Forming a limited liability company (LLC) is a great way to reduce your personal liability and protect your personal assets if anything happens to your business. But starting any business, including an LLC, can cost money. For many would-be business owners, finding ways to cut back on that upfront expense can be a priority. And that often leaves business owners tempted to avoid hiring a New York business formation attorney to get things up and running. While you’re not legally required to hire a lawyer to form an LLC in New York, doing so is a good idea. Here’s why.
They Can Help You Make Sure an LLC Is the Right Choice
LLCs are just one way to organize your business. While it’s great for business owners looking to protect their personal assets and finances from seizure if something happens to the business, it’s not the perfect choice for everyone.
Working with an experienced New York business formation attorney can help you make sure the organizational structure you choose will truly benefit you and your company in the long run. They’ll look at your business plan and what’s common in your industry, and help you determine your risks and concerns before recommending the best formation for your new company. This can save you stress in the long run as you’ll be less likely to need to restructure your company in the future.
They Reduce the Risk of Mistakes
Forming a new business is stressful, and when you’re trying to do it on your own, there’s an increased risk that you’ll make errors or mistakes that could make running your business harder in the long run. When you work with an experienced attorney from the beginning, you’ll dramatically reduce the risk of those errors happening in the first place. And if you do make a mistake, they can advise you on how best to move past it.
They Can Help You Draft Your Operating Agreement
Part of opening an LLC is creating an operating agreement. This agreement explains the expectations, contracts, and regulations needed to run your company and keep it operating smoothly. Errors in that operating agreement can make running your business harder, especially as it grows.
A business formation attorney will be able to help you draft that operating agreement. They’ll make sure all of the necessary terms and conditions are included and enforceable, so you’ll have peace of mind the day you open your doors.
They Can Legally Provide You With Advice
There are tons of business gurus out there, but their advice may not always serve you or your brand. Why? Because many of those gurus are out to make money by convincing you to sign up for their courses or encouraging you to buy their products. Their advice is biased, even if it’s sound.
When you work with an attorney, you’ll know that the advice they’re giving you is both legally sound and in your best interest. Remember, they work for you. It’s their job to help you set your business up for success from the very beginning.
They Can Review Your Contracts Immediately
Contracts are the backbone of new businesses, whether you’re partnering with suppliers or hiring employees. Making sure those contracts are legally enforceable and work in your best interest takes time and a deep understanding of contract law that most new business owners just don’t have. Your business formation attorney can review your contracts and recommend changes or actions based on what they see.
Work With a New York Business Formation Attorney
Hiring a New York business formation attorney isn’t legally required, but it’s still a good idea. Contact Gold Law Firm today and schedule a consultation. We’ll help you get your LLC started on the right foot.