The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

LEGAL WORK: Before or After

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)
Share your FTE moment...

TrueCreator97

New Contributor
Dec 16, 2016
13
17
Hey Everyone,

I hope you've all had a great start to 2018 and are killing your goals as we move forward in this new year.

I was wondering where you think certain legalities fall in the execution process. The two ones I'm most concerned with initially are incorporation and a trademark for my brand name/logo. I have proven demand for my product through sales to friends and family (many repeat buys, constant orders, etc.) and am ready to move ahead with the manufacturing and marketing. Given that I'm on a limited budget (money and time), I figured it would make more sense to get started with production and accumulate some sales before registering things formally. In the meantime, I could have my manufacturer and those helping me with the creative aspects of the marketing plan sign NDA's.

Curious to see what everyone thinks!
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

RobD88

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Nov 20, 2017
196
487
Missouri
NDA's, NDA's, NDA's! Put a confidentiality agreement in place with anyone you are working closely with on anything that has to do with your design, patent, trademark, etc. These aren't expensive. You can find ready to use templates online and usually their lawyers will redline the hell out of them anyway until you come up with something agreeable.

Trademarks are next if you feel you have something that is unique and will wow your target market or be memorable. And if you have plans for global expansion do not forget to register the trademarks in all of your target countries as soon as you have the resources to do so.

I am in global sourcing & supply chain management for my slow lane day job. I negotiate NDA's and contracts every day. While I'm not a lawyer I have pretty extensive knowledge and resources. I'd be happy to try to answer any specific questions you may have on them.
 

TrueCreator97

New Contributor
Dec 16, 2016
13
17
NDA's, NDA's, NDA's! Put a confidentiality agreement in place with anyone you are working closely with on anything that has to do with your design, patent, trademark, etc. These aren't expensive. You can find ready to use templates online and usually their lawyers will redline the hell out of them anyway until you come up with something agreeable.

Trademarks are next if you feel you have something that is unique and will wow your target market or be memorable. And if you have plans for global expansion do not forget to register the trademarks in all of your target countries as soon as you have the resources to do so.

I am in global sourcing & supply chain management for my slow lane day job. I negotiate NDA's and contracts every day. While I'm not a lawyer I have pretty extensive knowledge and resources. I'd be happy to try to answer any specific questions you may have on them.
I can't say I've got any specific questions at the moment. But based on your experience, do you think that's enough legal protection to have until the production/design process is done and the sales start rolling in? Thanks.
 

RobD88

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Nov 20, 2017
196
487
Missouri
I can't say I've got any specific questions at the moment. But based on your experience, do you think that's enough legal protection to have until the production/design process is done and the sales start rolling in? Thanks.


Personally, I started with my LLC. I felt it was important to put protections in place for my personal assets. If all you are doing is developing prototypes at the moment then I would think NDA's are all you really need. But again, I'm not a lawyer and others may have differing opinions. My opinion is that you should definitely have NDA's in place with any and all of your potential suppliers.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top