All the responsibilities and risks of starting or running a business, things like contracts for employees, leases for property, taxes, and insurance fall to the owner. Hiring an excellent attorney is essential. Bell & Shah, LLC can help.
How to Keep Your Business Safe
Protecting a business starts with choosing the right business structure. Whether it is a sole proprietorship, a partnership, a limited liability company, a type of corporation, a nonprofit, or a cooperative the business structure determines your taxes, paperwork, and liability. The nuances do matter though.
Entire books have been written on transaction laws. Consulting with Bell Shah Law, LLC provides an attention to the details in laws surrounding your business. Entrepreneurs and companies in the Chicago area seek our dedication and focus needed to maximize growth.
For real estate, the purchase is a legal process and an investment. We will represent clients for the entire process. Drafting and reviewing contracts, handling changes to contracts, tracking deadlines, preparing to close, and attending the close with or on behalf of the client are just some of the ways we can assist. Let us handle these complex issues so you can focus on other aspects of the business.
Protecting business transactions is a top priority for our team. This means creating and reviewing employment contracts, independent contractor agreements, executive compensation agreements, noncompete agreements. We also oversee complex mergers and acquisitions.
Our attorneys can also provide guidance and assist in small business formation. Once the business is established consultations can continue. With ongoing consultation for small businesses tax and liability risks are greatly reduced. Legal matters can be handled as they arise as well.
We Are Committed to Helping All Business Owners Around Chicagoland
With guidance from our attorneys who focus on a higher level of service your business can thrive. While growth is very positive it also carries some risks. Check out some tips we have on how to grow your business while still keeping it protected.
Our experts are happy represent our clients throughout the entire process of starting your business to protecting it all. Reduce the risks with Bell & Shah, LLC. Call us now to manage your current and future business transactions.
Growing your business is necessary if you want it to truly become successful, but growing also comes with a risk. If you grow your business too fast or too soon, you may find yourself quickly facing declining profits and bankruptcy. Move too slowly, however, and you may find your competitors have claimed most of the market. If you’re a business owner, here are a few tips for growing your business while still protecting it.
Look at the Numbers
You may want to expand your business and even have ideas for doing so, but in order to grow without over-extending yourself, you have to look at the numbers. If the profits simply aren’t there, you have to old off growing your business or grow it in a much smaller manner than you’d like. Growing your business often does mean taking risks, but protecting your business means making sure those risks are not too great and will pay off. The numbers will often tell you when you can leap and when you need to hold back.
Watch Your Competition
If other businesses in your industry are suddenly scaling back, canceling plans, and signaling that they are concerned about the market, it’s likely not a good time to grow your business. You can protect yourself by watching when others start to grow or pull back. It can be tempting to try to grow and corner the market while your competitors are shying away from growth, but doing so is often a mistake.
Understand Your Industry
Understanding your industry is vital to both growing and protecting your business. If your industry tends to be on the volatile side, the rapid changes may make it seem like it’s never the time to grow. By understanding your industry, you’ll be able to get a good feel for when it’s about to expand. To fully recognize when it’s time to grow and when it’s not, look at the history of your industry to spot trends. Keep an eye on current trends, too, including changes in law, regulations, licensing requirements, technology, and competition.
If you have questions about the legal aspects of your industry and growing your business, you need an expert. The team at Bell & Shah Law can answer any questions you might have. Contact us today to discuss your business’s legal needs.
The process of incorporating a business can be rigid, time consuming, and full of paperwork and legal maneuvering. It is also subject to a lot of oversight and regulation. However, the benefits of incorporating are more than worth it, if it’s the right type of move for your business. Incorporating distinguishes the business from its owners, making it a separate entity. Here are a few things to know before taking deciding if it’s the best thing for your business:
Whether or Not It’s the Right Structure for You
When you incorporate your business, it completely changes the dynamic of how it is operates. By doing so, you will be setting yourself up for raising capital and bringing in shareholders. But it should be noted that with that comes added scrutiny to your company, how you run it, as well as creating accountability which you did not have to deal with before.
Understand the Gray Areas of Personal Assets
While many people incorporate to protect their personal and financial assets from liability, it’s not always so cut and dry. If you use a personal credit card to purchase business assets, or you guarantee a company financial agreement with your personal credit, the lines between personal and corporate become blurred.
Determine the Best State in Which to Incorporate
Each state has different legal requirements and regulations for corporations. If your company does business across multiple states, you may want to consider which one is friendliest towards your industry. That’s why having a legal advisor to assist you can make such a big difference.
You always want to make sure that whatever decisions you make for your business are in its best interests. This is not only for the sake of the company itself but also for you and your family. Incorporation is a very important step in growing and protecting your business. It is best to leave it up to the experts who know that they are doing. At Bell and Shaw, we have years of experience in this arena. Contact us today for a consultation or to find out more about our services.
As if running your own business wasn’t already difficult enough on its own, now you have to deal with a global pandemic as well. This has led to a number of different financial and personnel related issues with many employers.
However, the situation doesn’t have to be as trying as it seems. With a little bit of help and the right legal guidance you can make sure that your business stays on track, even when the whole world seems to be coming off of its own.
Starting a Business
This is tough enough when times are good and the economy is fully open. Building a business from the ground up, no matter how small is always an accomplishment. But just because it may be harder doesn’t mean it can’t be done. Although, in the middle of a global health crisis, there are a number of additional legal considerations as well.
Obtaining employee health insurance, remote and in-person work, employee safety, as well as many other individual issues are all in a constant state of flux in the current environment. That is just one of the many reasons business legal counsel is necessary.
There are many careers that require licensing. When these certifications are suspended or revoked it can destroy your career. At that point, there is no room for error. Examples of professionals who this might affect include medical workers, real estate agents, beauty service providers, financial consultants and many others.
Business Transactions and Agreements
Contracts or documents of any kind between two or more parties should always be closely examined by a legal expert. This is not only common sense; it can be the difference between a successful business and a disaster. Defaulted agreements on either side can have devastating effects on your profits and reputation.
If you need any help with your business during this time of uncertainly, we would be glad to provide it. Just get in touchwith any of the staff here at Bell Shah Law and we will connect you with someone who is an expert in business matters. Whether it’s starting or managing a business or various other legal issues, you need to make sure that you have someone looking out for you.
When you own a business or are in charge of making personnel decisions, you can struggle with finding reliable team members who excel in their jobs. Talent management is a field of its own, and many businesses are turning to freelancers to complete projects that would otherwise go incomplete. Working with a freelancer can be an excellent business decision; you get the talent without having to commit to a long-term relationship and without paying expensive benefits. However, you should be prepared and protected before you begin your relationship.
What is an independent contractor?
An independent contractor is not an employee of your business. Instead, the independent contractor is paid for a specific set of services or a specific outcome.
What should my independent contractor agreement feature?
Before committing to working with an independent contractor, it is wise for you to have a formal agreement signed by both parties. The agreement can include any expectations of non-disclosure or highlight a non-compete clause if you find it necessary. Reiterate the independent contractor is not an employee as well.
What about taxes?
Independent contractors are responsible for paying their own taxes, and you do not need to provide an earnings statement for tax purposes unless you have paid the contractor more than $600 over the course of the year.
How should I communicate expectations?
Excellent communication is key to having a successful outcome, and a pleasant relationship with your independent contractor. Be clear with expectations and the scope of work of the project. Set deadlines and include time for edits or feedback before the final project is due. Allow for flexibility, and check in regularly via email or phone call to track progress.
How can I get started?
Before you begin working with an independent contractor, and even before you start searching for an independent contractor, make an appointment with the team at Bell Shah Law. We have years of experience working with businesses of all sizes, developing custom contracts and templates that allow for an independent contractor relationship.
Give us a call today to set an appointment to discuss your situation, as well as your goals. We will work to give you the legal tools to meet your goals while protecting your business.