How Our Long Island Business Lawyer Team Is Helping Long Island Businesses
At Davidow, Davidow, Siegel & Stern, we help businesses large and small do what they do best by avoiding being swamped with red tape and legal disputes.
Our Long Island business lawyer team, led by Senior Partner, Larry Siegel, combines decades of experience assisting companies and entrepreneurs in navigating a full range of legal issues. Mr. Siegel focuses on all aspects of business law, tax and estate planning. His extensive training and experience, which includes a Master in Tax degree from New York University, allows him to develop sophisticated tax planning for many complex businesses and intricate estate plans for a diverse group of high net-worth individuals. We know and respect the difficult choices that businesses often have to make. A Long Island business attorney at our firm will take the time to understand your unique situation and craft a legal strategy tailored to your goals.
Business Entity Formation
Entity formation is one of the first steps in launching a business. Choosing a business’s legal form is one of the most important early legal decisions that companies and entrepreneurs can make.
The type of legal entity can have lasting consequences, including individual owner liability, tax consequences and other obligations, as well as affect succession planning.
Some of the most common business entities are:
- Sole proprietor
- Limited liability company (LLC)
- Partnership
- Corporation
There are advantages and drawbacks for each type of entity, which are important to understand before forming your business. Once you have selected your business’s appropriate legal form, there are a number of other steps you should take to ensure your business operates smoothly. This can include drafting company bylaws and resolutuions, as well as properly drafting and structuring Shareholder, Operating and/or Partnership Agreements (depending upon your chosen legal entity) between the business owners.
A Long Island business lawyer at DDSS can guide you not only through the process of forming an entity, but also preparing all necessary operating documents and advise you on the various legal issues that may spring up over the lifetime of your business.
Ongoing Business Legal Services
Even the best-run and most successful companies face legal issues and disputes. How these matters are resolved can have a significant impact on the future of the business.
At DDSS, our lawyers use a variety of legal tools to help business clients plan for the future, spot legal issues ahead of time, and even try to avoid disputes among partners. We are a full-service business law firm, advising companies and entrepreneurs across Long Island at all stages of the business cycle.
Contracts and Disputes
Contracts are the legal engine of a business, on which operations run. They are used for all manner of transactions, from leasing office space to hiring employees and contractors to selling products and services.
It is essential to be forward-looking when negotiating and drafting these legal agreements. Although you cannot predict the future, it is possible to ensure that your rights and options are protected in the event that things do not go as planned. A Long Island business attorney at our firm will draft and review legal agreements, negotiate terms, and work to get contracts amended when needed.
Our lawyers are also dedicated to helping clients resolve contract disputes as they arise. Long, drawn-out court battles can significantly hamper a business’ operations. We work diligently to ensure that contracts are tailored to avoid potential conflicts and to efficiently find solutions when disputes occur.
We similarly advise on a wide range of transactions that are both a regular part of doing business and also may be part of a potential save of the business. Our lawyers can help you understand your options for structuring these deals and perform the necessary due diligence before you enter into a transaction. This includes weighing the tax and legal implications and making sure that you are protected if a transaction falls through.
Counseling of Closely Held Companies
Our Long Island business attorney team regularly provides general corporate and business advice and consultation services.
Our firm has significant experience preparing documents like:
- Shareholder, Operating and Partnership Agreements: These contracts determine how the entity will be managed and controlled as well as what happens upon the death, incapacity or voluntary withdrawal of a partner.
- Buy-Sell Agreements: It is important to consider buyout provisions in the event of death or disability.
- Employment and Consulting Agreements: These contracts set the terms for employee and consulting relationships. They can be tailored to protect important business secrets and intellectual property.
- Agency and Distribution Agreements: These agreements arrange for the sale, import, and distribution of various products.
There is no reason to go it alone. A seasoned business attorney will spot potential pitfalls on the front end, reducing the risk of litigation on the back end.
Business Succession
Given the time, effort, and resources you have poured into your business, it is vital that you be in control of how it is transferred, when it is transferred, and to whom it is transferred.
Succession planning is designed to ensure that a business’s operations continue uninterrupted if an owner or top official retires, becomes incapacitated, or passes away.
A proper plan takes into account the broad spectrum of legal issues that could arise, including those related to taxes, estate planning, and business structure.
Succession planning starts with naming a successor, or someone to step in and run the company in the event it becomes necessary to do so. This successor must be competent and able to keep the business thriving. If a business owner dies without a successor in place, it will likely be up to the courts to determine what happens next.
Selecting the right successor and succession plan is not always an obvious choice. In some situations, the best option may be to sell the business. Our lawyers can help you explore these and other options. We commonly assist businesses with:
- Business valuations
- Buy-sell agreements
- Stock recapitalizations
- Using life insurance as a transfer vehicle
- Employee purchase deals
- Cross-purchase agreements
Planning documents should be drafted to clearly describe the situations in which a successor will step in and whether the role will be temporary or permanent. The plan should also identify any changes in the management structure that will occur in the event of succession.
Contact a Long Island Business Lawyer at DDSS Today to Learn More
If you are considering starting a business or already trying to navigate the myriad legal issues facing your company, DDSS can help. We are pleased to meet with clients in person or via Zoom, FaceTime, and other video conferencing tools. Call us, contact us online, or use the live chat function to schedule a consultation with a Long Island business attorney today.