Establishing a business is one of the hardest tasks an individual can undertake. Luckily, for those needing startup business attorneys NYC is home to several world class law firms. New York has been a leading financial and industrial center for centuries. As a result, the law firms available in this city are among the most experienced in the country.
The rewards of owning a business are potentially limitless. From financial independence to the freedom of creating your own schedule, these benefits can have profound impacts on the quality of your life. Unfortunately, there are numerous risks associated with starting a business. From ensuring regulatory compliance to correctly dismissing employees, there are numerous legal obstacles that business owners will encounter.
One of the most common legal problems startup owners encounter relates to the initial filing for corporate status. When starting a business, it is essential for the owners to form a corporate entity. This will afford protection against lawsuits and can potentially reduce a business owner’s yearly tax burden. However, completing and filing this paper will require the services of experienced business attorneys. Failure to do so could result in incorrectly filings documents or even selecting the wrong corporate status for your company. These are both expensive mistakes and will dramatically increase the time it takes for your business to be legally incorporated.
Another common problem encountered by startup business owners concerns hiring and firing employees. This is a particularly difficult problem due to the wide variations in laws from state to state. Failure to comply with the legal requirements for dismissing an employee can result in an expensive civil lawsuit. Similarly, the laws concerning discrimination are also highly variable. It can be relatively easy for a business owner to unknowingly discriminate against an applicant, and this can also result in an expensive and lengthy lawsuit. Some of the best startup attorneys in NYC can be found at http://cohenschneider.com/for-entrepreneurs/.
Partnership issues are one of the most complicated and dangerous business aspects for startups. The legal forms for starting a partnership or corporate entity will contain sections detailing who owns the controlling stake in the business. Failure to have professionally prepared incorporation documents can result in major ownership disputes in the future. In fact, it is possible to lose control of your company during these disputes. While you may still retain partial ownership, it is possible to quickly be demoted from a controlling partner to a junior partner.
These are just a few of the legal complications that accompany starting a business. Whether it is determining who owns the company or implementing hiring policies that prevent discrimination, there are a multitude of problems that can be avoided by utilizing experienced legal representation. In fact, failure to have an experienced business law attorney can prove to be a costly mistake for your company. Everyday countless businesses are sued over a variety of issues. Wrongful dismissal, control of the company and labor violations are all problems that can cause a business to quickly find itself in a convoluted lawsuit. To avoid these problems, hire an experienced attorney for all your business needs.