Before you start up your business, you need to keep in mind that you are not a legal expert but a small business owner. You need to look into corporate intellectual property laws, compliance issues, regulations, corporate liability, taxes, and countless other legal problems as you setup and grow your business. With so much to understand and getting to know how and where to begin, it is best to consult a small business lawyer NYC. Below are some of the things that every small business owner should know before starting up their businesses.
1. What Are My Risks of Getting Sued?
There are different risks of a legal action inherent in all business ventures. However, it is not always clear what the risks entail. In addition, of course, there are those businesses that stand a higher risk of litigation than others. (For instance, a skydiving business is riskier than a freelance writing business). In addition, lawsuits can be filed in a number of circumstances. The first step in escaping a lawsuit is identifying where you are most at risk and then sidestepping or minimizing that risk. It is advisable to seek an attorney to identify those risks for your small business.
2. What happens if I am sued?
According to some research, 57 percent of lawsuits affect small businesses, and even if you plan everything right, there is a high chance that at some point and time your business will be confronted with a lawsuit. The more the clients you have, the more the employees you are likely to have and thus your business stands a high chance of being sued. In that case, you would be prudent to consult an attorney to create a plan for dealing with lawsuits before they occur.
3. What Should I Consider Before Taking on Investors?
Do not take the decision of taking on investors lightly. There will always be strings attached to the money you will receive from an investor. In that case, it is in your best interest to know how their money will change your business and the autonomy you enjoy as the business owner.
4. How can I Protect The Name of my Business
The most valuable asset of a business is its reputation. For that reason, you will want to safeguard your logo, brand name and other identifying characters that represent your business. You can do that by consulting an attorney to help you register your trademarks.
5. Do I Need a Business License?
Regulation for business licensing depends on the state you want to start-up your business. Depending on which municipality your business operates in, you may be required to acquire a business license. Seek advice from a smaller business lawyer NYC to get the proper details.
6. How do I Pay Myself in My Own Business?
As much as it is tempting to simply take your payment money out of your company’s fund, it may be dangerous for your company’s finances. To avoid tax and snugs questions, you should only pay yourself with a check written from your business account.
7. Do I Need an Attorney?
You do not need an expensive attorney especially if you are seeking legal advice when your business is in a start-up phase. Affordable attorneys are the best in this case since they will do most of the work for you and will help you get on the right foot.
8. How do I Ensure Legal Compliance?
As defined by the law, your business is required to meet certain standards. For example, if you are selling home-baked pies from your home kitchen, you will be required to have the food safety inspectors come and inspect your kitchen. Otherwise, they can close your business for not complying with the required standards. Speak to an experienced small business lawyer NYC to ensure that your business is 100% compliant with local and national regulations.
9. Can I Use Personal Assets for my Business?
If you need to use your personal assets for your business, it is advisable that you first seek advice from an experienced small business lawyer NYC.
10. Are you infringing on someone else’s intellectual property?
You cannot steal another person’s idea and make money from it. It is illegal to do so, and even if you did not know that, you would still be held accountable and face a lawsuit.
Many legal issues may come up for small businesses. As a small business owner, you need to be aggressive and a head of everything. Have a small business lawyer NYC to handle any legal issues on your behalf, and advise you on how to handle your business in such a way that you will not land on the wrong side of the law. This way you will have ample time to concentrate on growing your business rather than battling with legal matters.