When starting a company, it is absolutely essential to find a good attorney experienced in biotechnology start-ups! Yes, there are boilerplate forms you can use for most every type of document, which can be found on the internet — sometimes free. However, remember you are paying for expertise and sound advice, therefore, find someone you can work with that has plenty of experience in the biotechnology industry.
A good attorney will give strategic advice to avoid problematic issues in the future. You will need advice about issuing founders stock and tax implications, the best corporate structure, invention disclosure and employment agreements, to name a few. For those that want more information check out: Biotechnology and the Law by Wellons and Ewing, and The Entrepreneur’s Guide to Business Law by Bagley and Dauchy.
The Takeaway Tidbit
Save time and expense by ensuring the legal structure and necessary agreements are done right the first time!
For those just starting, avail yourself to seminars and webinars to familiarize yourself with the basics of starting a company. For example, The New York Academy of Sciences is hosting a three part series titled: Entrepreneurship 101: Essentials for Innovators and the Young Technology Company on September 21, September 29 and October 13, 2009. These can be joined via webinar or in-person (for $20 or less). Find venues such as these that focus on the basics of starting a technology business such as intellectual property protection, business structure and organization, venture capital and angel financing, as well as all the required documents.
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