New York Entrepreneurs are often seen as innovators, taking business risks to turn their dreams into reality. At the same time, there is no need to take unnecessary legal risks. To the contrary, there are steps that New York entrepreneurs can take to mitigate those hazards. Are you ready to get started launching your first/next business idea? Talk to the legal team at Rosenbaum & Taylor. We can advise on all legal aspects that affect new and emerging businesses.
Separate Your Business and Personal Assets
Far too many entrepreneurs are so excited about launching their companies that they inadvertently expose their personal interests. They may see the formalities of a business as an unnecessary or expensive step. The reality, however, is that you need to separate your personal and business assets. If you fail to, the winner of a lawsuit against your business, or a creditor, could go after you personally.
These are some basic steps every entrepreneur must take to draw the line between business and personal property:
Adopt a formal legal structure for your business, such as a limited liability company (LLC). This is a fairly straightforward process involving executing and filing paperwork.
Make sure you obtain and update any licenses or certifications the law requires. Depending on which industry you are in, you may need to obtain several of these.
Conduct a risk assessment to identify any legal risks that could expose your business to litigation. For instance, make sure workers are obeying safety rules. Ensure that confidential customer data is protected.
Get to work fixing any errors identified in your risk assessment. A lawyer can help with this and the assessment.
Purchase insurance (e.g. premises liability and workers’ compensation) for your business. Make sure you obtain the right types and adequate amounts of insurance.
Identify and Protect Intellectual Property
You may not realize it, but there’s a good chance your emerging business already possesses intellectual property. For instance, you may have developed a unique logo that is used for company branding. This could serve as a trademark, which helps consumers readily identify your business. But have you taken steps to protect this intellectual property?
Don’t assume that your property isn’t worth protecting just because your business is new or small. If you fail to protect it, someone could exploit the brand you’ve worked hard to build. Speak to a knowledgeable New York business lawyer to learn more about intellectual property rights protection.
Use Contracts, and Use Them Wisely
The necessity of this step cannot be stressed enough. As you begin doing business, you will need a number of contracts. These are important to protect your rights and ensure you are not taken advantage of. Contracts govern affairs both inside and outside your emerging company. Some examples include:
Independent contractor agreements
Goods and services contracts
Real property contracts
It’s essential that you consult with a knowledgeable New York business law attorney on this matter. An attorney can advise on the types of contracts you, as an entrepreneur, should have. Then your lawyer can get to work negotiating, drafting, and executing these contracts. By doing this, you will have taken a major step towards protecting yourself and your business.
Rosenbaum & Taylor Advises New York Entrepreneurs Every Step Of The Way
In a world of business risks, some of them fall hardest on entrepreneurs. Therefore, anything you can do to eliminate or reduce these risks is essential. Rosenbaum & Taylor has you covered. We provide comprehensive legal services to entrepreneurs and new businesses. Call us today to find out how we can serve you.