Using an Attorney to Set Up Your Small Business

Using an Attorney to Set Up Your Small Business

When you are starting up a small business, you have a lot on your plate. You want things to be as smooth and simple as possible, but we all know that things don’t always work out this way. Issues often arise, and you need to make sure you are handling them the right way. If those problems stem from your product or your messaging, you can probably handle them… but they might involve matters best left to an attorney.

There are countless benefits of using an attorney to help set up your small business. Let’s look at some of the best reasons to work with these lawyers below.

Help Choosing the Right Business Structure

This is one of the most important early steps when you are setting up your business. if you don’t structure properly from the start, it could cause problems for you later. For example, you might be exposed to more liability if you aren’t an LLC. You might not fully understand the tax implications of the different structure options. An attorney can help you with this.

Contract Creation and Review

Even small businesses will be dealing with all manner of contracts and agreements. It might be rental agreements, employee contracts, freelancer contracts, etc. Regardless, you will find that having an attorney go over these agreements and contracts before you sign them or give them to people to sign is essential. It can help to keep you from making a costly mistake.

Reduce the Risk of Lawsuits

Working with an attorney will ensure that your business is legal and that you are following the state and federal employment laws. This will reduce the chance of you making mistakes that could land you in hot legal water.

Protection of Intellectual Property

You need to be sure all of your intellectual property is protected. This includes things like original works, logos, inventions, product designs, etc. Your attorney can ensure you have all of the proper paperwork filed for copyright, trademark, patent, etc. It’s best to do this as soon as possible.

Get in Touch with an Attorney

As you can see, there are some great advantages to using an attorney when you are setting up your small business. Keep in mind that you don’t need to hire a full-time attorney for your business at this stage. Instead, you can simply employ the services of the attorneys at Bell & Shah, when you need them. Contact Bell & Shah today to see how we can help your business with.

How Do Businesses Change Hands After the Death of a Loved One?

How Do Businesses Change Hands After the Death of a Loved One?

Although nobody likes to think about their mortality, it’s important that they do. They have to think about those who are left behind, and this is particularly true when they are the owner of a business.

You Need a Succession Plan

How does it change hands after you pass away? Does it just fade away and no longer exist? Typically, it will end up going to your estate. However, it can depend on how your succession plan was created—or if you had a plan in place. In cases of a family business, it will likely go to whoever you named in your estate. The family member you name should be someone you feel is qualified enough to run the business.

Who this person is might change over time, which means you may need to update the plan when it’s called for. If you haven’t properly prepared a succession plan or updated it, the business may not go to the person you want it to.

What Happens to the business

When a business goes to the estate after you die, your executor will divide the assets according to your wishes. If the estate plan doesn’t address the business, though, it is going to end up creating some confusion, and you can be sure a lot of questions will arise.When a business goes to the estate after you die, your executor will divide the assets according to your wishes. If the estate plan doesn’t address the business, though, it is going to end up creating some confusion, and you can be sure a lot of questions will arise.

One of the options is to set up a trust, which can be overseen by a board of trustees. They can take care of the business until the children are old enough. Of course, you may want your kids to benefit from the business, but you may not feel as though they should operate the company, even if they are 18 or over.

If you have children who are under 18, they may be able to inherit and own the business. However, because of their age, they will not be able to handle certain business activities, such as signing contracts. When creating a succession plan, if you have minor children, you will also have to plan for the day-to-day operations of the company.

Talk with the attornies at Bell & Shah. We Can help get your estate plan in order, and to ensure you are setting your business up for success after you have passed away. Whether you are going to give the business to your children, a spouse, or someone else, take care of the legalities before it’s too late.

Considerations to Make for Investing During the Pandemic Era

Considerations to Make for Investing During the Pandemic Era

The pandemic era has forced most of us to analyze how we approach almost every routine in our lives. No area has been spared – from how we consume, participate in social situations, visit family and friends, even to how we work.

Changes in how we consume directly affect other areas, such as the supply chain, pricing, and – most importantly for shareholders and stock owners – how we invest our money.

The Long and Short of Things

Anyone who’s paid attention to the news for the last two years has almost certainly noticed the impact Covid has made on current stock market trends. Initially, a volatile and unpredictable market destroyed many businesses, taking many misfortunate investors’ portfolios with them.

However, as the world became accustomed to lockdowns and social distancing, clear leaders remained in the form of organizations that were able to adapt. Companies that could restructure their entire business plan and become efficient in operating and providing on a remote basis emerged victoriously.

While this allowed some to recoup and, in some cases, even thrive, an unpredictable global economy must still be approached with caution. But what about long-term investments?

Long-Term Strategies

Global catastrophes and historical events have a tendency to shape the way we approach spending and investing. The Covid pandemic has not altered this trend and, in some ways, has put an exclamation point on these shifts more than any other time in history.

Long-term investors must be acutely aware of these types of shifts or run the risk of losing their nest eggs and the portfolios they’ve worked so hard to construct. The most effective strategy is to put short-term market changes under the microscope and separate the pretenders from the contenders to make efficient predictions for the future.

Consider the following when pressing forward with your investment decisions.

Market Changes

When developing your strategy, pay attention to things that have changed with authority. Industries that have had their entire landscape completely transformed look to be the most solid picks for a long-term win:

  • The medical industry has made huge changes to the way people receive healthcare. Betting big on things such as telehealth could prove to be a smart move.
  • Organizations that allow bending for remote work (cybersecurity, sales, marketing, cloud-based, and etc.) should continue to gain momentum.
  • Any company that allows online retail consumption with either direct or third-party delivery (online grocery, Wal-Mart, Amazon) will be safe for your long-term strategy.

While some companies made temporary changes that made them pretenders, others restructured their entire gameplan to hold on for the long haul. Learning how to discern between these two will be the difference between victory and defeat for your long-term portfolio.

The experienced lawyers here at Bell Shah Law are available when you have any type of legal business need. We will put our experience to work for you and ensure you and your employees are properly represented.

Common Business Transactions Where an Attorney Can Help

Common Business Transactions Where an Attorney Can Help

It doesn’t matter if you own a large multinational business or a small, local business in Chicago. At some point, you are going to need to have the services of an attorney to help you to better protect your business interests. After all, the act of being in business carries with it a certain amount of risk. Having an attorney can help to mitigate the risk and improve your business growth.

Attorneys can help with some of the common types of business transactions that take place in your company. Below are some of the main areas where you could benefit from using a good attorney.

Mergers and Acquisitions

Many companies, particularly those that are looking to grow, will want to merge with or acquire other companies along the way. This can be a complex and difficult process. However, it doesn’t have to be when you work with an attorney that can help with all areas of sales and purchases. A good attorney can help to set up business entities, as well. Of course, there are other areas in business when working with an attorney that can help your company.

Employment Contracts

If you have a business, you likely have employees unless you are doing it all on your own. When you have employees, you need to be sure that you are bringing them onboard correctly, and that you have good, legally binding employment contracts. Attorneys can help to set these up for you.

Non-compete Agreements

You might also need non-compete agreements. These are used to ensure that your employee will not use the information they learned when they were employed with you to start a rival business and compete with you when their employment ends.

Leases

If you are a landlord or you lease buildings to other businesses, having an attorney that can handle the leases and contracts is important. Even if you are leasing a building for your company, it’s good to have an attorney look over the lease before you sign. It ensures you understand the lease and that you don’t get into a bad lease that could come back to haunt you later.

These are just some of the types of business activities and transactions when working with the attorneys at Bell & Shah, LLC, that will be beneficial. When you take the time to choose a highly qualified, reputable business attorney, you will find that they can handle these issues, as well as all of the other things you need. Contact us today to get started!

Do You Need a Unique Contract with Remote Workers?

Do You Need a Unique Contract with Remote Workers?

As you get ready to hire your first remote workers, don’t forget about your agreements. Even if you have an ongoing relationship with a freelancer or agency, there are some important legal contracts that will help you get started smoothly.

Legal documents can be easy to ignore when hiring someone on an ongoing basis, but many find that they’re even more valuable when it comes to managing virtual teams. Not only do they prevent misunderstandings about the work being done and its scope, but they also provide protection in case something goes wrong – especially if the person doing the work isn’t located in the same office as you.

Contracts protect both parties If you hire employees or outsource work to freelancers on a regular basis, make sure their work is covered by a contract.

Getting an Employment Contract in Place

“We recommend that you have a contract in place with all of your freelancers,” said Rachael Brownell, CEO of Fetch Recruiting. “A properly written contract will help both parties clarify their roles and expectations and will provide recourse if misunderstandings arise.”

As a small business owner, it’s easy to think that contracts are only necessary when large sums of money are involved. However, they’re also important to protect yourself from the inevitable possibility that things go wrong. When employees or freelancers fail to live up to their responsibilities because of poor performance or other issues, having a legal document detailing each party’s responsibility makes it easier for everyone to move on – without getting sued.

Getting Started

There are a few things to keep in mind when creating your contract. Here are the key elements that should be included:

  • Scope of work – clearly describe what is expected from each party. For example, if you’re hiring an independent contractor, be explicit about deliverables and project milestones.
  • Work hours – many businesses need to track employees’ time and ensure that they’re not working on multiple projects at the same time (which might affect their performance).
  • Client responsibilities – outline how you will provide information for each milestone and any additional requirements like specs and source files.
  • Be clear about payment terms – this is where you’ll lay out pricing or timing for milestones, as well as penalties for missed deadlines or incomplete work.
  • Intellectual property rights – who owns the copyright to the work that is created? This may seem like a simple question, but it’s one that’s been debated in court. For example, if you hire a designer to develop a website and ultimately decide to go with a different firm for design services – will you be able to use the same files or choose not to pay the remaining balance on the contract?

Let the Pros Here at Bell Shah Law Help!

When creating your initial agreements, keep them as simple as possible. It’s easy for legal documents to get complicated and difficult to understand, which only makes them harder for everyone involved. If you want help creating a document that keeps your interests covered but is also fair, then call us here at Bell Shah Law today.

When to Hire a Business Lawyer

When to Hire a Business Lawyer

The very first step to take when starting a business is to consider the potential legal issues that will arise during your time running it. One of the major functions that you’ll need in order to keep you and your business safe is to hire a business lawyer. They can assist you both before and after any serious legal trouble occurs. However, not everyone understands what makes for good legal defense or what might make an attorney unsuitable. If you are considering employing an attorney out of your area, be certain they have experience with local courts; if there’s too much distance between you and them, it may take months for them to win over judges or opposing counsels.

Reasons to Hire a Business Lawyer to Protect Your Business

First and foremost, an attorney can assess whether or not you should even form a business entity such as an LLC, S Corporation, or even an incorporation. This is because once someone has established their business as one type of entity over another, it becomes very difficult to change into another kind of formation without meeting certain regulations or without being taxed at different rates. You are more secure when hiring someone who understands how simple legal steps can protect your company in the future.

A business lawyer can offer insight into what would happen if you were ever involved in a lawsuit either on behalf of your business or against it. This is important because no matter how great you are at running a company, you cannot be an expert in all legal fields. For instance, if you know nothing about patents and trademarks, then hiring someone who does would clearly be helpful.

Running a business requires a variety of contracts to be signed with other companies and individuals. When these contracts start to go wrong, as they sometimes do no matter how well-written they are, having a lawyer on hand saves both time and money as far as reworking the documents go. In fact, no reputable attorney will sign off on any contract without having a clause that allows for either side to get out of the arrangement if it turns into a legal battle.

Bell Shah Law is Here to Help with Your Legal Business Needs

Turn to the experienced lawyers here at Bell Shah Law when you have any type of legal business need. We will put our experience to work for you and ensure you and your employees are properly represented.

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