Business Law – FAQ
Can I set up my own business without an attorney?
Sure you can, but should you? In order to “save” money in today’s economy, many people start their own businesses using forms that they find online, without retaining the services of a qualified business attorney. Many of these same people fail to realize that the online documents usually cover only the most general issues and do not begin to address the individual circumstances and requirements that ultimately face business owners. You may think that you are being smart with your money, but the results can be catastrophic for you, both personally and professionally, and can cost you a lot in the long run.
When doing business, how should I sign my name on legal documents?
The way you sign your name on legal documents is very important so that you do not leave yourself open to personal liability. Your business planning attorney can advise you of the best way to sign your names so that you are protected.
Do I need to have corporate minutes?
Yes. Any corporation needs to have corporate minutes. In fact, you must have minutes in order to protect your corporate status. They should be prepared timely, and should include every important business decision. If you are ever audited, the first thing the auditor will ask for is your corporate minutes and documents.
I have not planned out the succession of my business. Is that something I need to do now?
Absolutely! Life is full of uncertainty, and we do not know what tomorrow will bring. Planning for how your business succession or termination is just as important as planning for who gets your house when you die.
If you do not put plans in place to transition the business to others or have an exit strategy of some sort, chances are, your family will wind up having a dispute that in the end could eat up any inheritance that you would have potentially left to them.
If you own a small business and you have not planned for what will happen to your business when you die, contact Shelley Elder at Elder Law Firm today. You need to plan for who will take over, how they will take over and how you can leave them with enough cash to address any liquidity issues left by your departure.
I plan to leave my business to my children equally. Is this a good idea?
It depends on a number of things. How many children do you have? Have you discussed the business and who will take over the various duties? Do your children know that they are going to inherit the business, and is that something that they want to happen? Do they know your business and are they business savvy? These questions need to be addressed with your children or whoever you want to inherit the business. It can be a complicated process, but Elder Law Firm can help facilitate it for you.
What are some of the tax implications of setting up a business?
Most new businesses start out small, and some become large over time. As a new business owner, it is your responsibility to learn about your federal and state tax responsibilities. At Elder Law Firm, we can assist you with the formation of your business. We will work closely with your other advisors as needed, such as your accountant or insurance agentt, to make sure that
your advisory team is working together to pursue your best interests.
Ruth Upchurch, Enrolled Agent, of American Accounting and Tax Associates can assist you with tax planning and accounting assistance. You can learn more about Ruth Upchurch at:
http://ruthupchurch.com/index.html
What are some of the tax implications for divorced women?
Ruth Upchurch, Enrolled Agent, of American Accounting and Tax Associates can assist you with tax planning and accounting assistance. You can learn more about Ruth Upchurch at:
