Queens Business Startup Lawyer
Suri Law provides legal startup advising for entrepreneurs in Queens, New York City, and Long Island which involves providing guidance and support to you as a new business as you navigate the complexities of starting and operating a successful venture. This can include assistance with business formation, legal compliance, securing rights over intellectual property, preparing documents and presentations identifying legal requirements, risks, and opportunities to enable business planning, marketing, strategies, funding, networking, and more.
At Suri Law, our firm is devoted entirely to helping the business community in our area. Our business law attorney comes from an entire family of business owners. We understand the challenges, issues, and problems involved in starting, running, and growing a business, whether it is a small family owned and run venture or something larger and more complex. All businesses are subject to certain requirements, needs, and laws. Our firm is here to help your business get off the ground successfully.
Startup Advising in New York
If you are an entrepreneur, we can advise with various aspects of business law, such as:
- Business formation and structure: Choosing the right legal entity for your business (e.g., sole proprietorship, partnership, corporation, or limited liability company) and registering it with the appropriate agencies. We provide flat-fee business formation services.
- Intellectual property protection: Advising on patents, trademarks, copyrights, and trade secrets to safeguard your valuable assets. We provide certain state and federal trademark services at flat fees.
- Contracts and agreements: Drafting, reviewing, and negotiating contracts with clients, suppliers, and partners.
- Employment law: Ensuring compliance with labor laws, drafting employment agreements, and addressing employee disputes.
- Regulatory compliance: Navigating industry-specific regulations and obtaining necessary permits and licenses.
- Dispute resolution: Representing your business in negotiations, mediation, arbitration, or litigation.
The right business formation is critical to your business for the following reasons:
- Affects your personal liability: The correct business structure can protect your personal assets from being used to satisfy business debts or obligations.
- Influences fundraising capabilities: Some structures are better suited for attracting investors or securing loans.
- Determines management structure: The chosen entity type will dictate how decisions are made and how the business is managed.
- Influences branding and credibility: The right business formation can enhance your company's professional image and credibility in the eyes of customers, suppliers, and investors.
What Are the Different Types of Business Formation in New York?
Like other states, New York provides various types of business structures for small and larger business ventures. Each structure has its advantages and disadvantages. It is important to understand how each formation works so that you can choose the right one for your enterprise.
- Corporation (C-Corp or S-Corp): A separate legal entity owned by shareholders with limited liability. It has a more complex structure and different tax implications depending on whether you choose a C-Corp or an S-Corp. A C-Corp is generally a larger organization, while an S-Corp is typically a smaller entity. We recommend contacting a tax professional to discuss the tax differences between the two types of corporations.
- Limited Liability Company (LLC): A hybrid structure combining the limited liability of a corporation with the benefits and simplicity of a partnership or sole proprietorship.
- Sole Proprietorship: A single-owner business with no legal distinction between the owner and the business. The owner is personally liable for all business debts and obligations.
- General Partnership: Two or more individuals jointly own and operate the business. Partners share profits, losses, and management responsibilities and are personally liable for the partnership's debts.
- Limited Partnership (LP): A partnership with both general partners, who manage the business and have personal liability, and limited partners, who contribute capital but have limited liability.
Benefits & Drawbacks of a Corporation
As mentioned above, a corporation is a legal entity separate from its owners (shareholders) and is created under state law. It has rights, privileges, and liabilities distinct from those of the individuals who own or manage it. The process of forming a corporation is known as incorporation.
The benefits of a corporation include its limited liability, meaning the shareholders’ personal assets are protected from corporation debts and obligations, and its perpetual existence because it continues to exist even if its owners or shareholders change, retire, or pass away, which ensures the longevity and stability of the business.
Corporations can also issue shares of stock to raise funds from investors, making it easier to attract financing for growth and expansion, adding legitimacy, and making it more attractive to clients, suppliers, and potential investors. Shares of a corporation can be bought, sold, or transferred easily, allowing for greater flexibility in ownership structure.
Incorporating involves more paperwork, fees, and administrative tasks, such as annual reports, are subject to more regulations and oversight by government entities and can result in a loss of control for original owners because the decision-making authority is typically divided among a board of directors, officers, and shareholders.
Benefits & Drawbacks of Limited Liability Companies
Limited Liability Companies (LLCs) are a popular business structure that combines the limited liability protection of a corporation with the flexibility and benefits of a partnership.
The benefits of an LLC are that LLC owners enjoy limited liability protection, meaning their personal assets are not at risk to cover company debts or legal obligations. There are also tax implications; however, we recommend contacting a tax professional to discuss the tax advantages and disadvantages of an LLC as Suri Law does not provide any legal advice relating to the tax at this time.
LLCs offer more flexibility in management compared to corporations. They can be managed by the members themselves or by appointed managers, and no requirement exists for a board of directors or formal meetings. They generally have fewer ongoing reporting and record-keeping requirements compared to corporations, making them easier to maintain. Profits can also be distributed among members in any proportion agreed upon, regardless of the percentage of ownership. This allows for more customized arrangements among the owners.
The drawbacks of an LLC are that LLCs cannot issue shares of stock to raise capital. This may limit their access to funding and growth opportunities, especially when seeking venture capital or other institutional investors.
LLC laws and regulations can vary significantly from state to state, which may complicate matters for businesses that wish to operate in multiple jurisdictions. They also have a limited lifespan or may be dissolved upon the death or withdrawal of a member. This can create uncertainty and instability compared to corporations, which have perpetual existence.
As a relatively newer business structure, less legal precedent surrounds LLCs compared to corporations. This can make it more challenging to navigate legal issues or disputes involving an LLC.
Call Us Today to Learn More
Suri Law can provide the startup advice and guidance you need to form your new business with strategies to keep it running and prospering for the long term.
Prioritizing RelationshipsWe know the value of investing in relationships. Our goal is establishing relationships with businesses and promoting socio-economic mobility for business owners from marginalized communities.
Dedicated to Our Clients
We prioritize helping businesses, especially minority-owned businesses, grow and flourish.
Our focus will always be offering high-quality services at reasonable prices.