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Posts tagged Entrepreneur

Is This The Right Time To Start A Business?

Is This The Right Time To Start A Business? published on

 

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:

  1. 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.
  2. 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?
  3. 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?
  4. 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.
  5. 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.

What Type Of Business Entity Will You Form

What Type Of Business Entity Will You Form published on

Of all the choices you make when starting a business, one of the most important is the type of legal structure you select for your company. Not only will this decision have an impact on how much you pay in taxes, it will affect the amount of paperwork your business is required to do, the personal liability you face and your ability to raise money. With so many choices of type of formation such as a C Corporation, S Corporation, LLC, General and Limited Partnerships (LP), it is important for entrepreneurs to evaluate the following main criteria:

  • Legal Liability – to what extent do you need to be insulated from legal liability?
  • Taxes – what are the opportunities to minimize taxation based on your situation?
  • Cost of Formation and Administration – State filing fees and record-keeping vary from state to state and type of entity.
  • Flexibility – a maximize the flexibility of the ownership structure by considering the unique needs of the business.
  • Future Needs – you must plan for uncertainties such as disability or selling your business.
Entities
Types of business entity

These are only the primary criteria for most business owners, your personal and business situation may have to involve the analysis of more criteria in selecting the appropriate business entity. The advice of a trained corporate lawyer should not be ignored when making such a decision.

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have any questions about what type of business entity you should form, 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.

Protect Your Business Name And Logo

Protect Your Business Name And Logo published on

With the U.S. Trademark Office receiving over 450,000 applications last year, the agency responsible for helping businesses protect their intellectual property has revamped its structure to better streamline the volume of work and more efficiently process applications. As of January 17, 2015, the Trademark Office has reduced its filing fees in hopes of saving entrepreneurs and small business owners over $5 million in trademark fees in the next year.

Fees for filing a trademark are now $275 per class of registration, down from $325. As part of the reduced fees, applicants must agree to communicate with the reviewing office via e-mail. Communication includes all responses and other specified documents that are routinely part of the trademark review and prosecution process.

The Trademark Office will also now be sending courtesy reminder notifications to trademark owners for their required renewal applications. Previously, trademark owners were responsible for keeping track of their renewals on their own. Now, owners who authorize e-mail communication will receive notifications and the option to file their renewals online. Fees for renewal applications will also be reduced from $400 to $300.

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have trademark related questions, 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

 

Personnel Background Checks

Personnel Background Checks published on

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:

 

  1. An employer may ask about a person’s background except for certain restrictions on medical and genetic information.
  2. If using a background check, the employer must be in compliance with laws prohibiting discrimination.
  3. 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.
  4. Employers should seek the same background information from all individuals.
  5. 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.
  6. 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.
  7. Employers must preserve records for one year.

 

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

 

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