Covering All the Bases: How to Set the Legal Framework for Your New Business

By nature, founders are big-picture people; we love envisioning new ways of doing things. The problem, though, is that sometimes we try to paint the bigger picture before we set up the mechanics of actually running a company. The legal side of setting up a business is often seen as a time-consuming chore, brushed under the carpet until it’s a screaming necessity. But to enable your business to run freely, this has to be prioritized before you even consider bringing on clients, hiring staff, or eventually pitching to investors. 

The legal framework of a business is what ensures that your service or product is protected, that you're not operating illegally, and that you don't lose out if things change in your team. A prime example of not doing this right is the Winklevoss twins, who famously failed to legally document the early stages of their social media platform, allowing Mark Zuckerberg to launch Facebook using part of the code he had written for them.

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