Small business owners are regularly confronted by a bewildering array of legal questions and problems. Ignoring them can lead to disaster -- but with lawyers typically charging $200-$300 an hour, calling one to answer routine legal questions can be a fast track to the poorhouse.
Fortunately, you have a better alternative. Legal Guide for Starting & Running a Small Business clearly explains the practical and legal information you need to:
raise start-up money
choose between a sole proprietorship, partnership or LLC
get licenses and permits
buy or sell a business or franchise
negotiate a favorable lease
insure your business
hire independent contractors safely
understand small business tax rules
pick and protect a good name
resolve legal disputes
adopt the best customer policies
enter into strong contracts
cope with financial problems
This edition is thoroughly updated for 2011, including the latest regulations, tax numbers, and business realities in a changing economy. Plus, you'll get the lowdown on the 2010 health care tax credit incentivizing small businesses to pay for group medical insurance for employees, and much more.
Attorney Fred S. Steingold practices law in Ann Arbor, Michigan. An expert on small business law, he represents and advises many small businesses. He is the author of Legal Guide for Starting & Running a Small Business and The Employer's Legal Handbook. His monthly column, "The Legal Advisor," is carried by trade publications across the country.
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1. Which Legal Form Is Best for Your Business?
Sole Proprietorships
Partnerships
Corporations
Limited Liability Companies
Choosing Between a Corporation and an LLC
Special Structures for Special Situations
2. Structuring a Partnership Agreement
Why You Need a Written Agreement
An Overview of Your Partnership Agreement
Changes in Your Partnership
3. Creating a Corporation
The Structure of a Corporation
Financing Your Corporation
Compensating Yourself
Do You Need a Lawyer to Incorporate?
Overview of Incorporation Procedures
Twelve Basic Steps to Incorporate
After You Incorporate
Safe Business Practices for Your Corporation
4. Creating a Limited Liablity Company
Number of Members Required
Management of an LLC
Financing an LLC
Compensating Members
Choosing a Name
Paperwork for Setting Up an LLC
After You Form Your LLC
Safe Business Practices for Your LLC
5. Preparing for Ownership Changes With a Buyout Agreement
Major Benefits of Adopting a Buyout Agreement
Where to Put Your Buyout?Provisions
When to Create a Buyout?Agreement
6. Naming Your Business and Products
Business Names: An Overview
Mandatory Name Procedures
Trademarks and Service Marks
Strong and Weak Trademarks
Before the Trademark: Name Searches
How to Use and Protect Your Trademark
7. Licenses and Permits
Federal Registrations and Licenses
State Requirements
Regional Requirements
Local Requirements
How to Deal With Local Building and Zoning Officials
8. Tax Basics for the Small Business
Employer Identification Number
Becoming an S Corporation
Business Taxes in General
Business Deductions
Tax Audits
9. Raising Money for Your Business
Consider Writing a Business Plan
Two Types of Outside Financing
Thirteen Common Sources of Money
Document All of the Money You Receive
10. Buying a Business
Finding a Business to Buy
What’s the Structure of the Business You Want to Buy?
Gathering Information About a Business
Valuing the Business
Other Items to Investigate
Letter of Intent to Purchase
The Sales Agreement
The Closing
Selling a Business
11. Franchises: How Not to Get Burned
What Is a Franchise?
The Downsides of Franchise Ownership
Investigating a Franchise
The Franchise Disclosure Document
The Franchise Agreement
Resolving Disputes With Your Franchisor
12. Insuring Your Business
Working With an Insurance Agent
Property Coverage
Liability Insurance
Other Insurance to Consider
Saving Money on Insurance
Making a Claim
13. Negotiating a Favorable Lease
Finding a Place
Leases and Rental Agreements: An Overview
Short-Term Leases (Month-to-Month Rentals)
Written Long-Term Leases
Additional Clauses to Consider
Shopping Center Leases
How to Modify a Lease
Landlord-Tenant Disputes
Getting Out of a Lease
When You Need Professional Help
14. Home-Based Business
Zoning Laws
Private Land Use Restrictions
Insurance
Deducting Expenses for the Business Use of Your Home
15. Employees and Independent Contractors
Hiring Employees
Job Descriptions
Job Advertisements
Job Applications
Interviews
Testing
Background Checks
Immigration Law Requirements
Personnel Practices
Illegal Discrimination
Wages and Hours
Occupational Safety and Health
Workers’ Compensation
Termination of Employment
Unemployment Compensation
Independent Contractors
16. The Importance of Excellent Customer Relations