Corporate Law Blog

Entrepreneur hopes to make a go of his new company in Lexington

Individuals often start-up a business with a new idea to market, but they often need the additional financing to back it up. These businesses will often seek the assistance of other companies to help them get a start.

One entrepreneur brought his company to Lexington in 2013. His company markets and manufactures lighted vests to provide individuals with extra visibility for safety purposes. This individual and his partner received patent grants on his product in 2013. At that point he resigned from his position as nuclear engineer and decided to launch his new company.

He has since received a $25,000 after winning a contest put on by an investment group. His business is also in a fellowship sponsored by another company that works new businesses get started.

Local startup businesses have the potential to bring an economic lift to the communities in which they are located. These companies bring a promise of new jobs being added to communities. And with the jobs, money can be invested into other into other community businesses as well. These businesses can often work together to overcome a number of challenges.

Business formation and planning lawyers can offer invaluable services to new businesses. The one thing a new business can always use is knowledgeable advice as to how to get a business running. Especially in a business like the one mentioned above, advice concerning patents, distribution, manufacturing and marketing are needed. And every business will need to consult with professionals that understand the various tax ramifications that come along with opening a new business up.

Source: Kentucky.com, "Owner of lighted vest business gets start-up help from Awesome Inc.," Cheryl Truman, April 13, 2014