Jeanne M. Hamburg, a Member of law firm Norris McLaughlin, P.A., and Vincent Biscaye, Managing Founder of Step Two Advisors, presented an informative webinar for food and beverage startups looking for best practices in business and legal planning, including:
- Become efficient and well organized (separate personal and business finances, create a bookkeeping plan, surround yourself with trustworthy professionals)
- Entity formation
- Foundational documents (e.g., partnership or operating agreements)
- Budgeting
- Pricing
- Financial statements (how to read a P&L, Balance Sheet, and Cash Flow Statement)
- Key contracts, including nondisclosure agreements, design services agreements, manufacturing/co-packing, and distribution agreements, and pros and cons of co-packing and private labeling
- Brand selection, clearance, and registration
- Why to consider copyright protection for logos and websites
- Website Terms of Use and Privacy Policies
- Legal liabilities insurance can help mitigate
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