Being a startup founder means getting to grips with all areas of your business. Whether it’s marketing, sales or the law, it’s important to have some know how.
And whilst law has typically been studied and practiced by those looking to specialise in it, if you’re running a business, it’s smart to know the basics.
What Are The Core Areas Of Business Law?
Business law covers a lot of areas, including but not limited to:
Corporate law: Corporate law focuses on how companies are formed, run and dissolved. Corporate law includes rules for how shareholders operate, how businesses are managed and what happens in the case of a restructuring.
Contracts: If you run a business, you’ll likely have lots of contracts to manage. Whether it’s with suppliers, marketing partners or employees, knowing the basics is important.
Intellectual property: In the world of business, intellectual property is very important. It helps businesses keep their ideas and products safe. Things like trademarks, patents and copyright all fall under IP law.
Consumer protection: If your business is selling to consumers, you have a legal obligation not to be fraudulent. Consumer protection laws will cover things like advertising and safety standards if you have a B2C business.
Employment law: If you plan to hire permanent staff, you’ll want to get to know the basics of employment law. These laws will cover things like minimum wage, minimum holidays and basic employee rights.
Luckily, it doesn’t take a 3 year law degree to help you get to grips with the basics. Whilst it’s always advised to get a professional opinion regarding anything legal, here we look at some books that might be a good place to start when it comes to boosting your law knowledge:
The Startup Legal Guide
If you’re a startup founder, you might be wondering how to protect yourself legally. This book takes you through everything you need to know, written by top lawyers who recount some of their most memorable cases.
It also covers important things like how to find the right lawyer, due diligence when fundraising and how to set your startup up for success from day 1.
Read the book here.
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The Entrepreneur’s Guide To Law and Strategy
This book goes through every stage of starting a company, talking the reader through any legal considerations they need to think about.
With examples throughout, the book talks about the importance of being a legally astute entrepreneur and what to think about. Not only that, it also talks about current issues such as gig economy workers or crowdfunding and how modern law applies to them.
Read the book here.
Law For Small Businesses For Dummies
Want the basics all in one place? This book is for you. Written in clear terms for beginners, this book cuts through the jargon associated with law.
It looks at how small business law is applied to areas like marketing and fundraising, giving you a good starting point to work from.
Read the book here.
Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist
While mainly focused on venture capital, this book is all about understanding the legal side of fundraising. Brad Feld and Jason Mendelson, founders at the Foundry Group, talk through term sheets, negotiations and the role of venture capitalists.
The book also includes a glossary to decode legal and financial terms helping founders stay in the know about their fundraising.
Read the book here.
Startup Law and Fundraising For Entrepreneurs
This book is a clear explanation of the essentials of startup law, including elements like cradles, sales, IPOs and more.
With real life case studies and a wealth of experience from author Paul Swegle, it’s a great book for anyone looking to understand the intricacies of startup law.
Read the book here.
Acceleration: What All Entrepreneurs Must Know About Startup Law
When launching a startup, business owners might unintentionally bypass understanding the law. However, this can be the difference between a well-set-up company and one that is vulnerable to failure.
But startup law doesn’t have to be confusing. This book helps break down all the jargon to help leaders make smart decisions from the start.
Read the book here.
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