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Creating and running a small business requires a lot of effort and knowledge of state and federal regulations. You'll need to know about New York and local building and safety codes, franchise and sales taxes, environmental regulations, etc. A misstep could mean more taxes, fewer profits and potential lawsuits.
For business owners in New York City, Syracuse or Buffalo, it's important to understand state and federal laws and know how to proceed when a legal issue develops. LawInfo has the New York small business law information you need from planning your business structure to buying or selling a business.
Before starting your business, you will need to decide upon one of several business structures that are legally recognized in New York. A business structure determines the complexity of the organization and owners' roles and responsibilities, including their financial and tax liabilities.
Among the variety of business structures, the major ones in New York include:
Buying a small business in New York can be a risky gamble if you're not familiar with the various implications. You may end up paying too much for a low return on investment or find yourself inheriting the business's tax debts or legal issues.
A major step in the business buying process is performing your due diligence. This means running a thorough "background check" of sorts on the business. You should have your lawyers and accountants check the business's:
The goal of performing your due diligence is to ensure that you're not buying more problems than you're willing to deal with. A small business attorney can help guide you through the selling process and retrieve some of the data you'll want to collect for due diligence.
A small business owner should get assistance with legal matters as they can ruin a business if mishandled or ignored. Issues like defending against wrongful termination claims or negotiating the acquisition of another company's assets are complex and time-consuming. Retaining an attorney to help prevent legal problems is a wise move.
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified business lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local business attorney to discuss your specific legal situation.