Growing your business can prove as stressful as it is exciting. In addition to new opportunities, growth can come with a number of legal issues that can derail your business. It’s important to plan ahead and troubleshoot for potential issues before they arise. You must approach growth with the same attention to detail that you spent forming your company.
Here are a few legal areas to keep in mind as your company grows:
- Employment An integral part of expanding your business is adding manpower. If you choose to expand to a new location, you will need a new talent pool to work with. You’ll need to work with a lawyer to create company policies that can be applied at all of your locations. You will also need to ensure that your new location abides by the local state and federal laws.
- Potential legal disputes Larger companies often have to deal with more legal issues. Past and ongoing legal disputes can tie up large portions of revenue and prevent you from expanding. You will need an attorney to go through your disputes one by one so that you can move on.
- Intellectual property As your company becomes more profitable, your intellectual property will have more value. You will need a trademark and you’ll have to work with an attorney to ensure that your company is protected in various markets.
- Contracts It will be necessary to create templates for contractors, vendors and employees to prevent lost opportunities before you grow. If you used basic templates when you first started your business, it may be time to create more detailed and sophisticated contracts for your business moving forward.
- Taxes Many business owners forget to consider the impact taxes can have on their expansion. Increased profitability and growth can put you in a higher tax bracket.
There are many potential pitfalls to consider when growing a business. A New York City business attorney can help you grow while avoiding significant legal expenses.