If you are starting a new business venture in New York, it is vital that you assemble your team of advisors immediately. Many entrepreneurs are short on cash during the start-up phase, and forego retaining legal counsel or other professional advisors in order to preserve capital for other aspects of the business venture. But this approach is usually penny-wise and pound-foolish. And many small business start-up lawyers in New York are a lot more affordable than you think.
The Law Offices of Mitchell S. Segal, P.C. has seen first-hand the mistakes New York entrepreneurs make, and is adept at structuring methods to help you avoid them. It is best to consult with anew York startup attorney early on in the process, before you formally organize the company because the foundational issues are critical to the long-term success of your new business here in New York.
Commencing Your Business in New York: There are many issues to be considered; and the earlier you do so, the better. You’ll want to ensure you choose the most advantageous business structure. From C-Corporations to S-Corporations to Limited Liability Companies and other hybrid entities, you have many options. They must all be carefully considered, in light of your particular situation. How many owners and who they are, liability issues, licensing restrictions, and anticipated profits all play a role in determining what type of entity affords you the most protection, and costs you the least in taxes.
We can also help you determine equity splits, which can save you headaches down the road. For example, it is generally advisable to avoid dividing business ownership according to percentages. Doing so can create problems later if additional investors need to be brought in. However, if the appropriate number of shares are authorized at the outset, and issued according to a plan for long-term company growth, you ensure your New York company can access capital in the future.
Vesting schedules can also be established before stock is issued to the company founders, enabling the initial shareholders to obtain full ownership rights to their shares over a period of time. However, this may not be advantageous in every situation, and must be carefully considered.
New York StartUp Law: Even after your initial formation is complete, there are still a number of legal issues that require your attention. There are business agreements to negotiate which may include leases, employment contracts, independent contractor agreements, customer purchase or service agreements and many more.
Steps should be taken early on to protect your intellectual property. Depending on the nature of your business, you may need to obtain and enforce patents and copyrights. If your company has a “brand” you will likely want to obtain a federal or New York state trademark to protect it for your own exclusive use.
The federal and New York employment laws regulations can be onerous. From verboten interview questions to potential allegations of discriminatory hiring practices, a start-up lawyer can help you avoid the pitfalls and ensure you have a happy, productive work force at your business.
Finally, your NY startup attorney can help you identify and secure the top professionals and business services, such as accountants, recruiters, bankers and even start-up friendly print shops and best website development and hosting services. Commencing Your Business in New York StartUp Law - The Law Offices of Mitchell S. Segal, P.C. |