Business – AmeriLawyer – Incorporate, Trademark & Asset Protection

Is This The Right Time To Start A Business?

March 8, 2016 Spiegel & Utrera, P.A.

With the 2016 presidential election right around the corner and the race to become the most powerful leader in the world, it is no surprise that the subject of “small business” is starting to pop up more and more in the campaign trails and televised debates. Every candidate, whether a Democrat or Republican, has a different strategy when it comes to startups leading to entrepreneurs wondering if this is the right time to start a business. We’ve heard many ask if it’d be best to wait after we elect a new president. The answer is always NOW! We want to help you understand the ins and outs of starting a business and to succeed as an entrepreneur.

Many entrepreneurs rush in and launch their business without the proper advice and without thinking it through. To begin, seek the advice of a professional, attorney and accountant, and ask yourself a few questions:

Who will you sell to? Who is your market share? The more narrowly you are able to define your target market, the better. Whether it’s teenagers, elderly, midsized businesses, hotels, narrowing the scope helps you focus to their specific needs. You will need to do some market research to discover the most profitable target market for your services or products.
Who is your competition? Have your friends close, and your competition even closer. When you conduct the market research, it will reveal your competition. Who are they, what are they offering, and what you can do better. What are their key advantages and selling points, what can you offer that is better or different to meet the customers’ needs?
Where will you be located? Many businesses today are virtual; they have a telephone, fax, scanner and that is it. But location, depending on the business, may affect your startup costs drastically if it has to be a brick and mortar business. Do you need to rent a commercial business location or could you get by in a small space or working from a home office?
How much will it costs to get started? How much capital do you need to start this business? Be sure to include incorporation costs, costs of location costs of inventory, equipment, taxes and employees. A good rule of thumb is to have enough to finance your business for 6 to 18 months.
Who will do the work? Do you need to hire staff? If so, that adds to the expenses. How much of the work can be done by you and your loved ones? Many times clients start as a one man show. As demand for your products or services increases, so would you need to evaluate manpower. Take a look at the situation on a day-to-day basis.

Taking all these things into consideration can help you start your business or your second business. Always do your homework, but do not delay in taking the plunge; if you do not risk you will not reap the rewards!

Check out our Radio Show for valuable insight from a seasoned entrepreneur on How to Start a Business.

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have questions about starting or running a business, call (800) 734-9900 or clubassist@amerilawyer.com for assistance. Remember, as a member of the General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

Spiegel & Utrera, P.A. is a corporate law firm with its main offices located in Miami, Florida with offices throughout the United States. As a law firm, we do more than just help you form your business entity. We stand ready to help with the maintenance of your legal business entity! We will assist you with Incorporation Service, Trademarks, Copyrights, Estate Planning, Legal Counsel, Wills, Trusts, Agreements & Leases, Corporate & Company Changes.

Taxing Severance Pay

February 15, 2016 Spiegel & Utrera, P.A.

Many employers have typically interpreted their FICA (Federal Insurance Contributions Act) obligations (i.e., Social Security and Medicare) to extend to severance pay based on the IRS treating severance pay as wages, but that may change. Employers making severance payments may be entitled to a refund if the employers withheld FICA.

This year, the U.S. Supreme Court will hear a case regarding whether severance payments should or should not be subject to FICA. In the pending case, the lower court ordered that the IRS give a full refund of $1,000,125 to the employer. The lower court found that payments the employer made to employees who were involuntarily terminated due to business cessation were considered supplement unemployment compensation benefits (SUB payments) that are not taxable wages under FICA.

A ruling in favor of the employer would lower costs for employers. Employers would no longer be required to make FICA contributions on severance payments. Additionally, employers may be entitled to a refund on previous severance payments. Accordingly, employers should consider filing protective refund claims so that they can keep the statute of limitations on refund claims open pending review of the above mentioned case by the U.S. Supreme Court. Employees may also file claims for refunds.

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have questions about Taxing Severance Pay or Filing Protective Refund Claims, call (800) 734-9900 orclubassist@amerilawyer.com for assistance. Remember, as a member of the General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

Spiegel & Utrera, P.A. is a corporate law firm with its main offices located in Miami, Florida with offices throughout the United States. As a law firm, we do more than just help you form your business entity. We stand ready to help with the maintenance of your legal business entity! We will assist you withIncorporation Service, Trademarks, Copyrights, Estate Planning, Legal Counsel, Wills, Trusts, Agreements & Leases, Corporate & Company Changes.

Building In Financial Forecasts For Your Business Plan

July 7, 2015 Spiegel & Utrera, P.A.

To attract investors and build a line of credit you need to project business finances!

Essentially, you must make educated guesses about how much money will be spent and how much will be taken in. Then you can use these estimates to calculate whether your business will be sufficiently profitable to sustain a bottom line. Usually a business will start off operating lean until you start building a customer base. If your projections show your business losing money initially, then you must consider raising prices or cutting costs while still in the planning stage. This can help you avoid sinking money into a business that cannot be profitable. On the other hand, if your business model shows profitability, then you can start to invest more and build your enterprise.

Understanding projected financial situation through estimates and calculations.

Start off with a break-even analysis by estimating income and expenses over the first year. In theory you should be able to turn a profit by the end of the first year. If not, then you must reconsider the business model. After determining the business can turn a profit, then turn to a month-by-month projection of your business’s net profits for the first year. Keep in mind that some businesses will be more or less profitable during certain months due to seasonal turnover. Finally, determine a start-up cost estimate. These costs should be included in your business plan to give a true picture of how much money you will need to get off the ground.

To understand how financial forecasts affect your business plan, speak to one of our attorneys by calling 800-743-9900 or visit our website www.AmeriLawyer.com today!

Personnel Background Checks

April 30, 2015 Spiegel & Utrera, P.A.

When making personnel decisions, including hiring, retention, promotion, and reassignment, employers sometimes do background checks on applicants and employees. Any time you use an applicant’s or employee’s background information to make an employment decision, you must comply with federal laws that protect applicants and employees from discrimination based on race, color, national origin, sex, or religion; disability; genetic information; and age. These laws are enforced by the Equal Employment Opportunity Commission (EEOC).

Recently, the EEOC and the Federal Trade Commission (FTC) issued joint informal guidance regarding issues employers may face when consulting background checks. Here are some key points for employers:

An employer may ask about a person’s background except for certain restrictions on medical and genetic information.
If using a background check, the employer must be in compliance with laws prohibiting discrimination.
When an employer gets a background report from an outside agency it must comply with the Fair Credit Reporting Act. In California, it must also comply with the Investigative Consumer Reporting Act.
Employers should seek the same background information from all individuals.
Employers should not request a person’s genetic information which includes family medical history. If the employer has that information, it should not use it to make an employment decision.
Employers cannot ask medical questions before a conditional job offer has been made, and can only ask current employees medical questions if there is objective evidence that the employee is unable to do the job or poses a safety risk because of a medical condition.
Employers must preserve records for one year.

It is critical that employers be compliant with federal, state and local laws regarding background information.

Avoid Being Unintentionally Bound When Making A Deal

April 6, 2015 Spiegel & Utrera, P.A.

When two business want to begin a joint venture, they will often start with a Letter of Intent. One important aspect of the Letter of Intent is having a clear statement to not be bound until the Joint Venture Agreement has been signed by both parties. Courts have held conduct by the parties involved and oral communications as the basis for an agreement even when a written agreement has not been signed. And so, without an express statement of non-biding intent, preliminary collaborations and even off-hand utterances may undermine your goal of being bound only by the Joint Venture Agreement.

With the high costs of litigation, don’t resolve the unintended consequences of a mishandled negotiation with another business; have your intentions clearly stated in a well-drafted Letter of Intent.

Visit our website today to make sure your interests are protected before beginning a joint venture.

AmeriLawyer Has Served Over 265,000 Clients

March 5, 2015 Spiegel & Utrera, P.A.

Spiegel & Utrera, P.A. has been in business for 20 years because of it’s professional service and value pricing and has over 265,000 satisfied clients. Our lawyers are qualified and highly experienced in Forming Corporations, Limited Liability Company and Sub Chapter S Corporations.

If you have any questions about our service and what we can do for you, don’t hesitate to call us at 800-603-3900, fax us at (305) 857-3700 or send a letter to P.O. Box 450605, Miami, FL 3324

Our prices are the lowest in the industry and we guarantee a top rated service. Make sure to visit our website today for more details!

www.AmeriLawyer.com

Browse our client testimonials for your Amerilawyer Reviews!

7 Tips On How To Fund Your Business

February 24, 2015 Spiegel & Utrera, P.A.

Whether you are a new business seeking initial capital or already up and running and looking for money to grow your business, remember to stay flexible and remain vigilant.

A majority of businesses receive their funding from many different sources phased out overtime. There is no such thing as funding that is easier to come by than another. Here are several options to fund your business:

Friends and Family. Obtaining funding from friends and family is the most popular way to get seed money for your business. This type of funding is structured best as a one-year loan with high, low, or no interest. Remember that all parties are encouraged to get legal advice with regard to the lenders documents.
Product Presales. Selling your products can be a highly effective way to raise money for your business. Keep in mind foreseeable issues such as coordinating inventory delivery, having enough products for pre-sale and anticipating back orders.
Small Business Administration Loan. The Small Business Administration (“SBA”) offers two types of loans to entrepreneurs who need capital for their business: the 7(a) guarantee small business loan and the 504 fixed-asset small business finance program. Prospective borrowers can inquire about these loans at banks affiliated with the SBA.
Angel Investors. Angel investors have helped with several big companies including Google and Costco. This form of investment typically occurs in a business’s early stages where investors expect a 20 to 25%return on their investment.
Selling Assets. Many entrepreneurs are in possession of items such as cars, jewelry, antiques, etc. that can bring in a large amount of money if sold. Consider selling your possessions as an alternative financing method for your business.
Renting your Residence – There are many websites that allow you to rent your home or apartment for days at a time or months. Potential issues that can arise would be making sure you have a place to stay during the rental time and a place to work if you usually use a home office.
Lending from high-net-worth individuals. Lending from these individuals can be done through convertible debt or terms of credit. Convertible debts is a blend between debt and equity. It is secured through a convertible note and carries a per annum interest rate until some point in the future when it converts into equity. The conversion usually occurs during the next round of financing and is given warranty coverage or discounted based on the company’s valuation. Terms of credit are only usually given to companies with a solid track record. They come in the form of a senior secured loan with a high liquidation preference, meaning they must be repaid before all other debt or equity holders.

Visit our website for more information and to make sure your interests are protected.

Protect Your Business With An Employment Agreement

February 19, 2015 Spiegel & Utrera, P.A.

A recent state court decision continues to allow employers to include a waiver of class action lawsuits by employees within the employment arbitration agreement. The court reaffirmed the idea that class action lawsuits are procedural, the purpose being to ease the burden on the court when a large groups seeks to sue another party, and not a substantive right, such as life and liberty as protected by the Constitution.

The court also rejected the idea that this waiver violates employee rights to engage in collective bargaining. In whole, the court’s decision makes for greater enforceability of arbitration clauses within employment agreement between your business and your employees and greater protection for the investment you have made into your business through the protection of an employment agreement.

Allow Spiegel & Utrera, P.A. to prepare an Employment Agreement that will help you protect your business. Visit our website today for more information and to make sure your interests are protected.

Make Sure Online Customers Are Safe

February 17, 2015 Spiegel & Utrera, P.A.

Small businesses are more vulnerable to attack; sell your customers on the idea that your site is safe.

Getting a secure badge is one way to reassure newcomers that your website is “trusted.” For example, a seal from McAfee Secure or Google Trusted Store will show that your site meets certain safety criteria. Also, let your clients know about ongoing measures you are taking to improve security such as training staff to guard against vulnerabilities.

Looking polished will give your customers a broader sense of security. The key to having a professional website is a proper privacy in place. The goal of a privacy policy is to disclose all the ways your website will respect the dignity of the user’s privacy. It will also maintain a high level of community trust.

To better understand how your website will benefit from a privacy policy visit Amerilawyer.com for more information and to make sure your interests are protected.

“Understanding Your Business Is Our Business”

Is Your Website Legal?

January 22, 2015 Spiegel & Utrera, P.A.

Building and launching a website can be very useful and efficient tool for small business owners. However, there are some considerations all business owners should keep in mind when launching their websites to prevent penalties from regulatory agencies.

You Need a Privacy Policy. If you collect even one iota of information from those who visit your website, you need a privacy policy. For example, if you have a blog that gives visitors the option of signing up for your newsletter or RSS feed by entering their name and/or email address, you need a privacy policy. A privacy policy is designed to let visitors know what information you are collecting when they visit your site, what you use this information for, and whether you share this information with third parties. If you collect payment through your website, you will need a policy in place. Website owners also need to include a statement about how you’ll notify visitors if and when your privacy policy changes. This is usually done by an update to the privacy policy page on your website.

You Need Terms of Use. Terms of use, also known as terms and conditions, serve as the contract between your business and website visitors who make purchases from your website. Your terms will be useless unless they are tailored to the way you do business and interact with folks via your website. Terms of use can cover a wide variety of topics; some examples include your right to use information posted by users on your site, whether and how your intellectual property posted on the site may be used by users, and payment terms, warranties and liabilities waived, account management, site security, jurisdiction for any lawsuits arising from their use of your site.

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Posts tagged Business