Early in their life cycles, startups are often strapped for cash, and you may think that you can take on the legal work yourself. An experienced startup attorney is a valuable asset to your business.
The startup lawyers at the Law Office of Elliott J. Brown understand the challenges that new startups face, and can effectively guide you through the legal process of starting a business. Some legal aspects of forming a startup are harder to navigate than others, and these are the times when you should hire a lawyer for your startup in the New York area.
The right legal structure for your startup protects your personal assets from your business liabilities and gives you different tax benefits. You may feel overwhelmed by the choices, which include:
- Sole Partnership/DBA
- Limited Liability Company (LLC)
- Limited Liability Partnership (LLP)
- General Partnership
- C Corporation
- S Corporation.
Every startup is different, and each state, including New York, have different rules regulating companies; you cannot assume that one legal structure is better for your startup than another based on another startup's experience. The Law Office of Elliott J. Brown can tell you the pros and cons of each and help you make an informed decision.
If your startup plans on raising money in New York or the U.S. through stock options, shares of stock, or convertible notes, you need an experienced startup attorney to ensure that you remain in compliance with state and federal securities laws. These laws specify the process businesses must follow to issue or sell securities, and failure to comply with these laws can have serious consequences for your startup, including:
- A criminal charge or civil lawsuit for securities fraud filed against your startup by the Securities and Exchange Commission (SEC) or a state agency;
- Loss of potential investors since non-compliance makes your startup look like a risky investment; and/or
- Investors using their "recession rights" to get their money back.
Hiring an experienced startup attorney who understands the nuances of state and federal laws is essential for maintaining your compliance.
Protecting Your Intellectual Property
Your intellectual property (IP) is extremely valuable to your startup, and it needs the proper protections to ensure that you maintain your rights to it. A copyright protects your artistic works from the moment of creation, whether they are published or unpublished. A trademark is your unique symbol, word, or phrase that connects your product or services to your company.
Obtaining a TM mark gives you exclusive rights to your mark and prevents others from using it on similar products. If you have an invention, a patent gives you exclusive rights to it. The Law Office of Elliott J. Brown can file for copyright or trademark protection for your business and can refer you to an experienced patent attorney.
Your Startup Attorney is an Investment in Your Future
Even though cash may be tight, hiring an experienced startup attorney is an investment in your business's future. The Law Office of Elliott J. Brown offers flexible pricing options, including flat-fees, to help get your startup off the ground and running. Contact us today to find out more!