So you’re going finally getting around to forming that startup, but what type of legal entity do you create? There are a plethora of options: LLC, S Corp, C Corp, DBA, LP, etc. . Let’s take a closer look at two of these choices: Minnesota LLC and the Delaware C Corporation.
So you’ve had this idea for starting your company for a while now-but-you’ve got to pay the bills, so you’ve kept a day job. Fast forward: the time is right, you’ve been patient and you’re ready to spread your wings; you return your key card, your laptop, all your materials and you are free!
Almost.
What agreements have you signed with your previous employer? Failing to understand legal obligations generally known as “Employment Agreements” can sink your startup before you even leave port. Here are a few types of common agreements that, if ignored, can set you off on the wrong course from the onset.
Ernest W Grumbles III is a startup-focused IP attorney with the local firm Merchant & Gould. Ernest helps entrepreneurs launch new tech (clean/green/IT/med tech) companies and has been known to rumble in the courtroom. He is one of the founders of MOJO/Minnesota – a collective promoting innovation policy and community in Minnesota. He also blogs for the Star Tribune, hosts his own IP podcasts and plays in a Roots/ Americana/ Jazz Band called The New Nationals. Here is a link to his recent “IP Crash Course for Startups” held at CoCo MSP this past Wednesday.
Podcast Transcription:
Jeff: Ernest Grumbles – here we are; thanks for taking the time to sit down and chat with TECHdotMN, we appreciate it very much.
Ernest: Happy to.
Trade secrets are the red-headed stepchild of intellectual property. Patents, copyrights and trademarks always seem to get all the attention. Most tech companies will likely encounter all at one point or another – but for the startup – a good trade secret policy could be most important of all during the formative stages.
I’m Paul Godfread, the legal correspondent for TECHdotMN and I will cover the legal aspects of technology startups in Minnesota.
Prior to law school, I worked in IT where I cultivated an interest in the intersection of technological development and the legal code. In fact, my initial decision join the legal profession my have been driven by reading too many articles about copyright on Slashdot.org.
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Paul Godfread / legal
Paul Godfread is an attorney practicing in intellectual property and business law.
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