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How To Choose A Legal Structure For Your Business
by: Jody Ehrhardt
Whether you are starting a small business from your home or opening a new, large operation, you will need to decide which business structure is better suited to you and your company's needs. There are four basic types of business structures: sole-proprietorships, partnerships, corporations and limited liabilities companies. The type of structure you choose will be determined by the type of business you own, the size of the business and many other individual actors. To make the best choice it is usually necessary to seek the advice of a lawyer that specializes in business law.

Before consulting a lawyer, however, it is a good idea to understand your options. The first option, sole-proprietorship, can only be used by an individual that is the only owner of the company. The only exception to this rule is if the owners are husband and wife. In a sole-proprietorship there is one very distinctive advantage and one equally distinctive disadvantage. The advantage to this structure is that there is no legal requirement necessary to form it. This means that you can create a sole-proprietorship for little if any cost and maintain it without further paperwork or legal filings. The disadvantage to this structure is that the individual that forms the sole-proprietorship is solely responsible for any debts incurred by the business. For example, if a customer were to sue your company, your personal assets could be used to pay off any judgment against your business.

In a partnership two separate individuals must own the business and the individuals must choose not to incorporate. As with a sole-proprietorship, no legal filings are required to establish this business structure but it is highly recommended that you at the very least draft an agreement between all parties involved. This document or contract can be drawn up by the partners but it is more advantageous to have a lawyer that specializes in business law draw it up for you. If you choose to draw up the contract yourself, be sure to include information regarding the financial responsibilities of each partner, the terms for the sharing of profits and losses and the responsibilities in decision making for each partner.

If you are thinking about choosing a corporation as your business structure it is important to know that each state sets forth its own requirements for the formation of a corporation. For details about these requirements it is best to consult a lawyer.

The advantage to organizing a corporation is that the liability for the company is limited to only what an individual puts into the company. This means that each individual owner does not have to worry about his or her personal finances or assets seized to pay off company debt.

The disadvantage to owning a corporation is the time it takes to maintain one. In a corporation, the company must elect a board of directors, write articles of incorporation and issue stock. Owners must also attend shareholder meetings and follow all corporate guidelines while running the business. Unless you own a large company with multiple employees, a corporation is usually not necessary.

Perhaps the best business structure is a limited liability company. This structure includes the advantages of each structure while minimizing the disadvantages. For example, in a limited liability company, the owners are not held personally responsible for company debt yet they are still able to run their company without issuing stock or holding corporate meetings. The biggest disadvantage is that there are legal requirements needed to create a limited liability company and an attorney must do the paperwork necessary to create one.

As with all legal agreements, there are many complex issues to keep in mind when making a decision. No matter which type of business structure you are likely to choose, it is best to consult a lawyer for advice on which structure with offer your company the best tax situation while still allowing protection for your assets.

About the author:
Jody Ehrhardt write for http://www.lawyervista.com,a website where you can find a lawyer in your city or state, including Trade lawyers http://www.lawyervista.com/45-trade_lawyers.htmland Tax lawyers http://www.lawyervista.com/46-tax_lawyers.html


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 Personal Injury Lawyer - Do We Need Them?
 by: Mumtaz Shah

Following an accident you'll hear a person say that they don't need to see a personal injury lawyer, TOO expensive! In this article we will set out for you some reasons why NOT seeking, at minimum, a consultation with an accident lawyer could end up costing you a lot of money!

More often than not, regardless of whether you caused the accident or are its victim, if you do not seek a consultation with an accident lawyer as soon as possible after the accident you may well end up regretting your decision. The overriding reasons for saying this are two-fold:

• the insurance company you will be making your claim against are trying to minimise their losses; and

• you most probably don't know what you're entitled to.

As A Victim Of An Accident

Let's assume you are the victim of an unfortunate accident. Let's further assume that your insurance company has come through and has agreed to pay all your medical bills. Now, you may well be feeling that your insurance company are the good guys and you don't need a lawyer's advice. Wrong!

What's happened is nothing less than what the insurance company is obligated to do under the terms and conditions of your accident policy. Moreover, the insurance company is hoping to play on the fact that you feel somewhat indebted to their generosity.

Profitability

That way, they hope, you'll not bring about a bigger claim for what you are rightly entitled to. In the long run that means that they don't have quiet as big an insurance claim loss and they can still make a profit from your policy.

In short, they are protecting their financial wellbeing at the cost of your entitlement rights. But, unless you have spoken to a personal injury lawyer you'll not know this and you'll feel that everything is fine.

So, the next time you are in an car accident or accident, ask yourself this question: 'Is my insurance company interested in protecting me and my rights, or are they more concerned with paying a dividend to their shareholders?'

Non-Profitability

On the other hand, a professional compensation lawyer is normally an ethical impartial third party who knows what your rights are. Aside from possibly being paid a fee, not from or by you, he's also likely to have another job to help a victim better than its' insurance company, (and, keep in mind, if any court proceedings occur, these fees are reclaimed from the opponent side).

So, why shouldn't they tell you the truth about what accident compensation you are entitled to? What's more, even if he does have a financial interest in your case, surely the better compensated you are, the better compensated he is?

As such, if anything, he has even more interest in making sure that you know exactly what your rights are and of making sure that you claim for those rights according to what you are entitled to.

Looked at it like this, it not too difficult to see who the interested party is and who the independent party is. Now ask yourself: 'Do you want to take advice from someone who is interested in minimising your claim, or someone who is interested in maximising it?'

Cause Of An Accident

Now let's look at it from the point of view of, you being the person at fault in the accident. You may well feel that you have nothing to fear, as your insurance company will pay for the damage done. You may even find that initially your insurance company agrees with this. But why...?

Unless you see an accident lawyer as soon as possible after the accident you'll never know. Why? Are you 100% sure that it was your fault...?

Being Polite

The insurance company has to be polite, you're their customer! However, once the claim is over and you're thrilled with their service, you're definitely going to renew your policy. But the extra couple of hundred they ask for will justify the accident? 'Sir/ma'am, you had an accident and your premium has increased!'

Knowing exactly what your rights or obligations are after an accident can be extremely tricky. In most cases it will depend on what happened to cause the accident in the first place.

As such, seeking the advice of a compensation lawyer as soon as you can following an personal injury is the only independent way you can really determine and know exactly what you are entitled to or what you may be liable for arising from the accident.


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