One of the most urgent needs of those starting a new business in New York is reducing initial costs. New business owners need to control costs in order to have the funds they need to operate the company efficiently. The problem is determining where to cut costs without compromising the security of the business.
There are many forms of security when it comes to new startups. Money itself is a form of security as is having a solid business plan and trustworthy investors. What you may not know is that legal representation is also an important type of security that most business owners need. Choosing to consult with a business law attorney before you start your company can improve your chances of success by identifying potential legal issues before they occur. The following list contains examples of the ways a business law attorney helps new startups succeed.
- Helping you choose what form your business takes (e.g. limited liability company)
- Assistance in acquiring any necessary permits or licenses
- Making sure that your startup conforms to the state’s business laws
- Addressing issues of liability that your company may face now or in the future
- Performing risk assessment services and helping you minimize these risks
- Assistance drafting the formal documents needed to operate a company
- Providing information and advice about the tax issues related to your new business
While it is certainly possible to create a new startup without a business law attorney, the do-it-yourself approach is fraught with risks. Even if you choose not to partner with a lawyer on a long-term basis, it is beneficial to seek advice when you are just starting out.