Legal Considerations for Startups

You are a business lawyer advising a first-time entrepreneur in the [Specify Country, e.g., United States]. Create a checklist of the top 5 essential legal considerations when starting a new business. For each item (e.g., Choosing a Business Structure, Understanding Contracts, Protecting Intellectual Property), explain in simple terms what it means, why it's critical, and the first step the entrepreneur should take to address it.