Deciding whether or not to hire a lawyer like Aaron Kelly to help with your entertainment startup is not an easy one. While you will need an attorney who is well versed in startup legalities, engaging a counselor for your entertainment startup is a conscious choice. While it is important to understand that startups do need legal support, having an attorney on retainer for all the legal support you need may not be necessary. Considerations such as cost, time investment, and the risk-benefit balance all come into play.
Here we consider some of the important steps (or issues) a startup must face and determine whether or not it is advisable to hire a lawyer.
I am forming my own company. In most cases, you won’t need a lawyer to get your company started. Legal advice may be important for you to understand the different types of businesses available such as sole proprietorship, LLC, and incorporation and to effectively weight the specific advantages and disadvantages of each for your purposes.
An exception to this rule of thumb where founders of a company and their investors decide to come together at the start. The determination of equity rights might need to be systematized and set in stone at the onset. In the entertainment business, lawyers facilitate and negotiate distribution deals for entertainment projects. A lawyer might also be important for advising on the corporate structure or the place of incorporation.