A business lawyer is a valuable asset to every business.  Regardless of the size of the business, they provide expert guidance to keep it (and the ones who keep it running) protected.  This applies to both new businesses and well-established companies.  The following will cover the top five reasons to hire a New York business lawyer, from contract negotiations to protecting intellectual property.

1. Business Formation and Structure

When starting a business, choosing the right legal structure is more important than one may initially think. Depending on the activities of the business, the entity might be formed as one of the following (or another special purpose entity):

•  sole proprietorship,
•  S or C corporation,
•  a partnership,
•  an LLC (limited liability company), or,
•  a tax-exempt status/non-profit corporation? 

The main difference between these options is how much liability members, shareholders or partners are exposed to. For example, in sole proprietorships, the business owner would be personally liable for all debts and liabilities of the business.  In the event the business is sued and does not prevail, the owner will be liable for any damages.  With limited liability companies or corporations, generally, the members or shareholders would not be personally liable (note, there are certain liabilities that inure to the owners regardless of the form of the entity).  

If a business owner wants to limit how much their personal finances can take a hit, sole proprietorship would not be recommended. Business lawyers will be able to go over your options. They can provide a clear path to take in terms of which structure is best for you.  

Business lawyers will also be able to draft the necessary formation paperwork. Deciphering the terminology of some of the paperwork can be extremely difficult if you’re not a professional in the field.  This alone can be a big help!

2. Contract Negotiation and Drafting

Contracts are an indispensable part of business operations. Business lawyers can help to draft, negotiate, and review contracts and other agreements. This includes, among other agreements, business loans, leases, shareholder and operating agreements.  

For some, this may be another scenario in which the information and terminology may make a lay-person’s head spin.  Business lawyers go through all of the terms and conditions of an agreement with a fine-tooth comb (so to speak). Engaging a business lawyer for your agreements helps you avoid surprises or possible detrimental loopholes. 

3. Legal Compliance

Generally, every business must abide by specific laws concerning employment, tax laws, contracts, permits, and state regulations.  

Depending on what your business does, it may need to follow laws that are non-relevant to other businesses.  If you have multiple businesses, it is important to keep each business separate from one another and adhere to the rules unique to that business.

One of the roles of a business lawyer is to help you navigate these laws so the owner and business stay compliant and adhere to the applicable rules and regulations.  

4. Intellectual Property Protection

Patents, copyrights, trademarks, trade dress and trade secrets, and other proprietary confidential information comprise the intellectual property of a business.  If any of these are a part of your business (and if they aren’t already, they should be to give your business an edge over your competition), it’s important to protect your rights.  

A savvy business lawyer will be able to go over how to protect the business’s intellectual property.  They can help you identify what intellectual property can be protected by filing a patent or trademark (or service mark or trade dress) with the United States Patent and Trademark Office (USPTO).  Or, perhaps a copyright with the Library of Congress.  There are ways to protect other intellectual property if not by patent, trademark or copyright.  Equally important, they can help you avoid infringing or diluting the intellectual property of others. 

5. Dispute Resolution

Often when one thinks of dispute resolution, they think of a disagreement between a customer and owner.  However, disputes can also involve suppliers and other employees.

The goal is to resolve any disagreement or misunderstanding before the matter gets out of hand. However, this may be unavoidable.  In this case, a business lawyer can help to resolve the situation at hand. 

Hopefully, this can be done by simply coming to an agreement between parties.  Whether this is done with the help of official negotiations or litigations, a business lawyer can be extremely helpful. If an amicable resolution is not possible, they can advise of the next steps of what can be done, perhaps by lawyers that have certain specialties.  A business lawyer operates somewhat like a “general counsel” to businesses.  They are a liaison between the business and any outside specialty lawyers that may be involved.

Protect your business, minimize legal risks, and focus on growing your enterprise.  

Set yourself up for success right from the beginning by acquiring a business lawyer to have in your corner.  In doing so, you are already ahead of the rest by leaps and bounds.  By covering all of your bases from day one, you can be reassured (and sleep better) knowing you’ve done as much as possible to protect yourself and your business.

If you’ve been hesitating to hire a New York business lawyer, don’t wait any longer.  For a consultation, contact New York business lawyer Craig Delsack today at no cost or obligation at (212) 688-8944  Or, complete the contact form on this page.