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

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

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Plantation business law attorney

Starting a business is an exciting endeavor. You have likely spent years considering a business idea in your head and are finally in the process of getting things off the ground. Having a good business idea is only the first step in creating a successful company. While this may be the foundation of your work, there are other things that are required during these initial stages. One of the most important aspects of building a business is choosing the right legal structure, also known as a business entity. This single decision impacts how your business will be run moving forward. But how do you know the difference between your options and determine which is the right one for you?

Choosing a Business Entity

There are four types of business entities that one can choose from: sole proprietorship, partnership, corporation, and limited liability company (LLC). It is best to consult with a business attorney to fully understand the differences between these options, but be sure to keep the following considerations in mind when choosing one business entity over another.

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Hollywood business law attorney

Most business owners may hold off on hiring a business attorney until they have a legal problem arise. This is especially true for small business owners. When starting your business, it can be easy to get caught up in all of the decisions that need to be made. As your business grows, the busyness of your daily workday can keep you from taking the time to find an attorney, and before you know it, you have a legal problem arise with no one at your disposal to help you navigate the legal process. Whether you are in the early stages of starting a business or have yet to hire general counsel, there is no time like the present to get your business on solid footing by finding the right attorney for you.

1. Understand Why You Need an Attorney

Understanding why you need a business attorney, either now or in the future, is an important first step in selecting the right lawyer. Startups and small businesses may need a business attorney for a number of reasons including choosing a business entity, raising money through venture capital and selling equity to investors, drafting founder agreements, reviewing contracts, and handling employment issues. These issues can pop up at any time so it is important to have an attorney on hand before the problems arise.

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Sunrise business law attorney contract review

Running a small business and running a large business are two separate beasts. Some may think that managing a small company is a much easier endeavor, and in some ways it is, but it is important that your business upholds a certain standard of professionalism regardless of its size. Small business owners often have a more personal relationship with their employees since they work in closer proximity to all of their hired employees. While this can create a more comfortable, personalized work environment, it can also blur the lines between professional relationships and friendships. In order to avoid this gray area, you should consider creating employment contracts to ensure that both you and your employees are maintaining your duties within your position.

What Should Employment Contracts Include?

If you are considering creating an employment contract, it is a good idea to work with a business lawyer who can help you outline the details and contingencies. Employment contracts are unique to your business circumstances, though they typically include the following information:

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Plantation business law attorney

Owning a business is no easy undertaking. Regardless of the size of your company, work tasks can seem overwhelming. In addition to your average workday, you are likely considering new ideas and areas of improvement during your off time, especially as the new year rings in. This past year may have been exceedingly difficult on your business as was the case with many small businesses across the country. With the COVID-19 vaccine becoming available to Americans, the economy and society are finally making their way back to normal. You should consider the following New Year’s resolutions to get your Florida business back on track and start 2021 with your best foot forward.

Do a Deep Clean

Throughout the year, paperwork can quickly pile up and you may feel as though you are stuck in the weeds. You should take time at the beginning of each year to refresh your databases and filing system. This will keep things organized, make important documents easier to find, and improve your business’ efficiency.

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Broward County business law attorney

Depending on when you started your business and how you record your finances, your fiscal year may not be the same as others around you. With the end of the calendar year landing on December 31 and tax day occurring in mid-April, most businesses do their final yearly to-dos within this four-month time span. The month of December is undoubtedly one of the busiest of the year, and many businesses will opt to complete their year-end tasks before the start of the new calendar year. Whether you decide to finish up these business chores before the holidays begin or a bit later in the year, it is important to complete the following before the end of your business’ fiscal year.

1. Financial Bookkeeping

Every business owner is different and so are their tactics for recording their finances. Some may have every i dotted and t crossed, while others may have a giant box filled with receipts. It is critical that you get your financial information properly recorded before tax season begins; otherwise, you may be spending days locating and entering this information into a proper log. It may be a good idea to get your books in order before the start of the holiday season, that way you can start 2021 more organized and have your records together before filing your taxes a few months down the road.

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Surfside business law attorney

If you are an entrepreneur who is just getting started building your business, or even if you have been a business owner for decades, it is important to be cognizant of business contract essentials to avoid running into difficulties down the road. Those who fail to adhere to the following six requirements could end up with an unenforceable agreement with a business partner, vendors, employees, and anyone else with whom you draft and sign a contract

Official Agreements

Business law can be complicated, especially for first-time business owners. While it is never advisable to rely solely on your limited legal knowledge during business negotiations, it is always a good idea to have a general understanding of these requirements:

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Surfside business law attorney

If you are a business owner, you likely try to avoid getting involved in legal proceedings at all costs. Not only do legal battles take up a lot of your time and money, but it can also be difficult to find an attorney who understands your company and can easily defend you in court. If you are a growing company, you may run into your fair share of legal conflict, and it is best to be prepared for when the time comes. Some companies will go so far as hiring in-house counsel to have by their side at all times, while others may opt for outsourced general counsel for the times when they need it most.

What Is Outsourced General Counsel?

Before you feel the need to have full-time, in-house counsel, it may be best to work with a particular attorney whenever a legal conflict arises. Outsourced general counsel involves working with an external attorney who can handle and manage the routine legal needs of your business on a part-time basis. This can include a number of responsibilities, such as contract drafting and negotiations, human resource issues and documentation, customer agreements, Board of Directors matters, and corporate governance. Depending on the size of your company, you may need help in some or all of these areas.

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Surfside business law attorney alternative dispute resolution

As a business owner, you have likely experienced your fair share of conflict in the workplace. Whether it is an undependable employee or frequent arguments between two employees or a business partner, running a successful business is a difficult task that requires patience, understanding, and a strong hand when necessary. Rising disputes in the workplace can lead to a toxic work environment for everyone, even those who are not involved in the conflict. While going to court to end the dispute is an option, you should consider the two following alternatives before spending the time and money in litigation.

Mediation

Mediation is typically the starting point for business owners who are noticing a dispute emerging. This form of alternative dispute resolution resolves misunderstandings with a neutral party present to manage the process. Mediation is not as structured as litigation and can allow the two disputing parties to discuss their grievances in a private, relaxed setting before getting a judge involved. The mediator is hired to manage the discussion, speaking privately with each party, or bringing the two parties together for further discussion. The mediator’s job is to help the two parties come to a voluntary agreement, not to take on an authoritative role and choose for them. 

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