Are you thinking about starting a new business in New York State? Not really sure where to start? We are not going to lie to you, it can be a difficult task.
Luckily, we have put together a New Business Checklist that you can follow. And best of all, it's FREE!
We understand that sometimes its not possible to hire a business lawyer like us to help you along the process of starting a business. Because of this, many services have sprung up over the years that offer an affordable alternative to hiring a business law firm. While many people are able to turn to these services to help them successfully form their businesses, many people also fall victim to these services. While companies such as these (which will not be named) are not necessarily at fault for the problems its customers sometimes face, it cannot be said that they are without some blame.
This is because going to one of these companies to help you start your company is no substitute for legal advice - the advice you would get from a law firm prior to starting your company. However, the over simplification of starting a business tends to cause people to think that there are little to no implications of starting a business.
Legal Considerations to Starting a Business
- Business Name - Many people don't think that their business name is a legal consideration to think about when starting a business in New York. However, it is actually probably one of the most important considerations to think about. In New York, under various laws, such as the New York Business Corporation Law and the New York Limited Liability Company Law, each business name that is active in New York State must be distinctive from every other business entity that is registered in New York State. Additionally, while this alone is important, there are also federal laws to take into account as well. Specifically, trademark laws that prevent your business name from infringing on the trademarks of other businesses.
- Business Form - Choosing the right business entity is an important consideration. Many people instantly think forming a Limited Liability Company (LLC) is always the way to go. However, this could not be farther from the truth. There are many other types of entities, such as a Corporation (C Corp or S Corp), that may in fact be a better fit for your new startup company. Choosing the wrong entity has a lot of implications ranging from additional taxes to lost investment opportunities.
- Licenses - Starting your business is only the beginning. In order to operate your business, you may have to acquire a specific license (or licenses) to do so.
- Website - Everyone has a website. Everyone doesn't know that in having a website, there are certain legal regulations and rules that need to be followed. These rules are put in place to ensure the protection for your visitors and making sure you follow such rules is the price of doing business.
- Intellectual Property - Intellectual Property is split up into Trademarks, Copyrights, Patents, and Trade Secrets. Your companies Intellectual Property (IP) has the potential to be the most valuable thing you own. Knowing how to protect your intellectual property is imperative.
- Contracts - A good set of contracts can make the difference between protecting and managing your risk and getting sued for everything you own.
Scared yet? Don't be. Just download our FREE new business checklist if you are even thinking about starting a business in New York. Don't delay!