Business owners are well aware of the financial and economic challenges they will face. Not as many are prepared to handle emerging legal issues. However, meeting with an attorney to discuss such matters can help your organization mitigate risks and avoid disastrous litigation.
What should you bring to your initial consultation with a New York business attorney? Rosenbaum & Taylor provides a few tips.
Reach out today at (914) 326-2660 for a free initial consultation.
The Basics About Your Business
Start with the fundamentals. What sort of business do you or will you have? In which industries will it operate? How many owners are there? Does your business intend to own or lease physical space, or only maintain an online presence? Where will the company be headquartered and where will its physical locations (if any) be?
Owner and Employee Details
Identify the owners and other key leaders, along with their roles in the company. Some owners are active in managing a business while others take a back seat. Tell your New York business lawyer these types of details. Also, notify your attorney how many employees you will have and what they will do. Your attorney can use this information to recommend the best legal entity for your business.
Entity Selection
The legal entity you choose for your business will affect its taxes, operations, liability, and more. Should the business be organized as a corporation? What are the advantages of a limited liability company? Is a partnership right for your company?
Bring questions to ask about the pros and cons of each of these. Then, let your attorney help you choose the right entity for your company.
Business Experience
Tell your attorney about your business experience, training, and education. Give the same basic information about other owners. The information you provide will help your lawyer understand the risks your company may face. This, in turn, helps the attorney make suggestions for managing those risks.
Intellectual Property Matters
If you’ve already selected a business name, let your lawyer know. If not, bring some potential names. Your business name could infringe on another company’s trademark so your lawyer should have this information. You might also have branding and logos you plan to use, along with other intellectual assets.
Companies that fail to protect their intellectual property allow others to misappropriate them. An attorney can help avoid this.
Land Use and Zoning Rules
Does your business plan to use industrial or manufacturing space? What about retail and office space? Your lawyer should know about this upfront. There might be land use and zoning rules that will make it more difficult to use the property for its intended purposes. Your lawyer can also help with leasing or purchasing the property you need.
Financing and Investing
What are your company’s financing plans? Will it line up investors to help with launching or potentially expanding the business? Your lawyer should know about this because there may be regulatory issues you need to deal with. Also, your attorney can help with recommending lenders and securing advantageous loan terms.
Insurance and Licensing
Ask your attorney about the kinds of insurance your business should have. If the business plans to have a physical location, you will need premises liability coverage. If it owns company vehicles, then it must have sufficient insurance. Licensing may be a requirement depending on which industry your company is in.
Tax Issues
Finally, be prepared to ask questions about tax matters. If you have employees, you will need to withhold taxes from paychecks. There are other taxes that will depend to some extent on the type of business entity you have. Ask questions and let your attorney make recommendations for dealing with taxes.
Starting Your New York Business Off On the Right Foot
Rosenbaum & Taylor is your trusted firm for all your New York business legal needs. We handle everything from forming to terminating businesses, and all steps in between. We also defend companies in lawsuits and pursue litigation when necessary. Call us today at (914) 326-2660 to learn more.
