Key legal considerations for any technology-driven company:
- Registered entity: a company will typically be registered as a business entity, such as a corporation or limited liability company (LLC), in order to conduct business and enter into contracts. The type of business entity chosen will depend on factors such as the size and ownership structure of the company, as well as the legal and tax implications of each type of entity.
- Taxes: a company will be required to pay various taxes, such as income taxes, sales taxes, and payroll taxes.
- IP: Intellectual property (IP) refers to creations of the mind, such as inventions, literary and artistic works, and symbols, names, and images used in commerce. You may seek to protect your IP through various means, such as patents, trademarks, and copyrights.
- Contractor term sheets: a some point a company will engage contractors or other third parties to perform certain tasks or provide services. In such cases, the company will typically enter into a contract with the contractor, which may include a term sheet outlining the terms and conditions of the agreement. The term sheet may cover issues such as the scope of work, payment terms, and confidentiality obligations.
Software products that can be used to automate legal work:
- Document management software: Adobe Acrobat DC, iManage, Worldox
- Legal research platforms: LexisNexis, Westlaw, Bloomberg Law
- Contract management software: DocuSign, DocuSign CLM, Adobe Sign
- Legal billing and practice management software: Clio, LexisNexis Time Matters, Tabs3
- Legal process outsourcing (LPO) services: QuisLex, UnitedLex, Pangea3