Do's and Don'ts of an Online Startup in New York
Answering the Basic QuestionsBy David Levine | Last updated on January 26, 2023
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Three Basic QuestionsZhou is not the only one dreaming of becoming the next Mark Zuckerberg. According to the Global Entrepreneurship Monitor report, 69 percent of new businesses launched in 2012 operated out of the home. Zhou says there are more similarities than differences between online and offline startups. Attorney Jerrold B. Spiegel agrees. “There is a pretty standard process when a client comes with a business idea,” says Spiegel, a business/corporate attorney with Frankfurt Kurnit Klein & Selz. It involves these three basic questions:
- What is the business?
- Who is involved?
- How is it being funded?
Fights Will HappenDo you have a business partner? “Even if you only have an oral agreement about something, we need to know,” says Michael Zussman, an intellectual property attorney with Cowan DeBaets Abrahams & Sheppard. “Everyone is friends when they start a business. They are excited about the future. It’s like getting married. No one thinks that one day we will be fighting about money, about firing someone, about raising $500,000. People don’t think about the fights, but fights will happen. You need to think about that ahead of time.” While these aspects of an online startup aren’t much different from the brick-and-mortar variety, things change once you focus your business strategy on intellectual property.
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