Learning The Legalese: A Guide to Legal Planning for Home Business [NOOK Book]

Overview

The following are some of the legal areas that one should be aware of even if the knowledge is rather basic:

The Basics
Trading laws – if the business transaction is going to involve the exchange of goods and services of sorts, where the public is the target audience, then the individual needs to have some knowledge about the legislation involved.
This legislation covers the...
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Learning The Legalese: A Guide to Legal Planning for Home Business

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Overview

The following are some of the legal areas that one should be aware of even if the knowledge is rather basic:

The Basics
Trading laws – if the business transaction is going to involve the exchange of goods and services of sorts, where the public is the target audience, then the individual needs to have some knowledge about the legislation involved.
This legislation covers the description of goods, the satisfaction of quality promised to be enjoyed, the befitting used of the product and any other description terms that are used to sell the item advertised. Failing to adhere to these perceived promises, will run the business and individual into the unpleasant confrontations with the law, thus causing an untold amount of problems and consequences.
Terms of trading – when there is a connection made based on the business makeup with the public and other business entities, there is a need to get the terms and conditions of the business procedures sorted out. This is very important and directly affects the trading arrangements. These usually cover elements such as the payment terms, the transfer of titles due to the successful sale, the estimates for work done, the title of goods, failure to perform up to the contract stipulations and any other contractual inclusions.
Employment of staff - should the business expansion require the employment of staff, here too there are some legal implications that should be explored. This is to ensure the individual is well covered under the law and also to ensure all labor law requirements are met.

Chapter 2:
Sole Proprietorship
Synopsis
This is a business style that requires the individual to be declared as a single entity with the business linked for the main purpose of tax and all liability purposes. The sole proprietorship is a company in which the registration is done with the governing body of the time, in a limited liability framework of the company or corporation frame.

Sole Proprietor
Commonly the owner of the said business entity does not have to pay any income tax separate from the company but does have to have proper records of income and losses shown.
This should be reflected in the income tax returns filed. Here the owner of the business entity is inseparable from the sole proprietorship and thus is liable for any business debts the said business may incur through the course of the business lifespan.
Most new home based business entities chose this form of legal registration for its minimal requirements and legal obligations.
The main point to understand is that the owner of the business is liable in all ways to any debts incurred thus it helps to ensure the careful consideration on the part of the owner whenever he or she conducts any business.
The sole proprietor may use a trade name or business name which has no bearing at all on the owner’s name. However there are some places that require the legal name of the owner to be clearly stated for the records.
Although the advantages do sometimes outweigh the disadvantages there is still a need to be sure that this is the most suitable option for the intended business endeavor.

The ability to raise capital is also not limited to any platform and can be done publicly or privately through investors. This ideally limits the risks of the office bearers if any and also the investors.
However for some this is not a good option as they really have very little say in how the money is going to be utilized for the business.

Chapter 3:
LLC
Synopsis
LLC is commonly used as an abbreviation for the term used for the limited liability company or a shorter version which is just limited company. Here the various elements of partnership and corporate structure are well blended to form the business transactions and liability issues.

LLC
This is a rather popular form for the business registration as it ideally creates, as its name depicts limited liability issues. The flexibility of this enterprise blends the best of both the partnership and corporate elements to form a desirable legal platform.
The organizational structure does not need to be designed around the projected profits thus making it an ideal form of business structure.
This in fact contributes to the taxation procedures that are quite adoptable and beneficial to certain parties. The business entity is based on the unincorporated association and not just the corporation platform which would constitute the primary element of the limited liability and characteristic of the partnership in which the income taxation does not apply.
The charging order mechanism creates the protection for the membership interest and the partnership interests at a significant level. This system limits the creditors to a particular debt member or partner without conferring any voting or managing rights on the credi
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Product Details

  • BN ID: 2940016730776
  • Publisher: All classic book warehouse
  • Publication date: 5/17/2013
  • Sold by: Barnes & Noble
  • Format: eBook
  • Sales rank: 1,224,205
  • File size: 559 KB

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