What Can A Business Attorney Do For Your NY Small Business?
If we say, “just about anything,” we might be overstating things a tiny bit, but not by much. A business attorney follows alongside successful small business owners, from formation, to growth, to monetization. A business attorney helps pave the way on the path to success. We tell every business owner they need two good friends – a business attorney and an accountant. With legal and financial help, entrepreneurs succeed.
What Does a Business Attorney Do?
To put it simply, a New York small business attorney assists business owners with both their problems and opportunities. In addition to the examples, above, a New York small business attorney helps business owners understand the opportunities and obstacles they are presented with and provide solutions to address those roadblocks. Plus, a New York small business attorney can help a business owner proactively prepare for problems they might face in the future. As the saying goes, an ounce of prevention is worth a pound of cure.
What Types of Issues Do Business Owners Face?
A small business attorney can help in some major areas. These include:
Starting a Business
Before you even start, a small business attorney can help determine the best business entity type for your company. This will include looking at tax issues, number of partners or investors, and other variables. Get it done right from the get-go and avoid costly problems down the road.
You get a 28-page legal document that’s full of Latin phrases and legal jargon. What the heck does it mean? Even when a contract is in “plain English” it still might not be easy to read. A small business attorney can help decode the mysterious document and translate it into words that normal people use every day. From there, your attorney will advise you on the steps to take, including suggesting additional protections, negotiating the terms, and creating a document that makes the best sense for your company.
Resolving Business Issues
Think of this as a catch-all for everything and anything that can come up in the operation of your business. Insurance coverage, franchising, hiring and terminating employees, diversity awareness, job descriptions, employee policies and procedures, vendor relations, contract bidding… the list goes on and on and on. There are issues that even the most prepared and well-meaning business owner can face. A business lawyer educates small business owners on applicable laws and best practices and represents them when an issue arises. In addition, your lawyer can draft collection letters on your behalf to help you get paid.
Compliance and Risk Management
All small businesses in New York can benefit from an experienced business attorney who can advise them on compliance issues and develop procedures to monitor and minimize risk. This includes understanding and implementing new regulations. Are you in manufacturing? Provide a service? Work online? Each of these and all other businesses have requirements and pitfalls to understand.
Small businesses can depend on intellectual property as a primary source of their income. Many New York small businesses don’t have the resources or time to properly monitor and enforce their IP rights. Your attorney can help develop an IP plan that will protect these valuable assets.
Real Estate & Property Disputes
Landlords need help with tenant disputes, and commercial businesses need help renegotiating their leases. A New York small business attorney knows the state, county, and city rules and ordinances. Helping you with property disputes, real estate transactions, and rent collection are a few of the topics under this category.
If you’ve enjoyed years of success and are ready to retire or try something new, you must have a succession plan for your small business. Exit planning is a comprehensive strategy for a business owner to leave his or her company and provide direction for the succession of leadership. This should start years before you plan to leave, and your attorney can guide you through the process.
So, you see that “just about anything” does really cover it. Don’t ask your business lawyer to help you move locations, but she will review the moving company’s contract!
Most small businesses don’t have the financial resources to hire a legal counsel full-time. Instead, they can engage a small business attorney as needed.
Hiring a small business attorney isn’t inexpensive, but it can be priceless. An experienced business attorney will help issue spot risks in your business that can damage your success unexpectedly.
As a business owner, when you work with a New York small business attorney, you’ll have an experienced person in your corner. Contact an experienced New York small business attorney today. We’ve helped hundreds of other small business owners just like yourself. Reach out to see if we can be a part of your success story.
Francine E. Love is the Founder & Managing Attorney at LOVE LAW FIRM, PLLC which dedicates its practice to serving entrepreneurs, startups and small businesses. The opinions expressed are those of the author. This article is for general information purposes and is not intended to be and should not be taken as legal advice.