The Kumar Law Firm PLLC

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Starting a business will involve many decisions. Perhaps one of the most important decisions among them will be how you will structure your company. The legal structure of a business will impact its very foundation, all the way up. It will impact how much is paid in taxes. It will impact personal liability. It will impact how to set up the business as well as how money can be raised for the business. An individual decision that will depend on the circumstances of every business owner, you should avoid approaching the choice is if one business structure is better than…
There are many considerations when you make the big decision to set up a business. It may be difficult to even know where to begin. There are, however, certain logistics and formalities that will need to be observed in order for you to be able to successfully navigate these new waters and establish your business. Among the many questions you may have as you set up your business may be whether or not your business will need a separate tax identification number. Does My Business Need a Separate Tax Identification Number? A tax identification number is a nine-digit identification…
In business, you will likely deal with one or more different types of property agreements. You may lease space for your business. You may buy space for your business. In any case, it can be critically important that you both make sure that the necessary terms are included in the property agreement and that the terms of the property agreement fall in line with your business goals. Here, we will go into more details about what you should be on the lookout for in a property agreement. What to Look for in a Property Agreement While it may seem…
While it may have felt like 2021 would never arrive, here it is! The new year is upon us and it is the perfect time to really reflect on your business. Take the time and make a concerted effort to think about where you want your business to go and how you are going to get there. When you have a small business, it can feel like there is never enough time to accomplish day-to-day tasks let alone plan for the future of your business, but this is also an integral part of helping to ensure the continued success of…
Having a written employment contract actually tends to be the exception rather than the rule. Without a written contract, the employee is considered to be “at-will.” When an employee is “at-will,” he or she may be terminated at any time for any legal reason. Many employers and employees may prefer this arrangement because of the flexibility it offers. There are, however, certain benefits to written employment contracts that should also be considered. The Benefits of a Written Employment Contract An employment contract can cover a wide range of issues. It can clearly set forth employment expectations for both the…
Have you ever heard of “business law?” Have you ever wondered what it means? While business law may seem self-explanatory (it’s the law of business, right?), it is an extremely complex area of law that touches on several other areas of law. Here, we will go into more detail about what business law is and what it entails. What Exactly Is Business Law? Business law is indeed the law of business and the law of doing business. When you think about this, however, there is so much that can fall under this umbrella category. Business law by nature draws from…
It can feel like establishing a business means climbing a mountain of paperwork. It’s true. There is a lot of paperwork involved, but much of it, if not all, is very important to set your business up for success far into the future. A shareholder agreement, for instance, is paperwork that should be drafted and executed with great care. A shareholder agreement establishes a mutually agreed-upon arrangement between the shareholders of a company as to how the company itself will be organized and operated. It should also address the rights and responsibilities of the shareholders. How to Create a Solid…
As a business owner, you need to know your contracts. This could mean things like lease agreements. It could mean contracts with your employments. It also means understanding contracts involving your business assets. For several reasons, a business may want to sell off some assets. When a business owner is looking to sell the business, a buyer will almost always prefer buying just the business assets. This is, of course, because it helps the buyer avoid many of the liabilities that can be associated with buying the business as a whole. The seller of the business will usually prefer…
A frustrating, but critical, part of business is contract negotiation. These negotiations can eat up a lot of time and energy. Fortunately, there are steps businesses can take to help foster more productive contract negotiations. This means that there are things businesses can do to help streamline the negotiation process in order to reduce stress and the time commitment required. Here, we will share some tips for successful contract negotiations. Tips for Successful Contract Negotiations Contract negotiations can quickly dearly through miscommunications, ineffective communications, and parties straying their focus on pursuing the optimal outcome for everyone involved. When approaching…
Necessity breeds ingenuity, so the saying goes. The spread of COVID-19 triggered a public health crisis that forced businesses to reevaluate how they do business. It seems as though more people than ever are working from home. That being said, the fact remains that communication is often more effective when you can see the person you are interacting with. So, what is a business to do? Fortunately, technological developments have made it easier than ever for us to be together even when apart. Today, we will discuss some of the video conferencing solutions your business may wish to utilize,…