The Elliot Legal Group, P.A. Offices | Fort Lauderdale and Miami

3101 N. Federal Hwy., Suite 609,
Oakland Park, Florida 33306

*Licensed in England and Wales, Florida and Washington D.C.

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754-332-2101

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305-399-3832

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FL business lawyerWhen starting a business, there are many decisions to be made and likely a lot on your mind. Many people focus on what they are going to name the business or what their logo is going to look like and do not always think about what type of business structure they are going to use. Even though it is not the most glamorous topic to explore, it can be one of the most important. Your business structure affects the way you report income and claim taxes. For many people, a sole proprietorship is the easiest way to form their business. However, a sole proprietorship is not the right choice for everyone, which is why you should do your research before you make a decision.

Forming a Sole Proprietorship

Many people forming a business tend to lean towards sole proprietorship because it is one of the easiest ways to form a business. In fact, a sole proprietorship is formed without any formal action, unlike with other business structures. If you are the only one who owns the business, you are automatically given the sole proprietorship designation.

Benefits of a Sole Proprietorship

There are many reasons why people choose to operate as a sole proprietorship. The biggest reason is because of how easy and inexpensive it is to form. The only legal costs you obtain with a sole proprietorship are usually the costs of any licenses or permits you must obtain to do business. Another large benefit is having complete control over the company. Since you are the only owner (and many times, the only employee) you can retain power over your business and run it the way you want to. Sole proprietorships are also simple when it comes time to file taxes. Since you and your business are not separate legal entities, your business is not taxed separately from your own income. This means that when you report your profits and losses for the year, they are factored into your personal tax return.

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IL business lawyerIf you are in the business field, you know how important it is to read your documents before you sign them, but many people simply skim the text before signing. In some cases, this may be OK, but when there is a possibility that you could get into trouble because of that document, the stakes can be high. In certain contracts, there are often clauses imposing restrictions on what actions an employee or business can take. These are called restrictive covenants and are a common part of many contracts, especially business and employment contracts. Understanding what these restrictive covenants entail is essential before you sign the document.

Non-Compete Agreements

Most of the time, non-compete agreements are found in employment contracts and sometimes in business sales agreements. If an employee’s contract contains a non-compete section, the employee is typically barred from working in a similar business or line of work after their employment with the business has ended. In these agreements, a period of time during which the agreement is in effect must be specified, as well as a specified radius from the location of the business in which the agreement is in effect.

Non-Solicitation Agreements

If you sign a non-solicitation agreement or a contract that has a non-solicitation clause in it, you may be subject to two different types of restrictions. A non-solicitation clause could include restrictions on recruiting customers or employees from your employer once you are no longer an employee of that business. This means you would not be able to employ any former coworkers or encourage former customers to come to your business if you were to start one.

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IL business lawyerAs a young business professional or recent business owner, your retirement likely seems years or decades away. Work can quickly become your main priority, especially if you are the owner of a business. Even if you are young and retirement is far in the future, it is important to have legal documents put in place that outlines what will happen with your business if you are no longer in charge. Do you want the business to be sold? Would you like your business passed down to another family member? With the help of a reputable business attorney, you can ensure that your vision for your company is met.

What is a Business Succession Plan?

In order to outline the future of your business, you should build a business succession plan in the early years of your business. A business succession plan is a legal document that guides your company through a change of ownership in the instance that you are unable to continue running things. This may be a result of retirement, death, or disability. Similar to a will, a business succession plan allows you to plan for the unexpected with the comfort of knowing that your business is in good hands. If you are passing your business down to one of your children or other close family members, the succession plan will name this individual as the new owner and list any necessary steps for this transfer of ownership. If a purchase is involved, the plan will include the sale price and purchase terms.

What Should Be Included in My Succession Plan?

Every succession plan is unique to the business’ circumstances. While there is no one-size-fits-all format, every succession plan should outline the following:

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Broward County business law attorney collaboration

As a business owner, you are undoubtedly protective of the company that you have built and maintain a certain level of privacy when it comes to your business. Every business is bound to have secrets that only the owner, management, and your business lawyer are privy to. While the inner workings of your company should remain confidential to a certain extent, it is important to avoid being completely insular. Building your network and collaborating with other business owners is a simple way to grow your business and make it more successful. In fact, there are a number of benefits that business collaboration has to offer.

New Inspiration

The best way to discover new ideas is by seeing how other successful businesses are doing things. Ideas can quickly come to a standstill in a workplace that never looks outside of its current way of doing business. While maintaining a routine is important in any workplace, never straying from this routine can make you miss out on new opportunities, techniques, or tools that can help you be more efficient both in time and money. Seeing how other businesses use certain techniques can also act as a “test drive” before you take on this new strategy.

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Sunrise business law attorney

Years ago when you and your partner started your business, you were likely both on the same page. Perhaps you are family, best friends, or simply co-workers who came up with a brilliant business idea together. Whatever your outside relationship may be, when it comes to running a business, you must maintain a sense of professionalism, especially when arguments arise. Rarely do business partners agree on every decision being made, but some disagreements can become more contentious than others. There are four ways in which you and your business partner can settle a dispute, some of which can be done on your own while others require outside help.

1. Referring to Your Management Agreement

Those going into business together should always plan for future disagreements that are inevitable when it comes to business partnerships. It is impossible for you and your partner to completely agree on every detail of your work, which is why business partners are advised to create a management agreement before going into business together. If you have both been in business together for years, you likely created a management agreement and may not remember the exact details. Before taking steps forward, refer to your management agreement to see how you and your partner should be handling things. Perhaps you included a clause that required you to go to mediation or maybe one partner has veto power over the other. If you have a management agreement, this should be your first place to turn. If you do not have one, you can choose any of the following options.

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