property can lead to costly legal action.
Employment law issues
Employment law issues are common in new businesses, since they may not be aware of all the laws that apply to hiring and firing employees. This can include issues such as discrimination, sexual harassment, and wage theft.
Two of the most common legal needs for businesses in Houston, Texas are intellectual property law and employment law. Not only can Promise Legal help you with your intellectual property strategy, we can help you navigate federal and state regulations related to hiring, managing and firing employees.
Did you know you can be liable for discrimination even during the early vetting and hiring process? Talk to an attorney to refine your interview and onboarding process.
Here are some of the most common employment issues we see with startups:
Misclassifying employees as contractors.
Misclassifying someone as a contractor when, in the eyes of the state, they’re technically an employee, can put you on the hook for fines and back-taxes down the road.
Violating wage and hour laws.
Federal regulations require that workers be paid a minimum wage and, depending on the type of work they do, be compensated for overtime. Make sure your payroll practices comply with the law.
Improperly issuing equity.
Paying your new hires with equity? Make sure you know and follow all the SEC regulations around equity-based compensation. If you don’t, you’re creating barriers to investment deals down the road.
Failing to properly institute non-competes or non-disclosure agreements.
The hiring process for startups is often pretty informal, meaning you forget to get new hires to sign agreements to protect your company trade secrets and other intellectual property.
What if my startup wants something more ?
Space Law
Are you a startup in the growing space industry? You’re in an uphill battle to compete with the big guys, and not just on the business front. You’ll be navigating a minefield of legal issues, from federal regulations to environmental law to government procurement requirements. Unlike most industries, work in this realm even implicates international treaties.
Take satellites for example. The United States has laws and regulations in place to ensure the safety of satellite launches, which are regulated and enforced by the FAA (Federal Aviation Administration). Commercial satellite operators need to obtain a license before launching their satellites and submit a launch plan to the FAA that includes information about the satellite and the launch vehicle.
The FAA also has specific regulations that cover the construction of satellites and the materials that can be used. These regulations are designed to minimize the risk of debris from a satellite launch harming people or property on the ground.
In the United States, the primary law governing satellite and space technology is the Commercial Space Launch Act, which establishes a regulatory framework for the commercial launch and reentry of space vehicles. But as the space industry continues to expand, we can expect new laws and regulations to be popping up constantly to keep pace. Make sure you have legal counsel to help you navigate this complicated landscape.
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Space Technology and International Law
Since the first artificial satellite, Sputnik 1, was launched into orbit in 1957, humanity has had a steadily growing presence in outer space. With the technological advances of the 20th and 21st centuries, that presence has become more widespread and more varied, with everything from human-rated spacecraft to satellites and robotic probes dotting the solar system. The legal regime governing outer space is correspondingly complex, and is based on a number of international treaties and agreements.
The most important international treaty governing satellite and space technology law is the 1967 Outer Space Treaty. It sets forth the basic principles governing the activities of states in outer space, and has been ratified by 108 countries. It establishes that outer space is free for exploration and use by all states, that it is not subject to national appropriation, and that activities in outer space must be conducted in a manner that avoids harmful contamination and debris.
The treaty also contains a number of provisions aimed at ensuring the peaceful uses of outer space. For example, it prohibits the placement of weapons of mass destruction in orbit, and bars states from claiming sovereignty over any part of outer space. It also commits signatory states to providing international cooperation in space research and exploration.
In addition to the Outer Space Treaty, there are a number of other international treaties and agreements that govern satellite and space technology law. These include the Convention on International Liability for Damage Caused by Space Objects, the Convention on Registration of Objects Launched into Outer Space, and the Agreement Governing the Activities of States on the Moon and Other Celestial Bodies.
In the United States, the primary law governing satellite and space technology is the Commercial Space Launch Act, which establishes a regulatory framework for the commercial launch and reentry of space vehicles.
Transactional Support
Striking a deal is your job. Managing the nuances is ours. Whether you're working with an international brand or a local specialized shop, we can manage the details with your new partner's attorney and effectively allocate risks.
As an innovative space company, you likely work with a variety of partners to build and sell your technology. Companies like Boeing, Lockheed Martin, Northrop Grumman, and Orbital Sciences are all leaders in the aerospace industry, and they have a wealth of experience in building spacecraft and rockets.
But when it comes time to hit the negotiating table with any of these giants, be prepared. You bet they have an in-house legal team and a fancy law firm on retainer. We love advocating for our startup clients in their deals with established partners. Your business deserves quality legal representation.
Contact us for contract drafting and negotiation support.