Mirror of Justice

Business Partner Compliance & Commercial Loans

July 19th, 2009 at 02:52pm Under Business Law

If there are multiple partners, who fills out the personal information to be in compliance with small business laws? Are you making the transition from being an employee to entrepreneur? Are you in the process of a small business start-up? Have you decided what type of small business you will operate… sole proprietorship, partnership, C-Corp, S-Corp or LLC? What starting capital investment do you have, or will you be seeking small business financing? If there is more than one owner of the business, who fills out the personal information? And why?

With multiple partners, it is wise to have each of the partners provide their personal information on required documentation to be in compliance with small business laws. In the case of business credit applications, it is standard to complete more documentation than applying for a home loan and certainly more than for any consumer credit. This is because the lenders require complete knowledge, not only about the business itself, but also about the entrepreneur(s). The lender can then tailor the loan to most aptly suit the needs of the business. Credit history and collateral of each principal is a key factor to the success of securing the loan. Business and personal financial statements, as well as business and personal credit scores will be considered.

Some Credit Unions require the name, title, social security number and percentage of ownership for all partners, as well as the collateral. In a general or limited partnership, each partner reports their share of partnership income on individual tax returns. The small business does not pay taxes as its own entity. In a limited liability company, members report their shares of small business income on individual tax returns. The business does not pay taxes as its own entity. In a C-Corp, shareholders pay taxes on their earnings and the corporation pays its own taxes.

Another instance when it is beneficial to provide personal information of each principal is to have related experience resumes to assist customers who deem it pertinent to their specific requirements. For example, signing a contract with a business that is building a highly technical device, the customer would need to know what relevant qualifications and experience the owners/partners have had. The more informed and reassured the customer is, the more likelihood of securing a signed contract.

Business Lawyers

July 18th, 2009 at 08:53pm Under Business Law

A business is an organizational entity which is recognized legally and is intended to provide goods and/or services to the consumers. It’s run in a systematic and an organized manner with an expectation of earning profits for the owner. A Business is completely different from a hobby in a way that while in a business the losses are tax deductible, it is not so in a hobby.

There are several kinds of businesses. It could be a Sole Proprietorship, a Partnership, a Corporation, or a Limited Liability Company (LLC).

There could be several reasons as to why a business should hire a business lawyer. In case if a business is being investigated for securities fraud or if an injury has occurred to a customer on your premises or due to your products then you definitely would need a business lawyer. Otherwise also it is advisable to have a business lawyer associated with your business for reasons that might be not so obvious. For instance if you are planning on forming a particular type of business then a qualified business lawyer can easily assist you in averting a lot of legal issues that might arise due to such formations and can also advise you on the optimum business formation suited to your needs.

The business lawyers can assist with various kinds of business laws like formation and organization, finance and banking, transactional business law, sale and purchase of businesses and assets, debt recovery, intellectual property, information technology and internet and e-commerce laws etc.

The business lawyers are well experienced and work in synergy with the clients to ensure that all the legal matters are resolved quickly and cost effectively while keeping in mind the client’s requirements.

Business Lawyers

July 18th, 2009 at 08:53pm Under Business Law

A business is an organizational entity which is recognized legally and is intended to provide goods and/or services to the consumers. It’s run in a systematic and an organized manner with an expectation of earning profits for the owner. A Business is completely different from a hobby in a way that while in a business the losses are tax deductible, it is not so in a hobby.

There are several kinds of businesses. It could be a Sole Proprietorship, a Partnership, a Corporation, or a Limited Liability Company (LLC).

There could be several reasons as to why a business should hire a business lawyer. In case if a business is being investigated for securities fraud or if an injury has occurred to a customer on your premises or due to your products then you definitely would need a business lawyer. Otherwise also it is advisable to have a business lawyer associated with your business for reasons that might be not so obvious. For instance if you are planning on forming a particular type of business then a qualified business lawyer can easily assist you in averting a lot of legal issues that might arise due to such formations and can also advise you on the optimum business formation suited to your needs.

The business lawyers can assist with various kinds of business laws like formation and organization, finance and banking, transactional business law, sale and purchase of businesses and assets, debt recovery, intellectual property, information technology and internet and e-commerce laws etc.

The business lawyers are well experienced and work in synergy with the clients to ensure that all the legal matters are resolved quickly and cost effectively while keeping in mind the client’s requirements.

Changing Employment Laws in 2009: What You Need to Know

July 14th, 2009 at 04:11pm Under Employment Law

For many, the dawn of 2009 holds a great deal of uncertainty, while for others it represents a chance at a fresh start and the potential for improvement – whether personal, professional, financial, or some combination of the three. For the human resources industry, 2009 will undoubtedly be a year in which changes in our government and our economy will be noticeably reflected in changes to employment law. The election in 2008 played host to a huge number of ballot issues regarding hiring processes and worker benefits. Such issues are again at the top of the incumbent legislature’s agenda in 2009, and will have a direct impact on not only the American worker, but on the employers and HR professionals responsible for their pay and benefits.
After examining a number of the bills proposed and voted into action for 2009, leading research indicates some overall legislative trends emerging in three major areas of human resources:Healthcare Reform
As the number of Americans without insurance continues to rise, finding a way to provide individuals with better access to affordable healthcare was at the forefront of heated issues in the 2008 election. While already a major issue in 2008, the incoming Congress has recently announced that healthcare reform will be among its top priorities this year. Just prior to the start of 2009, for example, Congress passed the Mental Health Parity Act, a measure requiring many employers to broaden their mental health and substance abuse coverage for employees.
Meanwhile, a number of states and municipalities introduced new legislation addressing employers’ responsibilities concerning the health of their employees. Washington, DC and Milwaukee, for instance, passed initiatives mandating that employers provide paid sick leave for workers. New Jersey joined the movement by signing into law a bill requiring employers to give six weeks paid leave to staff members caring for a sick relative or new child.
However, in light of the economic crisis, further healthcare legislation may not increase quite as dramatically as once expected – on the state level, at least. The Society for Human Resource Management (SHRM) predicts that in light of “widespread budget shortfalls predicted in nearly half of the nation, health care reform is likely to be less of a front-burner issue in the states.” Instead, SRHM predicts that cash-strapped state legislatures will be looking to the new administration to handle this issue on a federal level.Immigration Reform
A hot-button issue with immediate implications for employers and HR professionals, immigration was the topic of a significant number of bills introduced in 2008. A total of 26 states passed new legislation addressing immigration concerns, many of which imposed new penalties on companies employing undocumented aliens.
Playing a large role in much of the new immigration legislation was E-Verify, the government’s Employment Eligibility Verification System. In 2009, all federal contractors and subcontractors will be required to use the system. Likewise on the state level, many immigration bills passed in 2008 require employers to use E-Verify or similar systems to ensure they are not hiring illegal workers.
Unlike the issue of healthcare reform, immigration legislation is predicted to continue occurring mainly at the state level while, according to SHRM, any sort of comprehensive reform at the congressional level is considered “unlikely.” Again, however, due to the budget shortfalls and the economic crisis it is difficult to predict whether states across the country will see a continued push for immigration reform. However, in some more conservative U.S. regions like the South and Midwest, employer penalties for hiring illegal workers may be more severe.Workplace Safety
Concerns about workplace safety and efforts to increase employee health and wellness were evident in a number of new state laws put into effect in 2009. Safety concerns ranged from matters such as office air quality to more grave issues like gun control in the workplace.
On a federal level, increased attention to workplace safety was made clear in a large increase in government money directed toward the Occupational Safety and Health Administration (OSHA) for its 2009 fiscal year. OSHA received a budget increase of $15.7 million, part of which is being used to conduct increased workplace inspections in 2009. Likewise, the incoming presidential administration has touted workplace safety as a priority, and is predicted to take a second look at several previously failed workplace safety bills, including the regulation of combustible dusts in the workplace and mandating stricter ergonomics requirements for employees working in the healthcare industry.
On a state level, Oregon passed a law requiring all workplaces to be “smoke free,” prohibiting smoking within ten feet of the entrance to a building or worksite. In the meantime, eight other states, concerned with a growing number of gun-related incidents in the workplace, have enacted various laws concerning an employer’s right to limit the possession of weapons on company property.
While only time will tell how these potential changes to federal and state policies will play out over the course of the next year, staying aware and informed of proposed legislation can help employers and HR professionals prepare in advance for new regulations, develop appropriate contingency plans, and ensure a smooth and compliant transition if and when the changes occur.

Business law questions and answers

July 12th, 2009 at 02:53am Under Business Law

Stuck on another business law case study!!?!??!?!?Yep it’s me again! Please help me out on this one! John, a 17 year old student who looks much older ,orders $1500.00 worth of food for an end-of-VCE party. The food is duly delivered and consumed and John refuses to pay. What are the legal rights of the food supplier? I.What is the main diference between concealment and nondisclosure in business law? Knowledge of an event , communication, property, or intelligence that is concealed, with intent to conceal, from scrutiny or investigation, by any lawfull body or court. Nondisclosure is the knowingly withholding of information, intelligence , property, with the knowledge that the information, intelligence, property, is required.Question about business law, i got ripped off by a lawyer?my fiance’ and i run a computer tech. business, he went on a call, did the work, and the client (a lawyer) is ripping us off, she claimed that a loose wire caused her to have to call a different tech after we preformed the job, and has.Wrongful termination and withholding of funds. Do I have a case?The details are too long to post here, but if anyone reading has any knowledge of business law (preferably a lawyer), please email me and I will give you full details. Short summary: I was fired for not being willing to work on myday off (I am an.A question about a case study for business law.What does the law state reguarding this particular matter?Case study 1 Helen, age 17, wanted to buy a motorcycle. She did not have the money to pay cash but persuaded the dealer to sell a cycle to her on credit. The dealer did so partly because Helen said that she.Is there a business law that prohibits intentional racism?Macy’s denigration of whites just fuels the fire. http://www.foxnews.com/story/0,2933,2905.business law Consider the business that started this. Macy’s the ridiculous store that came to Chicago bought a profitable store – Marshall Fields – a pillar of the city, decides to sell only New York products because ‘everyone likes New.Legal liability?My business law professor used to say, ‘Neither officer, director, nor major shareholder shall I be.’ I recall officers, board of directors and major shareholders can be held personally liable for their actions in a corporation. Any truth to that? Well, if your Law Professor said it, there’s a good chance it’s true. – No, that’s not.I have a question about business law class?There exists – in the field of contract law – both contract and non-contract theories of recovery. Depending upon the particular fact situation, a party might file a lawsuit for breach of an express contract in fact or an implied contract in fact. These are both contract theories! A party might.Please read and see if you can help me along.this is for a business law class.?Using the Internet, locate and print out a company’s order form for one of its products. (1) Identify the web site where you located the order form. (2) Does the order form include a representation regarding the age or capacity of the person.I need a good topic for a paper (6 Pages) about any aspect of business law. Any good ideas??Any interesting ideas are appriciated. I will give the 10 points to the person who gives me a topic that I can use. Any websites with information will be helpful too. Thanks What about the whole issue with music piracy,.BUSINESS LAW anyone any good with business law??Ruth carelessly parks her car on a steep hill, leaving the car in neutral and failing to engage the parking brake. The car rolls down the hill and knocks down an electric line. The sparks from the broken line ignite a grass fire. The fire spreads until it reaches a barn.Business law topic.help?I need a good topic for my business law essay. I can’t think of anything. I was going to do Walmarts discrimination against women in the workplace, but one, its not a very interesting topic and all the information I’ve found is the same. Any ideas for me? how about walmarts suit with the pharmacists, it.How can one breach acontract?This question is from business law as one my course unit and it was acourse work given to me tofind answers. My email address is masswils@yahoo.com. Fail to fulfill the terms as contrated for. – By refusing or failing to carry out your obligations under that contract eg by failing to deliver goods (if.I have a question about contract law.?if i remember my business law class correctly if there is a contract between two parties and there are say 10 things in the contract that one party needs to abide by and they don’t abide by even 1 item in the contract. is this contract void? i thought a contract had. More law questions please visit : LawFreeFAQ.com

Business Law Savvy – Protect Your Company From 5 Common Legal Risks

July 11th, 2009 at 08:53pm Under Business Law

Unfortunately in today’s business world, it is only a matter of time before your company is sued by someone or investigated by some governmental agency. However, you can lesson the odds by understanding and identifying the most common legal problems that could come your way and protecting your company against them.

1. Criminal Investigation

State and federal law enforcement and governmental agencies proliferate with each passing day. Depending on your industry, you could be regulated by as many as ten agencies, not counting the normal and customary policing departments. The power of government agencies is blinding. Recently, a trend has emerged targeting more and more businesses, executives and owners for investigation and prosecution. It has become so prevalent that all companies should focus considerable effort toward insulating their owners, employees and operations from risk.

Adopting a policy that your company will cooperate in all government inquiries and investigations with the assistance and counsel of an experienced criminal law attorney is the best way to insulate you and your employees from waiving your rights or creating more risk. Educate yourself and your employees on your constitutional rights and what procedures to follow with the advice of a criminal law specialist or attorney familiar with this trend and danger.

2. Employee Lawsuit

Employment law is the new lottery for Plaintiffs’ lawyers who have watched tort reform narrow their playing fields. For every perceived harm – real or imagined, there is a creative lawsuit waiting to be filed. Sexual harassment, age discrimination, pregnancy discrimination, racial discrimination, gender discrimination, disability discrimination, wrongful termination, retaliation, and injuries, are only some of the fertile ground for disgruntled employees.

Clear and thorough employee rules and policies are the first area of defense against this kind of legal threat. Develop an employee manual and document employee files. Treat all employees with respect and with equality and consistency. Engage a business or employment lawyer to review your policies and rules.

3. Cyber Issues

With the move of all businesses toward more and more dependence on technology and the use of internet communications and resources, cyber legal issues grow exponentially every day in ways that are just beginning to be understood and anticipated.

Specific rules and policies regarding employee computer usage, privacy and access are critical in today’s business. Adopt, revise, review or amend your policies and rules as soon as possible. Neglecting this area of legal threat is just asking for trouble.

4. Marital and Divorce Issues

If you are married or if any of your fellow owners or partners are married, significant risk exists in the divorce arena should any marriage fail.

Contractual protections in your entity documents or business agreements should address these risks so that you can continue conducting business regardless of someone’s divorce claims and proceedings. Marital property agreements can also provide additional insulation from this threat.

5. Business Contract Lawsuits

Attorneys’ fees and expenses can wreck your bottom line and distract you and your employees from your core business operations. Your goal should be to utilize contractual provisions to minimize the chance of being sued or having to sue third parties with whom you do business.

With the appropriate contractual clauses, you can avoid being drug into a courtroom by requiring arbitration, choose the state in which you will be sued or in which the arbitration will be conducted, limit damages, and require that the loser pay the costs of dispute resolution. Many more advantages can be built into contracts in order to give you control over the legal process.

All business owners and executives have the obligation and duty to their employees, shareholders, partners and families to insulate and protect their companies and operations from the legal threats that haunt businesses. By understanding the threats and risks, and by taking proactive measures to prevent lawsuits and legal disasters, you can control your own legal destiny and win the advantage in any future legal battles.

Marjorie Jobe is a practicing attorney in El Paso, Texas and is the author of Business Law Battle Plan for Entrepreneurs: Protect Your Company from Lawyers, Lawsuits and Legal Disasters.

http://marjoriejobe.com/

http://businesslawbattleplan.com

Business Laws Unveiled

July 9th, 2009 at 08:52pm Under Business Law

Each and every person in this world must have at least once thought about opening some sort of business to increase his or her income. No matter if you are thinking about opening a small family business or a larger company, you cannot do anything but obey the business laws! If you don’t, you and your business can get into serious trouble!

In case you are under the impression that you need to be a graduate of a business law college or have a business law major in order to understand and use some of the basic ideas of small business law and corporate business law, you are making a very big mistake. Perhaps you have heard form the news and the headlines that employment law for business is one of the most dangerous fields, as a person can easily break the business laws and regulations.

The least any business man should know is that he or she must meet the general international business laws. You must also consider the export laws, import laws and but, by all means, one must obey to the specific laws of the country in which your business is situated.

Should you own a company that operates in your home country, then you must get to understand the business laws there. If you cannot manage to get a business permit or license, you can find yourself in a great amount of trouble, as your business can get shut down. Not to speak about the inconveniences due to business and hefty fines and penalties!

If you thought that Internet and online businesses do not need to take these rules seriously, then you can have the unpleasant surprise of getting serious problems. Of course these types of business need to obey the business laws, but they are called Internet compliance laws. Therefore, should you be operating a website of any kind and do not care about all these rules and regulations, criminal prosecution and hefty fines are waiting for you right across the corner.

Well, if all these bad things have made you fear doing business of any kind, you must know that no one expects you to be able to navigate the complexities of any type of business law by yourself! The best option for you is asking for help from a qualified professional of a business law firm. This way you will never get into trouble of any kind!