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Avoiding contract dispute issues is key to start-up success

When a member of the United States military returns home from active duty, it can be difficult to find employment that utilizes the knowledge and skills obtained during their years of service. As a result, many veterans choose to start their own business ventures in Florida or elsewhere. A newly announced mentorship program offered by Capital One Financial Corporation and nonprofit Count Me In aims to make that process easier for female veterans. The program could assist new business owners with issues ranging from funding to avoiding contract dispute issues.

When an individual begins a new business venture, the excitement level is high. This is a great source of momentum for entrepreneurs, and can fuel the initial months of getting a business up and running. However, in the rush to launch a new venture, it is important to ensure that the business has a strong legal foundation.

One of the primary legal needs facing new business owners involves contracts. In order to ensure that all parties have a clear and cohesive vision of their respective roles and responsibilities within the venture, those details should be clearly outlined within a contract. Contracts can exist between partners, with service providers, vendors and others with whom a business relationship exists.

The best way to ensure that a business start-up is adequately protected from future contract dispute problems is to take the time to draft a proper set of contracts. An attorney who specializes in business formation concerns can assist an owner in creating these documents, or can review existing contract to check for proper terminology and inclusions. Building a strong legal foundation is just as essential to the process of starting a Florida business as hiring staff or stocking the shelves.

Source: San Jose Mercury News, “BizProf: Outreach programs help women veterans with startups,” Bruce Freeman, March 27, 2013

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