LONG ISLAND, New York. You have a great business idea that excites and energizes you. You’ve found something you love to do and you want to pursue it. But before you quit your job and start your small business, there are several things you should consider. According to Forbes, individuals considering venturing into their own business should make sure they do proper market research, understand their potential customers, and make sure that they’re prepared for the real challenges of starting a small business. Individuals are also wise to seek out a qualified Long Island business lawyer who can assist them with the legal aspects of the business—from the formation of the start up, to contracts, and partnerships. Solomon Richman P.C. are business lawyers and corporate attorneys in Long Island who work closely with individuals who are starting their small businesses.
For instance, new businesses must abide by federal, state, and local regulations. Individuals may need to register their business. Certain businesses are regulated by federal agencies. If you plan to open a restaurant, for example, you may need to get a liquor license, which will require special registration. A business lawyer can help you navigate the federal requirements you’ll need to abide by. Each state and city may also have requirements and licenses for certain products and services.
Businesses may also want to incorporate. Incorporation protects owners from personal liability, within limits. According to Entrepreneur, corporations may also benefit from certain tax breaks. However, there may be drawbacks to incorporating. If you’re considering incorporating, it may be wise to speak to a corporate lawyer to understand your options.
New businesses will also need to abide by employment laws, which includes meeting workplace laws and standards. The government oversees the ways individuals are hired, paid, and fired. For example, employers should be aware of the Americans with Disabilities Act, the Family and Medical Leave Act, Uniformed Services Employment and Reemployment Rights Act. These acts protect individuals with disabilities. The laws also protect individuals who have served in the military. Finally, these laws also permit employees to take leave in certain circumstances due to health issues. Small business owners should also be aware of local and state laws regarding hiring employees.
Small business owners also need to be aware of their tax requirements. The amount of taxes you’ll pay and how you’ll file will depend largely on how you structure your business. If you are not sure about business taxes or how to structure your business for tax purposes, you may want to contact a small business lawyer, like the business law attorneys at Solomon Richman, P.C. There are several taxes you may have to pay, including self-employment tax, employment tax, or excise taxes. Understanding your tax liability can protect your company from surprise tax bills that can result in a financial blow to your company or business plan.
There are many things new business owners need to consider before starting their own business. In many cases, it is wise to speak to a qualified business lawyer who can assist you with meeting federal, state, and local requirements.