Starting a new business in New York can be the beginning of an exciting and profitable journey, but starting this new company will take a lot of preparation. During this time, it can be easy to make a few mistakes along the way. Save yourself a lot of potential headaches by avoiding these common startup mistakes.
Operating under an illegal business model
One of the most common areas where people make legal mistakes is when they’re choosing a business model for their companies. Your business might require government authorization before it can officially begin. If you neglect this step, your startup could face serious delays and potential financial penalties.
Not taking advantage of tax breaks
Another crucial aspect of business formation and planning involves taxes. Your new business could catch a few breaks, but you’re not going to find out about these financial breaks unless you’re aware of the tax benefits offered to small businesses. By utilizing these tax breaks, you could have much more money available to fund your new company.
Neglecting to protect your company’s intellectual property
Chances are that your new business utilizes one or several kinds of intellectual property. While your new business might not be a huge company yet, it’s imperative to protect your company’s intellectual property from other people or companies stealing it. If these properties aren’t registered to your business, your company will be unable to claim ownership of them.
It’s easy for start-up owners to make a variety of legal mistakes while getting their companies off the ground. If this happens, it can cause a lot of serious problems in the future, so it’s important to be thorough when preparing to launch your company.