What is the best way to protect your new business venture?

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Startups Legal Issues
There are numerous legal issues that a new business venture is bound to face, and they can cause problems if not adequately addressed.
* The most immediate legal challenge regards the business structure. Before starting a business, the entrepreneurs should note the available legal structures that can either be a sole proprietorship, partnership, cooperation, or franchise (Palmiter). The different business structures will also require licensing and tax registration from the state and federal governments and might spark additional legal concerns. The business structure also translates to liability issues, which also has the potential to raise legal hurdles for the startup. A sole proprietorship has the sole owner of the business liable for any business risks instead of a partnership where the liability is split between the partners. A corporation, which can be of different forms; LLC, S Corp, C Corp, and non-profit (Palmiter) completely alienate the personal assets from the business.
* Intellectual property laws are other major legal concerns for startups. Intellectual property laws protect the original idea or product introduced into the marketplace (Zafar 147). Intellectual property laws can be further broken down to copyright, patent, and trademarks (Zafar 149). Copyright laws protect the originality of an innovative idea while patent gives the owner of the innovative idea the exclusive rights to use the product as they deem fit. On the other hand, a trademark can be a unique design, motto, logo, or any other unique feature that differentiates the company from the rest. Trademarks elements such as names or logos could raise some legal constraints. Infringement of others' intellectual property rights could spark legal battles with competitors.
* A new busin...