The biggest mistake any startup can make is cutting corners by using DIY forms to start their business. That’s why most startups will hire an attorney to handle the formation of their business entity, but they often don’t see the need for ongoing legal support. The savviest startups know that being proactive is the best way to protect the hard work they’re putting in their company and that hiring the best business lawyer in Queens to protect and support their budding enterprise is a wise investment. Wittenstein & Wittenstein can help your company get off the ground and provide ongoing support for a reasonable fee. Call 718-261-8114 for a free consultation.
Forming a Business Entity
If you start doing business without forming a formal entity, your company will be considered a sole proprietorship by default. This means that you’ll be liable for debts and judgments against your new company, making your personal assets vulnerable. That’s why the first thing most new businesses do is to form an entity that limits their personal liability. There are many different types of entities to choose from and each type has different tax treatment, ability to attract investors and other features. The best business lawyers in Queens can help you choose the business entity that is best suited to the company that you’re starting. Once the entity type is chosen, it’s important to clearly delineate the rights and responsibilities of all involved, so that disputes are minimized down the road. As your business grows, it may be necessary to change the entity type. For example, Subchapter S corporations are well suited to small startups, but they are not the best type of entity for attracting venture capital. The best business lawyers in Queens monitor your business and let you know when it’s time to convert your Subchapter S startup to a Subchapter C corporation that can compete with the big fish.
Protecting Your Intellectual Property
Protecting intellectual property isn’t just for tech startups seeking a utility patent for their latest invention. It’s an important part of launching virtually any type of business that you’d like to protect from competitors. For example, if you’re opening a store, it’s important to make sure that your company logo is protected, so that somebody can’t open another store with a similar sign once you’ve become successful. If you’ve put a great deal of effort into your branding materials, it’s important to ensure that they can’t be used by others. It’s always worth protecting any type of product before you put it on the market to avoid counterfeiting which can dilute not just your profits, but also consumer confidence in your brand. The best business attorneys in Queens can help you do what’s needed to ensure that you are the one that benefits from all the hard work you’ve invested in developing your product or service.
Reducing Conflict and Avoiding Litigation
It’s important to spell out the rights and responsibilities of all the founders of the business when it’s formed. As the business grows, some founders may leave and new investors are likely to enter the pictures, so it’s crucial to the long term success of the enterprise to make sure that agreements are updated to reflect these changes. When employees and contractors are hired, having solid human resources policies in place can prevent costly employment litigation and the best business lawyers in Queens can help settle these problems amicably when they do arise.
Best Business Lawyer in Queens
The best business lawyer in Queens to support your startup is usually not the most expensive attorney with the fanciest office. Few startups can afford to pay hundreds of dollars for a ten minute phone call, so it’s wise to hire a lawyer on a monthly or yearly flat fee that includes a wide range of services. Large businesses have house counsel that allows them to be proactive and to put out legal fires quickly, and startups can have similar service by having a business lawyer on retainer. Wittenstein & Wittenstein provides affordable pricing for startups. Call 718-261-8114 for a free consultation.