New York business owners face numerous challenges to keep their companies running smoothly. Legal issues may arise before you realize there is a potential problem, which can significantly impact your goals and success in the future.
The good news is that business owners can take steps now to prevent problems and have a plan in place for when legal issues do come up. How? Every business owner should work with their lawyer on devising a specific plan to keep their company protected. It is also beneficial to become familiar with common legal issues owners face so you can make sure you are properly prepared.
Below are some of the most common legal matters business owners should consider to protect their companies:
- Business structure: The structure of your business is important. It is important to review your corporate structure and consider changing your structure if it provides more benefits to you and your company.
- Purchase agreements: Consider creating a written process for how your company will handle purchase agreements. This includes purchase orders involving vendors and consultants. It may not seem like a big issue, but failure to have a standard policy can result in problems down the road, especially if your company grows.
- Employment agreements: The same is true for employment agreements. You should draft and review all agreements with employees to make sure each person’s rights and responsibilities at the company are spelled out to avoid legal disputes in the future.
- Company name, trademarks and trade secrets: Do not wait to protect your company’s name, domain or product. Consider protecting your company’s trade secrets and establishing a trademark to help build and protect your brand. If you are just starting your business, do not forget to check for trademarks or domain names before you make any final decisions.
It is important to review these issues and address them accordingly, whether your company has been around for years or your company is brand new.
Our New York commercial law firm of Rich Michaelson Magaliff, LLP, understands the unique issues companies face. We represent a diverse clientele and know how to protect our client’s goals through skilled planning based on our extensive litigation experience. We know how issues can lead to legal disputes and what steps to take now to help you prevent them from occurring.