The entity you choose for your business affects everything contracted by your company. Your business entity will determine the amount of taxes you pay, what kind of records you keep, and how vulnerable your assets are to lawsuits. Among the different business entities, all companies should be one of the following legal structures: a sole proprietorship, partnership, corporation, or limited liability company (LLC).
When starting a business, you have to make a ton of decisions. Deciding what to name your company and hiring employees, what kind of products or services you should sell, and how to fund your operation, getting your business off the ground comes with a nearly endless number of decisions. Of all these decisions, perhaps none is more important or has a more significant impact on your success (or failure) than your choice of business entity structure.
Hiring independent contractors (ICs) can be an essential way to boost productivity and streamline your resources, especially during the startup phase, when you have limited access to capital and can't afford to hire a full roster of employees. Even after your operation grows beyond its fledgling period, contractors are often vital for completing one-off projects or rounding out your team during hectic periods.
Facing a lawsuit can be challenging. As much as possible, you want the whole thing to be over quickly and don't want to settle in for the long haul. However, your litigation will not be resolved without going to court, and the best way to help you deal with this conflict is to find the right lawyer. So how do you choose the best lawyer for your situation? Here are some tips to help you hire the right lawyer for your case.
With all the challenges businesses are facing right now, some are still experiencing tremendous growth. But planning for business expansion requires a stronger workforce, which means more hiring. This is just another challenge you'll face since it involves additional legal requirements that you'll need to comply with to avoid conflict with your new team. Though expansion provides a great opportunity to build more profit, it can also expose your business to additional risk.