Legal Issues Tips
Read these 6 Legal Issues Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Home Office tips and hundreds of other topics.
Incorporating and You!
When you incorporate your home business, even though it's just you, it's now the Corporation and You. There are lots of ramifications to that. You won't be able to incorporate without the help of an attorney.
When Partnerships Make Sense
Sometimes two heads are better than one. Partners are able to divide the business chores up, each one specializing in his or her own area. Having a partner can make it easier for you to start and manage your business.
Collections
Your home based business could live or die by cash flow. Pre-paid legal services provides original collection letters written by an attorney to assist with slow and non-paying clients.
Disadvantages of partnerships
In a business partnership, both partners can ge held liable for the commitments and liabilities of either of the partners. Check with an attorney before you form a partnership to make sure you understand what liabilities you may be creating for yourself.
Buying out your parner in a partnership
Business partners may have the best of intentions going into a partnership. But before you start, you should always try to form an understanding of how you might dissolve the partnership, should things go wrong. A business attorney can help with this agreement.
Easiest: Sole Proprietor
The simplest way to structure your business is as a sole proprietor. You call the shots, there are no partners to answer to, and there's a minimal amount of tax reporting, in having to file a "Schedule C" form.
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