Magna small business law

 

Magna

Lawyer for Starting a Business

 

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Most states require that an entity doing business within their borders designate and maintain a Registered Agent. The Registered Agent can be an individual or company hired to receive Service of Process on behalf of the business. However, not all entities are registered in all states, not all are active and some do business under as many as 40 plus entity names. It is the lawyer's responsibility to find out which entity name they are serving and who the Registered Agent is. If the information is wrong, the lawsuit will be delayed. To find the necessary information, the attorney's staff should be intimately familiar with Secretary of State websites.Each Secretary of State website lists an entity as either "Active" or "Inactive." "Active" means the entity is in good standing and has paid their yearly fee while "Inactive" means they have not, In fact, "Inactive" may indicate that the entity is no longer in business or meet the qualification so the Five-year rule.The most perplexing error may be in determining which entity name is the correct one. For example, an entity may be doing business under both Talbott, Inc. and Talbott, Corp. If a lawsuit is submitted just to "Talbott," it will be returned.The larger Registered Agent companies have offices in nearly every state. They collectively receive thousands of lawsuits a week that generate huge piles of work. Of those, several hundred are returned at the Registered Agent's expense for various reasons. Attorney's who repeatedly make the same errors soon stand out in the Service of Process Specialist's mind and their lawsuits often go to the bottom of the pile. There is no time limit on returns, the Registered Agent makes no money and it may be as much at a week or two before the returns are written up and sent out.The answer is simple. A well informed staff that understands the Registered Agent process can virtually eliminate these and many other costly mistakes.

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Bingham Canyon corporate counsel

 

Bingham Canyon

Corporate Lawyer

 

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Do I Need a Business Lawyer?

As a business owner, you face many decisions when it comes to starting, running, and growing your business.

This article is designed to explain your options and help you decide the correct business type for your business. business-types

It explains the advantages and disadvantages of the main business types, including Sole Proprietorship, Partnership, Limited Liability Company, C Corporation, as well as S Corporation.

After I clearly explain each business type in detail and go over the advantages and disadvantages of each, I will explain how you can form your own entity so you can get started with your business and help protect yourself from liability.

Thank you for going on this journey with me. If you have any questions whatsoever, I encourage you to post questions down below in the comment section.

Sole Proprietorship

The sole proprietorship is the simplest business form and is not a legal entity. Sole proprietorship is the easiest type of business to establish which means that there’s no state filing required.

It is simply an enterprise owned and operated by an individual. By default, once you start selling goods or services, you have created a sole proprietorship.

So there’s no actual filing requirements and you simply report your business’s earnings on your personal taxes.

sole proprietorship is not legally separate from its owner and it offers no personal liability protection. The law does not distinguish between the owner’s personal assets and the business’s obligations.

In fact, a sole proprietor’s assets can be and often are used to satisfy the debts and liabilities of the business. In other words, if your business gets sued, your personal assets (such as your house, car, or any other properties you own) may also be in risk.

Accidents happen, and businesses end all the time. Such circumstances may quickly become a nightmare for a business owner who operates as a sole proprietor.

A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, such as Benjamin's Hair Shop. The fictitious name is simply a trade name--it does not create a legal entity separate from the sole proprietor owner.

The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost. A sole proprietor need only register his or her name and secure local licenses, and the sole proprietor is ready for business.

The owner of a sole proprietorship typically signs contracts in his or her own name, because the sole proprietorship has no separate identity under the law. The sole proprietor owner will typically have customers write checks in the owner's name, even if the business uses a fictitious name. Sole proprietor owners can, and often do, commingle personal and business property and funds, something that partnerships, LLCs and corporations cannot do.

Sole proprietorships often have their bank accounts in the name of the owner. Sole proprietors need not observe formalities such as voting and meetings associated with the more complex business forms.

Sole proprietorships can bring lawsuits (and can be sued) using the name of the sole proprietor owner. Many businesses begin as sole proprietorships and graduate to more complex business forms as the business develops.

Because a sole proprietorship is indistinguishable from its owner, sole proprietorship taxation is actually easy. The income earned by a sole proprietorship is income earned by its owner.

A sole proprietor reports the sole proprietorship income and losses and expenses by filling out and filing a Schedule C, along with the standard Form 1040. Your profits and losses are first recorded on a tax form called Schedule C, which is filed along with your 1040. Then the "bottom-line amount" from Schedule C is transferred to your personal tax return.

This aspect is attractive because business losses you suffer may offset income earned from other sources.

As a sole proprietor, you must also file an IRS tax Schedule SE with Form 1040. You use Schedule SE to calculate how much self-employment tax you owe. You need not pay unemployment tax on yourself, although you must pay unemployment tax on any employees of the business. Of course, you won't enjoy unemployment benefits should the business suffer.

Advantages of Sole Proprietorship

Instant, easy & inexpensive No state paperwork is required for creation No separate tax filing is required -- profits or losses are reported on the owner’s tax return The owner may freely mix business and personal assets A sole proprietor need not pay unemployment tax on himself or herself (but must pay employee unemployment tax) Few, if any, ongoing formalities

Disadvantages of Sole Proprietorship The owner is subject to unlimited personal liability for business debts, losses and liabilities Obtaining capital, such as a bank loan, can be more difficult -- lenders often require a more formal entity structure Sole proprietorships rarely survive an owner’s death or incapacity, so they do not retain value Sole proprietorships by definition can only have one owner A distinct disadvantage, however, is that the owner of a sole proprietorship remains personally liable for all the business's debts.

So, if a sole proprietor business runs into financial trouble, creditors can bring lawsuits against the business owner. If such suits are successful, the owner will have to pay the business debts with his or her own money.

Let's examine this more closely because the potential liability can be alarming. Assume that a sole proprietor borrows money to operate but the business loses its major customer, goes out of business, and is unable to repay the loan. The sole proprietor is liable for the amount of the loan, which can potentially consume all her personal assets.

Imagine an even worse scenario: The sole proprietor is involved in a business-related accident in which someone is injured or killed. The resulting negligence case can be brought against the sole proprietor owner and against her personal assets, such as her bank account, her retirement accounts, and even her home.

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Draper the small business law firm

 

Draper

Lawyer for Starting a Business

 

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Do I Need an LLC (limited liability company)

Slowly becoming more as a standard for businesses, a Limited Liability Company (or LLC) is a hybrid business form which combines the liability protection of a corporation with the tax treatment and ease of administration of a partnership.

The LLC is America’s newest form of business organization and is the most popular form of business.

The "owners" of an LLC are referred to as "members." Depending on the state, the members can consist of a single person, two or more people, corporations or other LLCs.

Unlike shareholders in a corporation, LLCs are not taxed as a separate business entity. Instead, all profits and losses are "passed through" the business to each member of the LLC. LLC members report profits and losses on their personal federal tax returns, just like the owners of a partnership would.

In other words, in the eyes of the government, an LLC is not a separate tax entity, so the business itself is not taxed. Instead, all federal income taxes are passed on to the LLC's members and are paid through their personal income tax. While the federal government does not tax income on an LLC, some states do, so make sure to check with your state's income tax agency.

Since the federal government does not recognize LLC as a business entity for taxation purposes, all LLCs must file as a corporation, partnership, or sole proprietorship tax return.

LLCs that are not automatically classified as a corporation can choose their business entity classification. To elect a classification, an LLC must file Form 8832. This form is also used if an LLC wishes to change its classification status.

Disadvantages of Limited Liability Company (LLC)

More expensive to form than sole proprietorships and general partnerships.

Ownership is typically harder to transfer than with a corporation.

Limited Life - In many states, when a member leaves an LLC, the business is dissolved and the members must fulfill all remaining legal and business obligations to close the business. The remaining members can decide if they want to start a new LLC or part ways. However, you can include provisions in your operating agreement to prolong the life of the LLC if a member decides to leave the business.

Also, because the LLC is a newer business type, there is not as much case law to rely on for determining precedent.

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Riverton business lawyer for medical company

 

Riverton

What Is Business Law?

 

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Are you starting a business? Hiring or firing top-level employees? Signing a deal or contract?Buying or merging with another company?When do you exactly need a business attorney?Before hiring a business attorney, you might want to ask your prospect these questions:o How long he has been practicing law?o What is his area of specialty?o Has he represented a similar company before?o Who are the other lawyers and paralegal who will work with him in the firm?o How much are the legal fees and the expenses that will be charged?o Are the sample legal forms, agreements and policies that you can see?o How many corporations has he incorporated?o Has he any experience in handling employment matters?o Has he any experience in dealing with tax issues?o Has he any business advice to keep you safe from lawsuits?When serious legal problems arise, you will need the skills and experience of a business lawyer. Here are a few situations when the services of a business lawyer are needed:o In special allocation meeting - This is the time when you and your business partner decide to set aside profits and losses in your partnership agreemento When either one of you in the partnership wants to donate or contribute an appreciated property to the partnershipo When an employee or former associate threatens to sue your companyIn addition, when business is running, you will need the services of a lawyer to do the following tasks:o Prepare written agreements for hiring of contractors and consultantso Create documents for clients and customerso Document business meetings and actionso Call and hold corporate meetings, and prepare its minuteso Draft buy-sell agreements with business partnerso Update and make necessary changes in business agreementso Handle tax auditGenerally, what a business attorney can do is protect your business from resource-draining lawsuits and litigation. A lawyer can always offer measures to avoid the potential danger of frivolous lawsuits. Here is some of it:o Protect personal assets by separating personal property from business assetso Give attention to details such posting of warning signs and labels on productso Post store policies in public areas such as dressing rooms, in company literature on the website and even in store receiptso Ensure potential hazards are cleared which include posting of warning signs to avoid accidentso Make a record of customer phone requests, suggestions and complaintso Attend to customer needso Supervise staff training on policies and guidelineso Make insurance coverage for the company against accidents, injuries, theft, and liability.Business attorneys are vital to business and finding the one who will truly represent your company is never easy. After selecting the lawyer that you need, the next thing to do is to find out information about his background and experience.Former colleagues and clients can provide you with a wealth of information about a lawyer's background and credentials. You can also check his membership in the state bar association to confirm his legal personality.For more information about the most relevant business law applicable to your particular case, request the guidance of business law attorneys services.

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Midvale business lawyer for plumber

 

Midvale

Top Rated Business Lawyer

 

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Where To Find A Business Lawyer

When you are looking for a business lawyer, look no further than MollaeiLaw.com. We are here to answer your questions and provide you with useful information on our blog that you can reference when making decisions.

You can learn more about Business Lawyer by calling us at 1-800-564-2707 and reading about our background and qualifications. We offer a free consultation to all of our clients so they can really learn more about how we work and if we can help them with their situation.

Why Are Business Lawyers Important

Business lawyers are important because they can help you form, protect, and grow your business safely. You won’t have to worry if you’re compliant with state laws and regulations when you form your business or if your contracts would hold up in court or not because we are here for you.

We have the knowledge and the experience you need on your side to help you make smart decisions and protect your personal assets as well as your interests. Don’t make the mistake of drafting a contract, agreement, or official business documents without having a lawyer look it over to make sure everything is included and iron-clad.

Call us today for a free consultation to discuss how we can help you and your business 1-800-564-2707.

Why Do Businesses Need A Lawyer

Businesses need a lawyer because there are many different ways you can accidentally become uncompliant with state, city, or county policies that mandate how you can run a business.

You may also need a lawyer to help you with any contracts or agreements you form in order to make sure they will hold up in court should you have an issue in the future. A lawyer will know what you should include and what to look for depending on your type of contract or agreement to make sure you are protected completely.

Why Hire A Business Lawyer

You should hire a business lawyer if you value your business and want to put your best foot forward and protect it.

This is one area where you can’t afford to do it yourself because mistakes can easily be made. When you work with a business lawyer, you will build a solid foundation for your business and be able to protect it in the future.

Why Is A Business Lawyer A Good Idea

A business lawyer is a good idea because they offer peace of mind. When you hire a business lawyer, you don’t have to try to interpret the law yourself or worry if you are drafting up documents correctly. A business lawyer takes that on for you so you can focus on other income-generating activities.

Who Is The Best Business Lawyer In Utah

The best business lawyer in Utah is one that is convenient, knowledgeable, respectful, and accessible to you.

We are a great option for a business lawyer because we specialize in helping business owners and entrepreneurs start and grow their business. We are not new at this and have a long line of hundreds of happy entrepreneurs and business owners that have used our service.

How Can A Lawyer Help Start A Business?

A lawyer can help you start a business by informing you about the types of business you can form and helping you weigh the pros and cons of each type in your unique situation.

Once you decide on which type you want for your business, a lawyer can help you file all of the necessary paperwork to make your business legitimate and legal. Then that same lawyer can help you draft solid employee contracts, non-compete agreements, and other various legal contracts that will build your business’s solid legal foundation that protects you in the future.

Why Do You Need A Business Lawyer?

You need a business lawyer if you run a business. It really is that simple because you can’t afford not to protect something that you love and rely on for financial support.

A business lawyer can help you from the very beginning of your business, the formation, throughout the years as you grow and succeed. A business lawyer is knowledgeable and experienced and knows how to make sure you are protected and compliant every step of the way.

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Sandy small business lawyer

 

Sandy

Small Business Attorney

 

lawyer for small business

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The "C" Corporation

C-Corporation

A corporation is the most common business structure. A corporation is an independent legal entity owned by its shareholders.

This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs.

Corporations are more complex than other business structures because they tend to have costly administrative fees and complex tax and legal requirements. Because of these issues, corporations are generally suggested for established, larger companies with multiple employees.

For businesses in that position, corporations offer the ability to sell ownership shares in the business through stock offerings. “Going public” through an initial public offering (IPO) is a major selling point in attracting investment capital and high quality employees.

A corporation’s shareholders, directors, and officers must observe particular formalities in a corporation’s operation and administration.

For example, management decisions must often be made by formal vote and recorded in corporate minutes. Director and shareholder meetings must be properly noticed and documented.

Finally, corporations must meet annual reporting requirements and pay ongoing fees in their state of incorporation and in states where they are registered to transact business.

Taxation is a significant consideration when choosing a business type, and a C corporation is taxed as a separate legal entity (which means no pass-through taxation like a partnership). A business tax return is filed and taxes are paid on the corporation’s profits.

If the corporation distributes profits to the shareholders in the form of dividends, shareholders pay income tax on those distributions. This creates a double taxation of corporate profits.

As with any business type that offers liability protection to owners, a corporation must be created at the state level. Articles of Incorporation (sometimes called a Certificate of Incorporation) in the appropriate state must be filed and filing fees paid.

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Salt Lake City attorneys for small business

 

Salt Lake City

Business Lawyer: Yes, You Do Need to Hire One Immediately

 

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In Need of a Business & Corporate Law Attorney? Business and corporate offices are dependent upon a sturdy legal framework and would otherwise struggle through their affairs without sound legal advice. Business and law attorneys provide that advice that can help secure and shape the framework for any office. They have years of experience within the field which gives them the edge when it comes to knowing how to protect and advance a company. With real-world solutions and modern methods, business and corporate law attorneys can assist business of all sizes, from those just starting out to those who have been clients for up to 80 years.Clients need to have a firm understanding of the most effective policies, contracts, and training tools in order to keep the company functioning and growing. If a company is lacking the legal resources, it runs the risk of losing money. Other negative side-effects can include bad publicity, shareholder and property disputes, and disgruntled employees. However, if a company finds itself in a legal predicament, business and corporate law attorneys can ensure that the legal tools are utilized to the fullest. These tools will set the groundwork for future prosperity and success of a business.Business and corporate attorneys offer more than just the advice and groundwork needed to handle publicity. Banking and finance law, employment and labor law, mergers and acquisitions are just a few areas that an attorney can help with. Their knowledge also expands into the realm of negotiations and drafting of contracts, as well as business succession planning and construction law and litigation.Individual goals are the priority of even business and corporate law attorney. They strive to help each client meet their goal no matter how big or small it may seem. With acute attention to detail and modern solutions, attorneys can help clients tackle legal details without stress or confusion. Business and corporate law attorneys offer a variety of strategies when it comes time to negotiate and draft contracts, plus they are trained to sort through the legal details presented by software development and licensing arrangements.Business and corporate attorney's can also offer advice on business purchases and sales, as well as guide clients in succession planning, dissolutions and buy-outs. Their help will ensure that every client receives maximum benefit and satisfaction and that both parties are satisfied with the outcome.Business and corporate attorneys want to protect the intellectual property and advantage in the marketplace of their client. They will do their best to provide answers regarding multiple issues including business structuring, shareholder and buy-sell agreements, and capitalization. With their help and answers, businesses can rest assure that the most productive results are reached so that the future of the company is secured.

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South Jordan attorney for business

 

South Jordan

Lawyer for Contract Review

 

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What is a Business Lawyer and Why Do I need one?

A business lawyer is an attorney who focuses his or her legal practice on issues that affect businesses, such as starting a business, business contracts, taxation, and intellectual property.

Business lawyers typically work with business owners and entrepreneurs start and grow their business.

Types of Business Lawyers

Business lawyers who practice law can be divided into two general categories: transactional business lawyers who focus on contractual work and litigation business lawyers who focus on trial work.

Transactional business lawyers frequently spend the better part of their day talking with clients, negotiating contracts with lawyers representing other companies, and drafting contracts and other documents, such as independent contractor agreements, physician employment contracts, and the like.

Most of transactional business lawyer’s time is spent in their offices and with clients, never in the courtroom. Transactions lawyers also give clients advice on regulatory issues as well as prepare documents required by regulatory agencies, such as the the IRS.

Business trial lawyers focus on disputes between businesses that end up in court. They act just as any civil trial lawyer does, except that they litigate business issues, such as breach of a contract, rather than criminal law or personal injury.

Business trial lawyers’ days are often filled with meeting clients, conducting depositions, drafting legal documents like motions and pleadings, and appearing in court for trial, motion hearings, or arbitrations (which are trials but conducted in front of a panel of lawyers or an independent hearings officer).

What Does a Business Lawyers Do

A business lawyer can help you make decisions for your business regarding a wide variety of areas including business formations, contract negotiations, employment and labor laws, and litigation.

Basically, a business lawyer can help you form and incorporate your business, be sure that it’s legal and compliant as it grows, and help you with anything that should come up in the form of contracts, litigation, and hiring individuals as you grow.

How Can A Business Lawyer Help a Business?

A business lawyer can help a business at any stage, from the beginning and on.

In the beginning stages of a business, you may want a business lawyer to advise you about what type of business you should form and help you look at the unique advantages and disadvantages of each.

Once you decide which type of business to form, your business lawyer will file the required papers to your state, city, and county as applicable to make sure your business is legal and compliant.

Once your business is formed, a business lawyer can help you with contracts, hiring help, and any litigation issues that may arise.

If you have questions concerning how a business lawyer can help you, don’t hesitate to contact me Sam Mollaei, Esq., Business Lawyer, at sam@mollaeilaw.com or at (818) 925-0002 about my services.

How Do I Get A Business Lawyer?

Once you decide to hire a business lawyer, you should contact them to discuss their services and what you’re looking for. Many offer a free consultation, which is helpful session to learn more about the lawyer and how they work.

You can set up a free consultation with top business attorneys today by calling 1-800-564-2707. We encourage you to ask any questions you may have at that time to help you make a hiring decision.

How Much Does a Business Lawyer Cost

A business lawyer cost depends on the lawyer -- you can typically expect a lawyer to charge flat-rate or hourly. Typically, you'd want to work with a business lawyer that charges a flat-hour fee upfront.

A business lawyer usually bills in a flat-rate or hourly, depending on the specifications of the work.

A fixed or flat fee is simply a pre-arranged total fee that is paid upfront to complete all work required for a particular legal matter.

On your free consultation call, you can ask our attorneys how much a service costs upfront before the service starts. I can give you a quote ahead of time that outlines the charges and any fees you need to be aware of before you sign any contract.

The free consultation call is also helpful to learn about how the lawyer charges and you can ask for a typical fee range so you can plan ahead and determine how much to budget for in order to hire your business lawyer.

How To Find Business Lawyer We are your best resource for finding an affordable and knowledgeable business lawyer to help you with your business.

We specialize in business law working with business owners and entrepreneurs.

How To Get a Business Lawyer

When you’re ready to hire a business attorney for your business law needs, we have several ways you can get the process started.

One option is to call us directly at 1-800-564-2707 to setup your free consultation and from there you can hire us for your legal needs.

Should I Use A Business Lawyer

That depends on what you are trying to achieve. There are some things you may feel comfortable tackling on your own such as writing a business plan or choosing a name for your business. On the other hand, there are some matters that are best handled with the help of a lawyer.

Some of the issues that you should hire a business lawyer for are making sure your business is compliant with all state, city, and county laws around owning and operating a business, dealing with any lawsuits, and negotiating the sale of your company or purchase of another company.

The above list are just a few examples and are certainly not an exhaustive list. If you have question whether you should hire a lawyer to help you, you probably should go ahead and hire one.

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West Jordan lawyer for accountant

 

West Jordan

Business Attorneys - What Is Their Role When Buying And Selling A Business?

 

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The "C" Corporation

C-Corporation

A corporation is the most common business structure. A corporation is an independent legal entity owned by its shareholders.

This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs.

Corporations are more complex than other business structures because they tend to have costly administrative fees and complex tax and legal requirements. Because of these issues, corporations are generally suggested for established, larger companies with multiple employees.

For businesses in that position, corporations offer the ability to sell ownership shares in the business through stock offerings. “Going public” through an initial public offering (IPO) is a major selling point in attracting investment capital and high quality employees.

A corporation’s shareholders, directors, and officers must observe particular formalities in a corporation’s operation and administration.

For example, management decisions must often be made by formal vote and recorded in corporate minutes. Director and shareholder meetings must be properly noticed and documented.

Finally, corporations must meet annual reporting requirements and pay ongoing fees in their state of incorporation and in states where they are registered to transact business.

Taxation is a significant consideration when choosing a business type, and a C corporation is taxed as a separate legal entity (which means no pass-through taxation like a partnership). A business tax return is filed and taxes are paid on the corporation’s profits.

If the corporation distributes profits to the shareholders in the form of dividends, shareholders pay income tax on those distributions. This creates a double taxation of corporate profits.

As with any business type that offers liability protection to owners, a corporation must be created at the state level. Articles of Incorporation (sometimes called a Certificate of Incorporation) in the appropriate state must be filed and filing fees paid.

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