Managing partner Joseph Milizio, who heads VMM's Business & Transactional Law practice, was invited by Long Island Press Business to write a short article on "5 Legal Tactics Every Business Owner Should Know."
The article was published in the May print edition. It can be found online here (pg. 108) and below.
5 Legal Tactics Every Business Owner Should Know
By Joseph G. Milizio, Esq.
As a business owner on Long Island, it’s important to be aware of the various legal tactics that can help protect your business interests. Here are five key legal tactics you should know:
1. Incorporate Your Business or Form a Limited Liability Company
Incorporating your business or forming an LLC can help limit your personal liability for any debts or lawsuits that may arise. By incorporating your business, you are creating a separate legal entity that can own property, enter into contracts, and be sued. This means that if something goes wrong, your personal assets will be protected from the company’s liabilities.
2. Obtain Proper Permits and Licenses
New York has strict regulations and requirements for businesses operating within the state. It’s important to obtain the proper permits and licenses for your business to avoid fines or legal issues. Failure to obtain the necessary permits and licenses could result in your business being shut down or facing legal penalties.
3. Have Proper Contracts in Place
Contracts are essential in any business relationship, whether it’s with employees, contractors, or vendors. Contracts outline the terms and conditions of the relationship and help protect your business interests. Make sure to have proper contracts in place that are drafted and reviewed by an experienced attorney.
4. Understand Employment Laws
New York has strict employment laws that protect workers’ rights. As a business owner, it’s important to understand these laws to avoid legal issues. This includes knowing the minimum wage and overtime laws, complying with anti-discrimination laws, and ensuring proper classification of employees as exempt or non-exempt.
5. Protect Your Intellectual Property
Intellectual property includes trademarks, copyrights, and patents. These assets are valuable and can be crucial to the success of your business. It’s important to take steps to protect your IP by registering trademarks and copyrights, and filing for patents when needed.
These are just a few simple tips that can help protect your business and your personal assets. By knowing the relevant laws and preparing accordingly you can avoid legal issues and focus on growing your business.
Joseph Milizio is the Managing Partner of Vishnick McGovern Milizio LLP, where he leads the Business & Transactional Law department. He can be reached at jmilizio@vmmlegal.com and 516.437.4385 x108.
