July 18th, 2009 at 02:52am
Under Discrimination Law
Unless you are a lawyer, the odds are that you have not spent much time studying bankruptcy laws. If you are someone who is experiencing financial trouble personally or with your business and you find yourself in unmanageable debt, then you need to find out more about bankruptcy and ways to avoid it if possible.
At first, bankruptcy may seem like an attractive option. The goal of US bankruptcy provisions was to help the individual in debt be released from these obligations so that he can start over completely. The creditors are paid immediately but only as much as what the bankruptcy court can make after selling all the debtor’s non-exempt property and goods. Therefore, the creditors get money right away but, in all likelihood, they will not be repaid in full. Once you file for bankruptcy, you are absolved of your debts and your creditors can no longer harass you or sue you for the money. This reason is why many creditors would prefer you do not file bankruptcy in the first place, they want to receive their money back in full even if it does take longer than was originally agreed upon.
Even though Chapter 7 bankruptcy absolves your debt and allows you to start over, you are starting over with almost nothing. All of your non-exempt assets have been sold off and you have most likely lost many friends who trusted you with their hard-earned money. Your credit score also collapses. Depending on the state in which you live, the fact that you filed for bankruptcy will show up on your credit report for at least ten years if not longer. It is very difficult to start over again when you have no funds and cannot borrow money without incurring very large interest rates.
Therefore, you want to avoid filing for bankruptcy at all costs. If you feel as though you are sinking deeper and deeper into debt, you need to talk to a financial expert. They might be able to help you negotiate new contracts with your creditors so that they receive their payments in full and you can avoid the liquidation of all your assets.
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July 13th, 2009 at 02:52am
Under Business Law
It is essential to know about business law before starting a business, as it will help you operate your business without the hindrances of ignorance. It is better to seek the expert guidance of an accountant and an attorney to learn about the latest business laws that will affect your business. Below is a list of the most important business laws.
Business structure laws: There are different laws for different business entities. Be certain you learn about the business laws that govern the kind of business entity that you choose to start. The major types of businesses are C, S and closed corporations, limited liability companies, and sole proprietorships.
Zoning Laws: It is essential to know about zoning laws, as certain zones are restricted in certain areas. It deals with the kind or type of business allowed in certain areas, how the land surrounding a business is used, signboards, advertisements, and parking.
Licensing Laws: In order to operate a business certain licenses are required and there are some important business laws you need to know. If a business operates without these licenses, it is illegal and the business may be dissolved or forced to close.
Trademark and Patent Laws: These are laws that deal with ownership; intellectual property rights, and inventions. They are necessary to protect the business.
Employment Laws: These are laws regarding the hiring and firing of employees, their rights, compensation, safety, work place discrimination, child labor laws, overtime pay structure, disability laws and unemployment laws.
Tax Laws: This section deals with filing of tax returns and depends on the kind of business entity and the state the business operates in, sales tax. These include franchise tax, income tax and other state and federal tax requirements of a business. These are very important business laws you need to know before starting a business.
Environmental Laws: The government enforces the environmental laws for the discharge of hazardous waste and the recycling laws pertaining to the business.
Health Department Permits: This is necessary if your business deals with food products. You must get health department permits to operate your business.
Fire Department Permits and Air and Water Pollution Control Permits: There are laws that certain kinds of business entities must get permits from these departments to operate.
Beware Of Laws
The list above contains basic business laws you need to know before starting a company. It is necessary to take precautions that you are not violating any law by operating your business. You must obtain all the necessary permits and licenses from the appropriate authority.
Additional Help
There are firms that offer their services and products to help make the process of starting and running a business very simple and easy. There is also software to make sure your company remains legitimate.