Are you a business owner looking to achieve legal success? If so, hiring a business attorney could be one of the smartest decisions you make. A business attorney brings a wealth of expertise and knowledge to the table, helping you navigate the complex world of business law with confidence.
With their deep understanding of laws and regulations, a business attorney can assist you in various legal matters such as contracts, intellectual property rights, employment law, and more. They can provide valuable advice and guidance, ensuring that your business processes are compliant and legally robust. Working with a business attorney also provides you with a layer of protection. They can help you proactively identify and mitigate potential legal risks, shielding your business from costly lawsuits and legal disputes. Furthermore, having a business attorney on your side can instill trust and confidence in your stakeholders, whether they are clients, investors, or partners. It shows that you prioritize legal compliance and that you have a professional advocate looking out for your business’ best interests. When it comes to legal success, don't leave it up to chance. Hire a business attorney and gain a competitive edge in the market.
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Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year.
The CTA,[1] enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities, including the use of shell companies to launder money or conceal illicit funds. Around 30 million small businesses will be impacted by the law, which will establish a federal database of information, furnished by “reporting companies,” that will be accessible to certain authorities and organizations. A final rule has been issued stating how the new law will be implemented to help businesses understand whether the law applies to them, how to comply, and which agencies will have access to the information they must report. CTA violations carry civil and criminal penalties, including imprisonment. Why was the CTA passed? The CTA was passed as part of the National Defense Authorization Act for Fiscal Year 2021. It directs the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to gather information from private companies about their owners and controlling persons. Acting Director Himamauli Das said, “FinCEN is taking aggressive aim at those who would exploit anonymous shell corporations, front companies, and other loopholes to launder the proceeds of crimes, such as corruption, drug and arms trafficking, or terrorist financing.”[2] To counter the risks allegedly posed by anonymous shell companies, the CTA mandates the creation of a national registry that contains certain information about business entities that are formed by filing a document with a state’s secretary of state or similar office. What does the CTA require? [1] National Defense Authorization Act for Fiscal Year 2021, Pub. L. No. 116-283, 134 Stat. 3388 (Jan. 1, 2021). [2] Press Release, U.S. Dep’t of the Treasury, Financial Crimes Enforcement Network, FinCEN Issues Proposed Rule for Beneficial Ownership Reporting to Counter Illicit Finance and Increase Transparency (Dec. 7, 2021), https://www.fincen.gov/news/news-releases/fincen-issues-proposed-rule-beneficial-ownership-reporting-counter-illicit.
A business contract dispute can be an extremely stressful and complicated situation, and the attorneys at Bailey & Peterson, P.C. work hard to make the process easier for you.
The best way to avoid dealing with a contract dispute is to ensure that the contract is properly prepared from the start. It is important that the contract is drafted correctly and that all of the terms of the business agreement are clearly stated. One of the most important steps to take in preparing a contract is to make sure both parties to the contract are aware of what their responsibilities are, what the consequences will be if either party fails to live up to their end of the bargain, and what the remedies will be if one party needs to pursue a legal claim. Any grey area or uncertainty leaves room for interpretation and argument, which can cause lengthy and expensive litigation. For an expertly drafted contract, it's best to have an attorney create and/or review to make sure you are protected. Just because you’re starting a small business doesn’t mean that you want your business to stay small. Depending on what you want to market, you may envision your business growing into something much bigger. A “startup” can be any company in the early stages of development, but the main difference between a typical small business and a startup is that the latter is focused on growth.
Generally, a startup is a business venture launched by either 1 person or a small founding team of entrepreneurs who seek to fill a gap or create a new niche in the market with a certain product or service. A startup may be financed by its founders or may try to attract outside funding through friends, venture capitalists, or lenders, and each of those funding options will carry different risks and require different strategies. When it comes to choosing a business structure for your startup, there is no one right answer. You should consider factors such as financial projections, goals, and risks as well as local, state, and federal laws before deciding which structure suits your needs. You should carefully consider the advantages and disadvantages each business entity can offer your new company. An experienced attorney can help you understand the pros and cons of each as they apply to you. It has been a tough year for small businesses. Across the country, millions of small businesses have temporarily closed their doors due to the COVID-19 pandemic. Even now, as the pandemic eases and operations begin to pick back up, many small businesses report that they are struggling to fill open positions.
But business owners are resilient and creative. Despite the difficulties of the past year, most businesses expect to survive the pandemic, and interest in starting a new business remains high. Many aspiring business owners are interested in becoming franchise owners. In this uncertain economic climate, starting a franchise offers several benefits over other paths to business ownership. Starting a new nonfranchised business is riskier than franchising, can require more upfront capital, and does not provide the network of training and support often available to franchisees. Franchising, like any business, requires planning, preparation, and paperwork... Where do you find a good plumber? Who can recommend a good Italian restaurant? Who is the best divorce attorney in town? Sometimes these answers are found by asking family, friends, and neighbors, but many people find answers to these questions on social media and review sites such as Google, Yelp, Amazon, Facebook, and TripAdvisor. Customer reviews and testimonials are excellent marketing tools for a business because they build trust and goodwill and showcase your brand’s history. However, before you use them to promote your business, you need to be aware of what you can and cannot do.
The Federal Trade Commission (FTC) is... Confused about the differences between a will and a trust? If so, you are not alone. While it is always wise to contact experts like us, it is also important to understand the basics. Here is a quick and simple reference guide:
What a Revocable Living Trust Can Do – That a Will Cannot
What a Will Can Do – That a Revocable Living Trust Cannot Unaware executors may be exposed to potential personal liability.
The Internal Revenue Service has issued proposed regulations establishing a $67 fee for the issuance of an estate tax closing letter (also known as an IRS Letter 627). These letters provide an executor of an estate with evidence that the IRS has accepted a filed Form 706, “United States Estate (and Generation-Skipping Transfer) Tax Return,” and that the agency has closed its examination of the return... The year 2020 was a continuous lesson in the need to prepare for the unpredictable. From the pandemic to natural disasters, businesses have faced numerous challenges that could force them to close. The most common emergencies that businesses typically face fall into three categories:
The Small Business Administration estimates that 25 percent of businesses fail to reopen after an emergency or disaster.[1] In light of this uncertain period, it is essential to take proactive steps to prepare your business for an emergency. Here are the six main things you should keep in mind as you develop your business’s emergency plan... |
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