Starting A Company? Enlist A New York Business Law Attorney To Protect Yourself

Since starting a company is an extremely complex and, often, costly process, mistakes could easily happen and the legal and financial consequences might cause you huge headaches, to say the least.

When you are starting a new business, there’s a myriad of highly important business and legal issues to handle.

Thorough preparation is crucial when planning your business, and one aspect of it should focus on limiting your business and personal legal exposure.

Make sure your legal bases are covered from the very start by securing an attorney that is familiar with laws and customs in the area in which your business operates.

Involving a business attorney during the planning stage would help you avoid legal issues, and as a result save you many difficulties and money later on. Therefore, your first step towards insuring you are doing everything to protect yourself is choosing a reputable and experienced business law attorney to assist you in the intricate process of starting a business.

At Levin Law Group, our business lawyers understand the legal issues facing business entities and business owners and are well equipped to assist them in structuring, negotiating and implementing a wide variety of business transactions in a broad range of industries.

If you are starting a business in New York, consider having a New York business law attorney to guide you through the process of selecting and registering a business entity, obtaining business licenses and preparing business agreements between you and your partners.

There are major differences between starting a business on your own and with a partner, or multiple partners.

Many individuals venture into owning a business as sole proprietorships. The potential problem with this – in the event the business is sued, the owner’s individual assets (such as a house or a car) become a rather easy target in a court of law. One of the options to at least limit that possibility is to have a trust own the business. Your business law lawyer in New York can assist you with this.

If you have a partner, there are many aspects of the business you are starting together that you may not agree on. So what happens if you and your partner cannot agree on a major business decision? Chances are – you will end up in court; this means thousands of dollars to pay for attorneys’ fees, while your business suffers.

Partnerships can be great, yet the reality is that they can also be challenging. Many problems can arise if, among many other things, the roles of each partner are not clearly defined, exit strategy does not exist, and specifics as to how many years and how much money each partner is expected to contribute are not outlined.

Your business law attorney can help you set yourself up for greater chance of success and piece of mind from day one. If you think it’s expensive to hire a business lawyer and that you can do start and develop your business without legal help, think about everything you could lose if any of the above, and below, mentioned pitfalls would happen.

To help prevent any potential dispute, make sure you are protected with all necessary and appropriate agreements.

To ensure there are no legal omissions or errors, enlist your business lawyer to assist you with tight agreements that will protect your rights and list your partner’s obligations.

Another sensitive and important aspect of a business is confidentiality and non-disclosure agreements with anyone your business comes into contact with. Here’s a dark yet possible scenario you certainly want to prevent: a person you want to bring on as an investor takes your business idea as his/her own. Again, you need a solid, thorough contract to protect you and your business.

When it comes to other business contracts, think about how big of an impact the contract will have on your business. The bigger the impact of the contract, the more important it becomes to have your skilled business contract lawyers help you with drafting, reviewing and negotiating any contractual agreement.

As you’re setting up your business, think about all the professional relationships you’ll have with others. One of the biggest mistakes business owners can make is to think that no legal contract is needed to protect the business in case of an issue or a disagreement with a client, supplier or service provider. Regardless of how great your relationship with the other party may be, if a disagreement happens, it may, unfortunately, lead to your business being sued. Make sure you have a proper legal contract to protect you.

Another pitfall of not having a lawyer by your side – signing a contract prepared by another party, who, most likely, had an attorney prepare the contract, which is almost certainly skewed in favor of that party. You should have your business attorneys review your contract to protect your interests.

If you are incorporating, you need to have a profound understanding of different types of corporations, and all applicable laws, reports and taxes that the government requires for a corporation.

Many people choose to incorporate using the services of a non-legal professional, such as an accountant or a non-law company. While they may be the most competent in what they do, the fact remains that they do not provide legal advice. They only offer standard, non-customized forms to form your business entity, leaving many areas unaddressed, and therefore possibly leaving you unprotected.

It’s not uncommon that people spend thousands of dollars and many years of work to develop a business – only to find out that it was not properly registered in the first place.

Whether you are starting your business as a sole proprietor, a partnership, or a corporation, your business needs a name. Although some names may be extra attractive and catchy to you, make sure you are not choosing a name and building a brand name someone can sue you for later. Copyright infringement is a big issue nowadays, so protect your business from every standpoint.

You may want to trademark the unique name of your business or products. As far as the Intellectual Property, protect any inventions or new processes that your business will use by obtaining a patent. And make sure you implement plans to protect any trade secrets.

As you can see, business transactions require an array of vital documents; otherwise your business may be exposed to various pitfalls. All your legal documents should be reviewed for any legal anomalies by your New York business law attorney, who will then advise if any necessary changes need to be made and any of your contingencies added.  

Your business attorney will not only negotiate on your behalf, but also will also bring to your attention any legal particulars in the state of New York, and ensure the contract follows all state laws as well as addresses any specific issues that might affect the future of your business.

The Levin Law Group’s experienced, competent business law lawyer in New York can assist individuals and business entities in a broad spectrum of business transactions throughout New York State.

Take steps today to ensure your rights and interests are protected. Contact our business law lawyer in New York.

*The contents of this document are not legal advice and are not to be treated as such.  Before making any decision or taking any action, Contact Levin Law Group for actual legal advice.