Large corporations that have an ongoing need for legal counsel often maintain entire legal departments within their organization. However, small businesses or individual entrepreneurs seeking to start their own companies usually don’t have those resources. For them, hiring legal counsel as needed may be the best option. Here are a few of the areas in which a business law attorney’s services can be of great assistance.
Choosing a Business Structure
This is an excellent reason to hire a business law attorney Long Island NY. When starting a business, it is important to choose the appropriate structure. The most common options for a small start-up are:
- Sole Proprietor
- Limited Liability Corporation (LLC)
Each of these structures has different advantages and drawbacks. For example, a sole proprietorship is the simplest form. However, such a structure could put the business owner’s personal assets at risk if there is a lawsuit for any reason. With an LLC or S-Corp, the owner’s personal assets are shielded from any judgments.
Navigating the Regulatory Landscape
Depending on the type of product or services a new business plans to offer, there are several federal, state, and even local regulations to consider. A business attorney can assist with educating the new business owner when it comes to compliance with all laws and regulations that may affect the organization and what it does.
One danger that every business faces is litigation. America is a litigious society, and a lawsuit may come out of anywhere, for almost any reason — a dissatisfied or injured customer, a disgruntled employee, or a plaintiff with an intellectual property claim. Having a good business lawyer on board can help to avoid these problems before they start. If the business is notified of a pending lawsuit, legal counsel and representation are vital for the optimal outcome.