Starting and running a small business is an exciting opportunity that can prove rewarding in the long run. However, setting up a business comes with a complex web of legal responsibilities that require careful attention and strategic planning. A lawyer can ensure compliance with laws, safeguard your personal assets, strengthen your contracts, and provide peace of mind as your business grows. Call Albert Maimone & Associates today to understand how our dedicated lawyers can help your business navigate legal challenges effectively in Queens. You can rely on expert advice and support that is specifically designed to align with your business goals.
A trusted business lawyer is a valuable asset who not only provides guidance but also protects your interests and ensures your business runs smoothly. While you may not need a lawyer for every small decision you make for your small business, there are times when legal expertise is crucial and can save you from costly mistakes, legal disputes, and unnecessary stress.
Business faces potential risks related to contracts, legal compliance, intellectual property, employment, finance, or disputes. Seeking legal guidance gives you the support to you address these challenges effectively, safeguard your interests, and ensure your business operates on a strong and legally secure foundation, especially when operating in Queens and New York City.
Knowing when to hire a business lawyer can be one of the best decisions you make, as it may save your small business significant time, money, and unnecessary legal complexities.
Read on to learn what a business lawyer for small businesses is, and how the right legal counsel can help you stay compliant, protect your assets, and avoid unnecessary trouble.
What Is a Business Lawyer?
A business lawyer is a legal professional who advises and represents businesses on matters related to their formation, structure, operation, and growth. They enable business owners to understand and comply with laws and regulations, and protect the company’s legal and financial interests.
They act as strategic partners, draft documents, negotiate deals, ensure regularity adherence, and represent clients in court when needed to avoid legal pitfalls. They also assist with mergers, acquisitions, financing, and business sales.
How Can a Business Lawyer Help Your Small Business?
A business lawyer provides legal guidance that protects your small business’s interests and supports its long-term success. They can help you choose the right business structure, draft and review contracts, ensure compliance with local, state, and federal laws, and identify potential legal risks early to avoid costly mistakes and disputes efficiently.
In addition, a business lawyer can also safeguard your intellectual property, advise on employment matters, and support financing or growth efforts such as partnerships or business expansion. They act as a trusted counsel who can help your small business operate confidently, lawfully, and securely while providing guidance when complex issues arise.
Many entrepreneurs are hesitant to hire a business lawyer for their small business. This hesitation stems from the belief that business lawyers charge high fees, and with their small setup, they have little, if any, extra capital to afford legal services. As a result, most small business owners hire a commercial or business lawyer only when they are faced with serious legal trouble.
While you don’t need a lawyer for every legal problem in your business, knowing how to find one if you run into a legal matter is significant. Lawyers make sure you follow the law, identify issues that might turn complex later and save you from unavoidable legal challenges that could hinder your business growth.
When Do You Not Need a Lawyer for Your Small Business?
You may not need a lawyer for your small business when you are handling simple, low-risk tasks that do not involve legal obligations or long-term consequences. Certain matters are quite straightforward and quick to learn, and you can manage them yourself without any distress. You can also seek guidance from self-help resources that are easily available online and in print.
Here is a list of some tasks that you can handle on your own, including:
- Coming up with a business plan
- Deciding on a name for your business by researching existing and trademarked business names online
- Securing a domain name for your business website
- Creating a legal partnership agreement, limited liability company (LLC) operating agreement, or shareholders’ agreement, depending on the business structure you have chosen
- Applying for an employer identification number (EIN) for employee tax purposes
- Applying for the necessary licenses and permits your business requires
- Hiring employees according to the federal and state laws
- Submitting the necessary IRS forms
- Documenting LLC meetings
- Hiring contractors and contracting with vendors
- Creating business contracts for dealing with customers or clients
- Creating a buy-sell agreement with partners
- Handling audits initiated by the IRS
If you have sufficient capital or you feel stuck and require guidance, you can hire a lawyer to assist with these tasks.
When Will You Need a Lawyer for Your Small Business?
There are times when you may face issues that are too complex, time-consuming, or involve significant legal or liability risks. In such situations, a business lawyer can help you navigate all complications effectively, protect your interests, and avoid costly mistakes.
Here are some situations when hiring a lawyer for your small business is important:
- Changing the type of business
- Navigating commercial leases and real estate transactions
- Former, current, or prospective employees suing on the basis of discrimination in hiring, firing, or work conditions
- Local, state, or federal government bodies filing complaints or investigating your business for legal violations
- Protecting intellectual property through patents, trademarks, and copyrights
- Making special allocation of profits and losses or contributing appreciated property to a partnership or LLC agreement
- Direct or indirect involvement of your business in environmental issues and consequent problems
- Negotiating for the sale of your business or the acquisition of another company or its assets
It is essential to understand that legal assistance is a cost of doing business that often saves money and your business in the long run. By hiring a business lawyer early, you can prevent complex and expensive legal problems in the future.
Role of a Small Business Lawyer in Protecting Your Business
Even though a small business lawyer can facilitate you while setting up and operating a business, their most crucial task is preventing legal trouble before it occurs.
Proactive planning and early action can reduce the risk of lawsuits, penalties, and unexpected legal expenses. It is because once a claim or a lawsuit is filed, the damage is already done, and you will have
to manage legal fees, court costs, and other liabilities.
Many legal issues can be avoided with the right knowledge or timely advice. Sometimes, even seemingly harmless questions, answers, or decisions can lead to legal problems if they violate regulations or laws. Although a lawyer can defend your business after a lawsuit is filed, early guidance or basic legal research could help you avoid such situations altogether, saving significant time, money, and stress in the long run.
Working with a business lawyer from the start allows your lawyer to review your work, offer guidance, and flag potential threats. This way, you benefit from legal expertise without bearing any unnecessary costs and greatly reduce the likelihood of facing legal disputes.
What to Look for in Your Small Business Lawyer?
Choosing a lawyer for your small business is an important decision that can have a lasting impact on your success. Look for a lawyer who has experience working with small businesses and understands the specific legal issues entrepreneurs face.
Also, focus on the lawyer’s accessibility and communication style, as you need someone who is responsive, explains legal matters clearly, and takes time to understand your business goals. These qualities are essential for a productive, long-term partnership.
With their solid knowledge and expertise in corporate law, business formation, contracts, compliance, employment, and dispute resolution, small business lawyers provide reliable guidance and protect your interests with assurance and legal security.
Albert and Peter Maimone help you set up and develop your small business in Queens with confidence and ease. Their deep understanding of the challenges and concerns entrepreneurs face enables them to offer practical solutions that are tailored to your unique needs. They simplify complex legal issues through trusted advice and guide you in making informed decisions that minimize risks, and support long-term growth.