Your attorney can form a corporation, usually a subchapter S corporation, for your business.  Because of the tax structure in New York City a subchapter S corporation may not be advisable and you may consider a Limited Liability Company (LLC) or a limited liability partnership (LLP).  Although setting up a LLC or LLP may be more expensive than an incorporation that cost may offset the tax savings in New York City.

If your company is going to be owned by you and others it is advisable that, in advance, you set down your understanding.  Such a document used in connection with a corporation is called a stockholder’s agreement.

Key employees are a very valuable asset.  You may want to prevent a key employee from leaving your company to go to work for a competitor or open his own business.  At the same time the key employee wants assurances that he will not be summarily discharged without notice or cause.  Perhaps an employment contract should be considered.

In buying or selling a business it is crucial that you are represented by counsel.  Your attorney will draft the contract, search for liens and hopefully insure the rights and obligations of the parties.