Spring is here. The days are longer, the flowers are blooming, and it is the perfect time for fresh starts. Just as many people use this season to declutter their homes and reset their goals, it is also a great time to refresh your legal and real estate plans. Whether you are buying or selling a home, running a business, or reviewing your estate plans, now is the time to make sure everything is up to date and working in your favor.
Spring Cleaning Your Legal Documents
As life changes, so should your legal documents. Many people forget to review their estate plans, business agreements, and real estate paperwork until a problem arises. Instead of waiting for an issue, take proactive steps now to ensure you are protected.
Key Documents to Review This Spring
Estate Plans & Wills – Have there been changes in your family, finances, or personal wishes? Make sure your will, trust, or power of attorney reflects your current situation.
Business Contracts – If you own a business, review your contracts, operating agreements, and client agreements. Do they still meet your needs? Are they protecting you as they should?
Real Estate Documents – Whether you are buying, selling, or refinancing, double-check property titles and closing documents to ensure everything is accurate and complete.
Updating these legal documents now prevents future headaches and ensures everything is aligned with your long-term goals.
Is It Time to Refresh Your Business Legal Strategy?
Spring symbolizes growth, making it the perfect time to evaluate your business structure and legal standing.
Ask yourself:
Have you expanded your business or taken on new partners?
Do you need to update your contracts or policies?
Is your business compliant with the latest regulations?
If your business has grown, your legal strategy should grow with it. Now is a great time to sit down with a legal professional to ensure your business is structured for success.
The Spring Real Estate Market Is Heating Up
Spring is one of the busiest times for real estate. More homes hit the market, and more buyers are looking for their dream home. If you are planning to buy or sell this season, make sure you are prepared.
Homebuyers: Secure your financing early, work with a trusted title company, and ensure all documents are in order before closing.
Sellers: Make sure your title is clear, contracts are strong, and all legal paperwork is ready before listing your home.
FSBO Sellers (For Sale By Owner): Selling without a realtor? Ensure your contracts, disclosures, and legal paperwork are ironclad to prevent last-minute issues.
A smooth real estate transaction starts with having the right legal support in place.
Do Not Let Legal Gaps Hold You Back This Spring
Small legal oversights can turn into big problems if they are left unaddressed. Whether you are securing a home, growing a business, or planning for the future, spring is the perfect time to make sure your legal documents are working for you, not against you.
At Tressler & Associates, we are here to help with:
Estate planning and wills
Business contracts and structuring
Real estate closings and title services
Spring into Action – Let’s Get Started
Spring is about new beginnings. Let’s make sure you are legally prepared for everything ahead.
Contact us today to schedule a consultation and refresh your legal and real estate plans!
Nashville, TN – Tressler & Associates, PLLC, a trusted leader in business and real estate law, is proud to announce its role as legal counsel to Nashville Door Closer, Inc. (NDC) in the recent acquisition by Cobalt Specialty Partners. This transaction marks a significant milestone in the growth and expansion of both organizations.
Nashville Door Closer, a longstanding and respected provider of door hardware, access control solutions, and related services, has been serving Tennessee and the surrounding regions with excellence since 1989. The acquisition by Cobalt Specialty Partners aligns with NDC’s mission to deliver high-quality products and services while scaling its operations to meet evolving market demands.
“As a firm dedicated to supporting businesses through every stage of their growth, we are thrilled to have worked alongside Nashville Door Closer in this pivotal moment,” said Todd Tressler, Founder and Managing Attorney at Tressler & Associates. “Our team’s goal was to ensure a seamless and strategic transaction, securing NDC’s legacy while positioning it for future success under Cobalt’s leadership.”
The acquisition signifies a shared vision between NDC and Cobalt for expanding operations, enhancing service offerings, and building stronger client relationships. Tressler & Associates’ comprehensive legal services ensured that every aspect of the transaction adhered to NDC’s values and long-term goals.
About Tressler & Associates Founded in 2009, Tressler & Associates, PLLC, is committed to “Securing Your Peace of Mind” through innovative legal solutions. The firm specializes in business law, real estate transactions, estate planning, and title services. With a client-centered approach, Tressler & Associates helps individuals and businesses achieve their goals with clarity and confidence.
For more information about our services, visit our Legal Services Page or email attorneys@tresslerassociates.com.
For more information on this transaction, please read Cobalt’s article here!
Here is Your End of Year Legal Checklist:
As the year draws to a close, it’s the perfect time for a legal review of your business’s legal health. Elevate Your Business in 2024: A Legal Checklist for The New Year – Cooper & Huber says, “By adopting a proactive and strategic approach, you position your business for resilience, growth, and sustained success.” Taking care of these essential tasks now can help you avoid surprises in the new year and ensure your business is in great shape to thrive in 2025.
Here’s your end-of-year legal checklist:
1. Review Contracts and Agreements
Ensure that all contracts, leases, and vendor agreements are up to date and reflect your current business relationships. Look for clauses that may need renegotiation or renewal heading into the new year.
2. File Any Necessary Annual Reports
Check your state’s requirements for annual reports or filings. Missing these deadlines can lead to penalties or even jeopardize your business’s good standing.
3. Reassess Your Business Structure
Is your current legal structure (LLC, partnership, corporation) still serving your business goals? If not, now is the time to consult an attorney about making changes for the year ahead.
4. Conduct an Intellectual Property Audit
Ensure that trademarks, copyrights, and patents are up to date and properly registered. If you’ve introduced new products, services, or branding this year, make sure you’ve protected your intellectual property.
5. Verify Employee and Contractor Agreements
Review employee handbooks, contracts, and independent contractor agreements to ensure compliance with labor laws and any changes that occurred this year.
6. Update Your Estate Plan
For business owners, it’s critical to integrate your estate plan with your business succession plan. Ensure your assets and your business are protected for your heirs or successors.
7. Prepare for Tax Season
Work with your accountant and attorney to review tax obligations. Take advantage of any end-of-year tax planning opportunities and ensure that all financial documents are organized for filing in the new year.
8. Conduct a Risk Assessment
Review potential liabilities, such as pending litigation or unresolved disputes. Addressing these before the end of the year can save time and resources.
9. Evaluate Compliance Requirements
Check for new laws and regulations in your industry that may impact your operations in 2025. Updating your policies now ensures compliance and peace of mind.
10. Consult with Your Legal Team
End-of-year is the ideal time to schedule a review meeting with your legal counsel. They can identify any overlooked issues and help you start the new year strong.
At Tressler & Associates, we’re here to help you cross off every item on your checklist. Whether it’s reviewing contracts, planning for taxes, or preparing your business for growth, our experienced team is ready to assist.
Contact us here to schedule your end-of-year legal review. Let’s ensure 2025 is your business’s best year yet!
For many people, starting a business can seem like a daunting task. The steps can be intimidating, especially when you attempt the setup process alone. It’s easy to get discouraged or even stuck without proper guidance and support when regulatory obstacles arise. Your attorney can avoid making the two most common legal mistakes new business owners make.
First, establish your entity.
The excitement of starting your own business may lead you to throw caution to the wind. Afterall, you have a business plan to make it a reality. You can’t wait to get started. We hear this from our clients almost every day. While their enthusiasm to get to work is critical for their startup’s success, they often risk their dream by operating without establishing their business’ legal entity. This costly mistake can lead to many problems down the road.
Before opening your doors for business, create a distinct legal entity through the state, such as a corporation or limited liability company (LLC). Individuals operating a business without a distinct legal entity are operating as a sole proprietorship. Sole proprietorships are not a separate entity. The operators have no “liability shield.” This means that any of the business’ liabilities and obligations fall to the owner personally in the event of a lawsuit or debt collection. In this situation, anyone who sues you for the actions of the business can seize your personal assets such as your home, bank and investment accounts, and other property. Thus, having a distinct legal entity is absolutely critical to protecting your assets.
Next, create your internal documents.
Unfortunately, operating a business requires more than being the best in your field, especially when you start expanding. After you establish your entity, the next order of business is to draft your internal documents, which includes an operating agreement and your corporate bylaws. Your internal documents, also known as “controlling documents,” define and govern almost all activities of the business. They do not necessarily dictate “how” you do things, but rather, who has the authority to do things on behalf of the company, including what actions can be taken in a contingency, such as a merger or sale of an owner’s stake in the company.
Your internal documents can also help you obtain financing. Banks are cautious when extending credit to an organization. Your internal documents offer clarity and protection to the interests of its owners. With your internal documents in place, you will be ready to make decisions and move forward when new opportunities for your business arise.
Tressler is a team you can trust.
At Tressler, we aim to help you achieve their goals and be a team you can trust. We understand how much work goes into building your business and how important it is to have support and guidance along the way. Our team can help you establish your business legal entity and create your internal documents so you can prevent risks and make the best decisions for your future. Contact our team today!
In today’s digital age, technological advancements are revolutionizing the legal industry. One such breakthrough is the integration of Chat GPT (Generative Pre-trained Transformer) technology into law firms. This cutting-edge language model, powered by artificial intelligence, has the potential to streamline and optimize various aspects of legal practice. By utilizing certain aspects of Chat GPT, law firms can enhance their efficiency, improve client experiences, and stay ahead in an increasingly competitive landscape.
Legal Research Made Easy
One of the most time-consuming tasks for legal professionals is conducting extensive research to build strong cases and support arguments. Chat GPT can significantly reduce the burden of legal research by providing quick access to relevant information. Lawyers can use the chat-based interface to ask questions or seek guidance on complex legal issues, and the AI model will generate detailed responses based on its vast knowledge base. This saves valuable time and allows legal professionals to focus on higher-level tasks, such as case analysis and strategy.
Automated Document Generation
Law firms deal with large amounts of paperwork. From contracts and agreements to legal opinions and briefs, Chat GPT can automate the document generation process by generating drafts based on predefined templates and specifications. Lawyers can provide the necessary inputs, such as factual details and case notes, and the AI model can generate accurate and customized documents. Chat GPT can help streamline the workflow, minimizes errors, and improves overall productivity.
Enhanced Client Communication
Effective client communication is critical for every law firm. Chat GPT can be utilized as a virtual assistant, interacting with clients through chat interfaces and addressing their inquiries in a prompt and personalized manner. This ensures clients receive timely updates and clarifications, fostering stronger client relationships. Moreover, Chat GPT can assist in providing initial legal advice, screening client inquiries, and offering general information on legal processes, thereby improving accessibility and client satisfaction.
Predictive Analytics and Case Assessment
Another valuable application of Chat GPT in law firms is its ability to analyze large volumes of case-related data and provide insights. By leveraging machine learning techniques, the AI model can identify patterns, highlight relevant precedents, and offer predictions on case outcomes. This assists lawyers in making more informed decisions and devising effective legal strategies. Furthermore, Chat GPT can assist in risk assessment, aiding in the evaluation of potential legal challenges and their associated probabilities.
New Technology Brings New Potential
The integration of Chat GPT technology in law firms has the potential to revolutionize legal practice, offering numerous benefits in terms of efficiency, accuracy, and client satisfaction. By automating tasks such as legal research and document generation, providing enhanced client communication, offering predictive analytics, and facilitating ongoing legal education, Chat GPT can empower law firms to adapt to the demands of the digital age. Embracing this AI-powered technology enables law firms to optimize their operations, deliver better outcomes for clients, and stay at the forefront of the legal profession.
It is important to note that Chat GPT is not a replacement for an educated attorney. However, it is a tool that attorneys may utilize in modern times to be more efficient in practice management.
Photo Credit: James Williams Photography
Want to know the answers to the most frequently asked questions we get from our clients? Check out the top Tressler FAQ and answers.
As a law firm, we get asked lots of questions every day. We don’t mind because we understand people make better decisions when they are fully informed. It’s one of the many ways we are committed to being different from other law firms. We never want you to feel afraid to contact our team. Afterall, you are the reason we do what we do and answering your questions is one way we can help.
These questions are the most asked for a reason, because legal and title services can sometimes be confusing, and everyone goes through moments in their life when they need a legal team they can trust.
Is there a consultation fee to speak with an attorney?
No. At Tressler, we take the time to understand your needs before taking any transactional steps. You will have the opportunity to speak with an attorney about your matter without any upfront financial obligation.
What is a retainer fee?
A retainer fee is an upfront amount of money paid in full for future services performed by our team. We keep our clients updated on the status of their allotted retainer funds as we handle their matter. Should the maximum amount be reached before your matter is complete, our team will reach out before the retainer reaches its limit to discuss next steps. Portions of retainer fees are refunded if the services you requested end up costing less than originally planned. Please reach out to our team if you have any questions about retainer fees.
Do I need an Operating Agreement for my LLC?
Yes. To protect the business’ limited liability status: Operating agreements give members protection from personal liability to the LLC. Without this specific formality, your LLC can closely resemble a sole proprietorship or partnership, jeopardizing your personal liability.
Why should I de-title a mobile home on my property?
Mobile homes have a title exactly the same as a motor vehicle. The title shows the name of the person(s) who legally owns the mobile home. The title alone does not make the mobile home a permanent part of the real estate. The de-titling process legally combines the manufactured home with the land. It is often required by lenders before financing.
Why is a title examination important in a real estate transaction?
A title is a document that shows evidence of right or ownership of real property. If you are purchasing a home or commercial property, it is important to make sure the title is reviewed. The proper transfer of ownership will depend on whether the title is clear and can help you avoid future problems if you wish to sell the property at a later date.
When a real estate dispute arises, is litigation the only option?
Disputes are possible in any legal field, including real estate. If you are dealing with any type of real estate dispute, such as a property defect or boundary dispute, you may be able to resolve the matter outside of the courtroom through negotiation. This will usually be an attorney’s first course of action, with litigation only considered if it is impossible to reach an out-of-court agreement.
Title insurance is a policy that protects you from any issues that may call your ownership into question or keep you from completing your purchase. These issues could include illegal deeds, unknown liens, forged documents, missing heirs and unknown easements. Title insurance provides financial security to address any issues that may arise.
How long does my title insurance policy last?
For a one-time fee, your owner’s title insurance protects your property rights for as long as you or your heirs own the home.
What do I need to bring to my real estate closing?
Some of the items you will need to bring to closing are a photo ID, a cashier’s check made payable to Tressler Title or wire instructions for transferring funds electronically. Don’t worry, our team will reach out before your scheduled closing day to ensure you know all the details and what to expect at closing.
Probate is a legal process that validates the last will and testament of a person who has died, appoints an executor (if one is not named in the will) and oversees the distribution of assets outlined in the will. This process occurs before the deceased’s assets can be distributed. Probate also ensures the deceased debts are paid. When the deceased does not leave behind a will, Tennesse’s intestacy laws determine how their assets will be distributed.
What happens if I die without a will?
If you die without a will in Tennessee, your assets will go to your closest relatives under state “intestate succession” laws.
How do I know if I would benefit from a trust?
Here’s a good rule of thumb: If you have a net worth of at least $100,000 and have a substantial amount of assets in real estate, or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die, then a trust could be for you.
We understand every situation is unique. Don’t hesitate to reach out to our team. We would be glad to speak with you, answer your questions and learn how we can help.
An Interview with CMO Megan Climer
Learn how Chief Marketing Officer Megan Climer transformed the Tressler brand and her advice to business owners considering a brand refresh.
A new role brings new opportunities
When Megan Climer joined Tressler & Associates in August 2022, she was eager to dive into brand development. Just a couple of weeks into her new role, she began to see opportunities for Tressler to differentiate itself from other law firms in the market. In this interview, she explains what makes a brand and shares how she developed their new visual identity.
Most people think a brand is a name and logo. How do you define a brand?
Their definition isn’t wrong, just incomplete. I have spent the majority of my professional career learning what makes a great brand. A brand is a name and a logo, but I believe it offers so much more. Your brand is your unique identity. And like a person, it has exterior and interior attributes and characteristics that make it identifiable to the world. Like a person, a brand has dreams and a purpose (a vision and a mission), values, a personality, a voice, a story, and an overall essence or feeling. Really, a brand is powerful. It is the foundation that informs and supports your overall business strategy. And it can be your most valuable asset for managing growth.
What did you do first to start developing the new brand?
The first thing I did was take a detailed look at our competition and the overall market. It sounds counterintuitive to spend your time analyzing everyone else, but a competitive analysis is critical to building a brand. By evaluating our competitors, I learned where we fit into the market and the unique opportunities we had to stand out.
What did you do after you finished the competitor analysis?
The next thing I did was complete an audit of our brand. I reviewed the competitor data to see how we measured up, which is always an eye opening experience. It allowed me to see where our brand was falling short and where we had opportunities to shine.
Like many service industries, the legal industry lacks uniqueness. The brand landscape looks very similar in both styling and messaging. I have always said that if everyone else is saying it, it probably isn’t worth saying. Industry platitudes and buzz words become expectations, not differentiators. I knew if we were committed to being different from traditional law firms, our brand had to look and feel different from a traditional law firm. It was our time to break away from the industry brand “standards” and offer a new brand experience.
What inspired the new logo?
After comparing and analyzing for several weeks, I began to brainstorm ideas for how our brand style could be unique. I knew right away what visual elements did not fit our brand personality and what opportunities were available to stand out among our competitors.
I also spoke with Todd and Lisa about our culture and brand personality to get a sense of who we are and what a Tressler brand experience feels like. Todd shared some of his grandfather’s old business papers with an added sticky note that said “brand inspo.” From all of this I began to visualize what our brand style could be. Using combinations of color, texture, pattern, typography, photography, videography, illustration and tone, you can build a complete brand identity that is unique and powerful. I pulled inspo from lots of visuals and created a mood board that kick-started my design.
What did you design first?
I started with our typography. Almost all of our competitors use typography that is traditional and serious in tone. It just made sense to try to design our logo icon using lower case letters. By making the “ta” lowercase, it now feels more approachable, accessible and warm, all things we believe make up the Tressler experience. The lowercase nods to the era of typewriters (inspo from the old papers) and adds a vintage flair to the brand. I used a sans type as our accent font instead of a traditional all caps serif for our business name. Our brand now feels modernized and more relevant to today’s consumer.
It’s great to learn the logic behind the letters. What led you to choose orange as your new brand color?
This part was fun. Color psychology is actually a thing, and it is fascinating! Did you know color works at a subconscious level faster than words or images and creates a gut response? So color choices matter. For us, our previous brand colors were black, red and gray. This overall palette communicated a more bold, corporate, serious and traditional feel all things we believe do not represent who we are. It was also a common color palette used by others in our industry. By changing our colors, we could instantly add visual uniqueness and more accurately communicate our brand personality and essence to our target audience.
Here are some of the insights that influenced this decision. Orange is known as a creative, abundant, positive, passionate, secure and comforting color. The redder tones of orange can communicate strength, stamina and determination, and brown is a color that is viewed as grounding, reliable, balanced, honest, sincere and warm. From all of these attributes, we developed the Tressler orange.
What can we expect next from the Tressler brand?
We are so excited for what is to come! We just launched our new website this month. Our website partner FortyAU, helped me bring our new brand experience to life. Our website showcases our new look, but more importantly, offers a user experience unlike anyone else in our market.
Our social media will also see a refresh. These platforms will continue to be a place we tell our story and engage in meaningful ways with our audiences. Our team also plans to release a series of free digital resources to offer more education around our practice areas to include; digital downloads, blogs, webinars and a new podcast. These extra resources will all be available on our website. As a marketer, I live in creative mode. A new brand offers so many opportunities to educate, entertain and add value to our audience.
What advice do you have for business owners considering a brand refresh?
Wow, that could be a whole other interview! But I’ll do my best to keep this short. Maybe we’ll answer in more detail on a future podcast. (smiles and winks)
1. Define your goals.
When starting any new project having a goal in mind is always a great first step. Why are you choosing to work on your brand? Defining what you want your brand to do for your business will help you create a brand identity that delivers results. Are you a start-up preparing to launch, or are you a small business getting ready to roll out a new product or service? Are you trying to stay competitive and looking for ways to gain more market share, or do you already have a brand but feel it’s time for a makeover? No matter what your reasons are, declaring your motives will enable you to set goals and stay focused as you work through the process.
2. Do the research.
Get to know your target customer and analyze your competition. I didn’t mention customer analysis earlier, but they also influence and impact your identity. Because the truth is, without our customers, we have no business. A deep dive into their personality and habits can help you learn what will resonate most with them. Knowing your competition is powerful. An analysis will take some time to complete, but it is insight you can use to position your brand for lasting success in your market.
3. Be true to who you are.
Know who you are and who you want to be. Your brand is more than a hip logo or slackline. Your brand is your story, your personality, your values, your mission and much more! It is an experience, and one that should be all your own. Your brand can do so many things for your business. It should set you apart, communicate a clear message, tell a story, build credibility, connect with your audience, motivate action, create memorable experiences and loyal fans. You can start your brand refresh today by doing a simple brand audit. Ask yourself how your brand is doing? How well does it do all the things listed above? Where are there opportunities to improve, and where can YOU shine?
About Megan
As Chief Marketing Officer of Tresler & Associates, Megan leads the marketing, communication and development initiatives for the Tressler brands. She works to strengthen the company’s position as a trusted leader in the legal and real estate industries.
Megan is an award winning web and graphic designer and writer with nearly two decades of business to consumer experience with large and small organizations in marketing, communications, business development, public relations, advertising and brand innovation. She’s an experienced consultant, working with large and small businesses in brand development and marketing strategy and leads brand development workshops for rising and seasoned entrepreneurs. Megan is currently working to complete her first book on brand development estimated for release in late 2024.
Megan is always happy to talk shop about branding. You can follow her on Instagram @mlclimer or reach out to her directly at megan@tresslerassociates.com.
Real estate investment trusts (REITs) are not typically something you’ll hear about unless you’re deep into the world of investment opportunities. They’re special companies that operate as trusts and oversee real estate investments. A company acting as a trust may sound strange, but this is how many large trusts work.
When someone with a lot of valuable property and capital places a significant amount of it in a trust, a group of people is continuously paid by the trust to maintain it. Sometimes they work to invest it to grow the contents of the account. A famous example of this would be the executors of the Tolkien Estate, a trust created to protect and maintain the property of the famous author J. R. R. Tolkien, writer of the Lord of the Rings book series.
Currently, Tolkien’s two main executors–Baillie Tolkien and Michael George Tolkien–and a team of lawyers and investors control and care for his estate. This is similar to how many REITs operate when put in simpler terms, but how it starts and benefits a regular investor is a different matter.
Who Creates a Real Estate Investment Trust?
A group of investors can come together or be broached by professionals to invest in real estate investment trusts. Regardless of whose idea it is, investors put money into a trust that purchases and operates real estate properties on their behalf. These investors can be wealthy individuals, investment firms, or large corporations.
What Are the Benefits of Investing With REITs?
REITs are perfect for when stock market investors want regular incomes. These allow investors to invest in nonresidential investments when they wouldn’t normally be able to. Real estate properties such as office buildings, mall complexes, and storefronts are usually impossible for individual investors to purchase themselves. With a REIT, they can.
What makes these trusts even more appealing to investors is that a REIT is what can be considered a highly liquid venture. These are exchange-traded trusts, where investors put liquid cash flow in and get liquid cash flow out. They don’t see real estate agents or title transfer companies if they don’t want to. To be safe, we would recommend that you have an attorney to oversee the title transfers and the contracts to protect your investments.
Investors also only have to be involved as much as they want, which is another reason to invest in a REIT. It operates like a business, meaning others run the day-to-day and only communicate with the investors when they need to put funding in or take the profit out. Though, again, we recommend that investors at least have their attorneys watching over any REITs they’re a part of.
What Can You Invest in With a REIT?
There are many different properties that can be purchased, managed, and sold by a REIT that should interest real estate investors. These include properties that would otherwise be near impossible for an individual investor to invest in themselves due to the time and money needed to make and keep them operational.
Apartment complexes
Healthcare facilities
Hotels
Data centers
Fiber cables
Office buildings
Cell towers
Energy pipelines
Retail centers
Self-storage
Timberland
Warehouses
Typically, a REIT will focus on one type of real estate, not all of these examples at once. Before you enter into any REITs, you want to make sure there’s a clear goal. It’s unlikely that there are many real estate managers who know how to manage apartment complexes, healthcare facilities, and cell towers. It’s not out of the realm of possibility that someone could manage retail centers and warehouses considering the connection between their businesses. They require business and legal research to make sure that your investment in a REIT is a safe one.
Contact Tressler & Associates Before Entering Any Real Estate Investment Trusts
A real estate investment trust is a good way to grow your portfolio and your capital, especially if you don’t have the time or energy to manage real estate properties yourself. But they aren’t bulletproof, so you need to make sure they’re with qualified investors and managers.
Our Tennessee real estate law firm has experience with writing and reviewing contracts and our estate planning attorney is well-versed in creating trusts. Additionally, our sister company, Tressler Title, is an experienced title search provider.
For any aspect of a real estate investment trust, contact Tressler & Associates today.
Starting a new business is exciting. It’s taking your life path and swerving off to make a new one for yourself. It’s not easy, either. To begin a new startup, you need funding, employees, a business plan, and a product or service. That’s just what a business needs to operate. When you consider the important business documents you need to start your business, there’s so much more.
You’re the entrepreneur, you know how to get everything you need to operate, but business documents are plentiful and complicated. Even if you have started a business before, one document of the same type rarely looks the same from industry to industry. To make sure that these documents are legal, cover their bases, and protect your business in the context of your state, consider having an entrepreneurial attorney draft or review them for you. It’s our job to understand and recognize the minute details of these documents.
What Important Business Documents Do All Startups Need?
The business documents that startup owners need to complete prove their ownership, establish control over their business, confirm funding, and inform the government what taxes the business should be paying. These are documents that they need to always have on file, and several have to be filed with the government.
#1. Founder and Partnership Agreements
Founders’ and partnership agreements are needed if your startup is being founded by multiple people. This can include original and primary investors, co-owners of the company’s original patent or copyright, and anyone else who is helping to build the foundation of the company.
Even if you are the only founder, you still would want this document because it establishes your leadership and responsibilities. While you can skip this agreement, you leave yourself open to potential lawsuits that this defends against.
#2. Intellectual Property Protection
While not all new businesses build themselves off an original intellectual property (IP) like a patent or trade secret, the ones that do need to protect that IP. If an original IP allows your startup to stand out from the competition, another business legally getting a hold of it would be devastating.
Intellectual property protections come in various forms. Trademarks and copyrights are the most common forms of IP protection, and you want to file them with the government as soon as possible so other companies can’t legally use your IP.
#3. Operating Agreements
Every business needs short-term and long-term goals. This agreement provides strategies and procedures while establishing the business’s goals. While this binds you to work towards these goals, it binds fellow founders and execs as well. A business can’t succeed if it’s run by people with different motives and ideas about success.
To create an operating agreement, you need to decide what types of business you’re going to file under. There are three types of businesses you can file as, and you need to establish which type to make a legal operating agreement, and for your taxes.
If you eventually find that an operating agreement’s short-term and long-term goals do not benefit your business, you can update or change them with an attorney’s help.
#4. Joint Venture Agreements
If your startup has a group of founders rather than just one, your startup might be considered a joint venture. A joint venture is whenever multiple parties or businesses come together for a business venture, and a new startup counts as one.
Having a few individuals doesn’t necessarily count as a joint venture. Talk to an attorney to see if your business qualifies. If your business does, then you need a joint venture agreement. This important business document will establish the needs and responsibilities each of you has to fulfill.
#5. Loan Promissory Notes
Unless you have the money to support a business yourself or capital from another investing business, you’ll need a loan to start your business. Loans can be to set up a place of business, order or create products, pay workers, and market your business.
It’s best to get these loans from banks, but before you can sign one, you need to create or receive a promissory note. These are legally binding contracts and you should have an attorney review them so you understand the consequences of a missed payment. It’s always risky when you’re starting a new business, but this way is especially. You’re the one taking on all the risk of your startup if it fails. Give yourself every edge and protection you can.
Contact the Entrepreneurial Attorney at Tressler & Associates
No contract is simple. They all have complicated legal jargon that can be confusing. Don’t let yourself get tricked into a bad contract that hurts your partnership, ownership, or ability to provide for yourself.
The entrepreneurial attorney at Tressler & Associates is available to create and review any of these business documents for you. Contact us today.
