The Professionals You Need When Starting or Buying a Business in New York or New Jersey
Starting a business is exciting. But success isn’t just about the idea — it’s about the team you build around you. Whether you are buying a business or launching a startup from scratch, the size of your company doesn’t matter. Running a small business follows the same rule. What matters is surrounding yourself with the right advisors. The right team can mean the difference between thriving long-term or becoming another statistic.
The U.S. Bureau of Labor Statistics reports that about 20% of new businesses fail within the first year. Nearly 50% fail within the first five years. Many of these failures aren’t due to bad ideas — they’re due to gaps in planning, compliance, and execution. That’s where having the right team of professionals makes all the difference.
Corporate Lawyer
A corporate lawyer is one of the most important advisors a new business can have. From day one, you need guidance on:
- Choosing the right structure (limited liability company, S-corporation, or C-corporation).
- Deciding where to form your entity (Delaware vs. New York or New Jersey).
- Drafting and reviewing essential contracts, such as operating agreements, shareholder agreements, master service agreements, website policies, and engagement letters.
- Ensure you follow proper corporate formalities. This way, you won’t risk losing limited liability protection.
A good business lawyer isn’t just a problem-solver when disputes arise. They’re also a proactive advisor who helps you avoid costly mistakes.
Intellectual Property (IP) Lawyer
Your brand is one of your most valuable assets. An IP lawyer helps you protect it from day one by:
- Conduct trademark searches with the US Patent and Trademark Office. Use other databases as well. This ensures your business name and branding are available.
- Registering trademarks to secure your rights and prevent competitors from creating confusion.
- Advising on copyright and trade secret protection.
Skipping this step can lead to expensive rebranding or even litigation down the road.
Accountant
Every choice you make about your entity has tax consequences. An accountant helps you:
- Evaluate whether to form an LLC, S-corp, or C-corp based on your business model and expected growth.
- Navigate federal, state, and local tax obligations.
- Keep your books in order so you’re prepared for investors, lenders, or an eventual sale of the business.
Getting tax strategy right early can save you thousands in the long run.
Insurance Broker
Every new business faces risks — property damage, liability claims, data breaches, and more. An insurance broker makes sure you have the right coverage in place, including:
- General liability insurance.
- Property coverage.
- Cyber liability insurance.
If you plan on contracting with larger corporations, many will need proof that you keep certain levels of insurance coverage. Having this in place protects your business relationships. It ensures funds are available if a judgment is ever entered against your company.
Employment Lawyer
If you plan to hire employees or contractors, an employment lawyer helps you:
- Draft employee handbooks, offer letters, and contractor agreements.
- Put proper policies in place to comply with wage and hour laws.
- Provide training and proactive compliance strategies to avoid costly audits or investigations by state Departments of Labor.
Labor law mistakes are among the most common — and expensive — pitfalls for small businesses.
Why Building a Team Matters
Launching a business without the right advisors is like sailing without a map. You may save money upfront by cutting corners, but the risks are huge. Invest in a team of professionals early. This gives your new business a fighting chance to survive in the short term. It also helps it succeed in the long term.
Disclaimer
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