From beginning to end, owning a business is filled with legal matters. Some are preventable, but not all. You should always seek the counsel of a business attorney when you need legal advice. They’ll help you find the answers you need for both common and uncommon business legal issues.
Common Business Issues
Every stage of forming your business will require an understanding of legal matters only an attorney can provide. Don’t panic while reading through these potential legal issues. The Law Offices of Gary I. Handin, P.A. are here and available to help.
Setting Up Your Business
First, you need to decide on a name for your business. This is the most basic step you need to take as a business owner, yet it still doesn’t come without legal troubles. The name can’t be the same or similar to any other name currently on record with the secretary of state, or you’ll be in trouble before you even get your company off the ground.
Then, you must decide what type of entity is the best structure for your business. Perhaps a limited liability company or corporation would work best, if not a limited partnership entity. Consider your business goals before deciding.
Licensing is one of the most common business legal problems. Business licensing requirements and fees vary depending on where your business is located, making it challenging to find the right answer. Ask for the help of a Business to avoid costly fees.
Employees And Shareholders
When you hire someone for your business, you have to classify them for government and tax purposes. A common mistake is classifying someone as an independent contractor when they do not fit those parameters. The Department of Labor takes employee classification very seriously.
Whether an employee is an independent contractor or not, they should still sign a legal contract defining their job and place in the company. This contract can also contain overtime agreements to prevent future overtime disputes.
Eventually, you will have to terminate an employee. This can come about for any number of reasons, but when it does, you need to prove rightful termination. With the right preventative action, you can limit your risk of trouble post-termination.
It would be best if you had agreements with all shareholders detailing what it means to be a shareholder in your company. This is where you would restrict the sale and shares of your business, decide what happens to the shareholder’s estate if they were to pass, how you would divorce a shareholder, and many more important topics. A business attorney can advise you in creating the best contract possible for you and your shareholders.
After you have found an appropriate office or warehouse space, the next step is to negotiate the lease details. It would help if you made sure that the lease agreement works for your benefit and that you’re protected while you’re occupying that space.
Getting equipment for your business requires a lot of legal assessment and forethought. Depending on the type of equipment, you might consider renting instead of buying. That would require a rental agreement in addition to all of the other contracts, such as a maintenance agreement.
Leaving The Business
Finally, a business attorney can help you create an exit strategy for your business. You don’t want to work forever, but retirement doesn’t mean that all of your hard work should go down the drain. An attorney can help you create a plan that will increase your business’s value and give you a happy ending when selling your business.
Business Legal Help In Coral Springs, Florida
Consult a business attorney from The Law Offices of Gary I. Handin, P.A. Call us at 1-877-815-4560 to get started. The more your business grows, the more help you will need. Put your business issues in the hands of someone you can trust.