Legal Guide for Starting & Running a Small Business

Description

The all-in-one business law book Whether you’re just starting a small business, or your business is already up and running, legal questions crop up on an almost daily basis. Ignoring them can threaten your enterprise―but hiring a lawyer to help with routine issues can devastate the bottom line The Legal Guide for Starting & Running a Small Business has helped more than a quarter million entrepreneurs and business owners master the basics, including how to: raise start-up money decide between an LLC or other business structure save on business taxes get licenses and permits choose the right insurance negotiate contracts and leases avoid problems if you’re buying a franchise hire and manage employees and independent contractors attract and keep customers (and get paid on time), and limit your liability and protect your personal assets. This new edition explains how to do all of these things, taking into account coronavirus implications. Whether you’re a sole proprietor or an LLC or corporation, a one-person business operating out of your home, or a company with a large staff leasing space, this book will help you start and run a successful business. The 17th edition is completely updated with the latest business tax rules and best practices for running a home-based business. Cover Title Page Table of Contents Your Legal Companion for Starting and Running a Small Business 1: Which Legal Form Is Best for Your Business? Sole Proprietorships Partnerships Corporations Limited Liability Companies Choosing Between a Corporation and an LLC Special Structures for Special Situations The Benefit Corporation 2: Structuring a Partnership Agreement Why You Need a Written Agreement An Overview of Your Partnership Agreement Changes in Your Partnership 3: Creating a Corporation The Structure of a Corporation Financing Your Corporation Compensating Yourself Do You Need a Lawyer to Incorporate? Overview of Incorporation Procedures Eleven Basic Steps to Incorporate After You Incorporate Safe Business Practices for Your Corporation 4: Creating a Limited Liability Company Number of Members Required Management of an LLC Financing an LLC Compensating Members Choosing a Name Paperwork for Setting Up an LLC After You Form Your LLC Safe Business Practices for Your LLC 5: Preparing for Ownership Changes With a Buyout Agreement Major Benefits of Adopting a Buyout Agreement Where to Put Your Buyout Provisions When to Create a Buyout Agreement 6: Naming Your Business and Products Business Names: An Overview Mandatory Name Procedures Trademarks and Service Marks Strong and Weak Trademarks Before the Trademark: Name Searches How to Use and Protect Your Trademark 7: Licenses and Permits Federal Registrations and Licenses State Requirements Regional Requirements Local Requirements How to Deal With Local Building and Zoning Officials 8: Tax Basics for the Small Business Employer Identification Number Becoming an S Corporation Business Taxes in General Business Deductions Tax Audits 9: Raising Money for Your Business Consider Writing a Business Plan Two Types of Outside Financing Thirteen Common Sources of Money Document All of the Money You Receive 10: Buying a Business Finding a Business to Buy What’s the Structure of the Business You Want to Buy? Gathering Information About a Business Valuing the Business Other Items to Investigate Letter of Intent to Purchase The Sales Agreement The Closing Selling a Business 11: Franchises: How Not to Get Burned What Is a Franchise? The Downsides of Franchise Ownership Investigating a Franchise The Franchise Disclosure Document The Franchise Agreement Resolving Disputes With Your Franchisor 12: Insuring Your Business Working With an Insurance Agent Property Coverage Liability Insurance Other Insurance to Consider Saving Money on Insurance Making a Claim 13: Negotiating a Favorable Lease Finding a Place Leases and Rental Agreements: An Overview Short-Term Leases (Month‑to‑Month Rentals) Written Long-Term Leases Additional Clauses to Consider Shopping Center Leases How to Modify a Lease Landlord-Tenant Disputes Getting Out of a Lease When You Need Professional Help 14: Home-Based Business Zoning Laws Private Land Use Restrictions Insurance Deducting Expenses for the Business Use of Your Home 15: Employees and Independent Contractors Hiring Employees Job Descriptions Job Advertisements Job Applications Interviews Testing Background Checks Immigration Law Requirements Personnel Practices Illegal Discrimination Wages and Hours Occupational Safety and Health Workers’ Compensation Termination of Employment Unemployment Compensation Independent Contractors Employers’ Health Care Insurance Requirements Under Obamacare 16: The Importance of Excellent Customer Relations Developing Your Customer-Satisfaction Policy Telling Customers About Your Policies 17: Legal Requirements for Dealing With Customers Advertising Retail Pricing and Return Practices Warranties Consumer Protection Statutes Dealing With Customers Online 18: Cash, Credit Cards, and Checks Cash Credit and Debit Cards Checks 19: Extending Credit and Getting Paid The Practical Side of Extending Credit Laws That Regulate Consumer Credit Becoming a Secured Creditor Collection Problems Collection Options 20: Put It in Writing: Small Business Contracts What Makes a Valid Contract Unfair or Illegal Contracts Misrepresentation, Duress, or Mistake Must a Contract Be in Writing? Writing Business‑to‑Business Contracts Signing Your Contracts Electronic Contracting Enforcing Contracts in Court What Can You Sue For? 21: The Financially Troubled Business Thinking Ahead to Protect Your Personal Assets Managing the Financially Troubled Business Seeking an Objective Analysis Workouts Selling the Business Closing the Business Understanding Bankruptcy Appendix A: Checklist for Starting a Small Business Index