Business and Tax Lawyer Blog

Are you thinking about starting your own business? An important step to letting "the world" know you are in business and to convey who are you to prospective and existing customers is branding your business. Branding is the easiest way to inform consumers what your business is and what your business offers. Many people involved in start-ups or small business put branding in the backseat and focus solely on with funding and product and/or service development issues in their startup phase. This is a critical mistake. Branding, although intangible, is just as valuable other companies assets. A Business' brand sets the stage for how customers should perceive your business and often reflects its reputation behind its name or logo. Properly branding your company or business will increase the public's awareness of your name and logo, create a reputation that instills loyalty and trust in your customers, as well as provide familiarity to bring in prospective customers.

So the question you need to ask yourself is - how do you want people, especially prospective customers, to perceive your business? If you are considering starting a business, or have already started a business, you should contact a business attorney at Wood, Atter & Wolf, P.A..

All kinds of business-related areas saturate financial news, especially stocks and bonds. However, many novel investors start out by investing in projects involving real estate or small business-start ups. These same investors typically choose to fund their new projects or small business start-ups with family members or close personal acquaintances - thus, forming a partnership. Partnerships usually start off well, everyone being optimistic about the future or the new project or business. A harsh reality is that business partnerships can dissolve for a variety of reasons - including, but not limited to, a falling out between the partners to a change in circumstances for one partner that prohibits him/her from further working with the partnership. Whatever the reason, the outcome is inevitable - the partnership must be dissolved. Dissolving a partnership brings about major changes to the the business structure and to the personal lives of the partners. If faced with dissolving a partnership, certain steps should be taken as early as possible to ensure a smooth transition.

1. Any licenses, permits and certifications there were received in the names of both partners names (or multiple partners) should be canceled.
2. Remove the exiting partner from any joint bank accounts that pertain to the business
3. Notify the IRS and creditors of the split. Also, ensure that all taxes and debts of the business are paid timely regardless if the business survives the dissolution or the partnership.
4. Consult with a Business Attorney in your local area and/or state to ensure there are no legal ramifications for dissolving the Partnership.

Contacting a Business Attorney is critical if considering dissolving a partnership. An attorney is extremely helpful in dissolving a partnership for several reasons. For example, your business may be operating under a certain name and will not continue to operated under that same name after the partnership is dissolved. If you anticipate a possible name change for your business, certain paperwork needs to be filed to the county clerk's office - an attorney in your area will know exactly what paperwork needs to be filed and will do so timely. Also, if a partner is being bought out by other partners, an attorney can draft a contract specifying what are being purchased. If considering dissolving a partnership contact Wood, Atter & Wolf, P.A., to consult with an experienced Business Attorney.

A fully operating business has many integral parts: its staff, customers, business plan, goals (both short-term and long-term), and of course, the boss. Bosses are placed in a delicate situation balancing concerns about payroll and maximizing profits with concerns about being liked and respected by staff members. In the business world, a simple "business etiquette" mistake can be costly. Some business etiquette suggestions (both old and new) for bosses to prevent common mistakes are:

- Don't always stay behind your desk.: If it is not a part of your daily routine (e.g., conversations about budgets or reports), step out from behind your desk. This is especially true when meeting a client, interviewing a prospective employee or participating in a review. Moving out from behind your desk makes you seem less dominating and may possibly encourage honest and frank conversation from the person sitting across from you.
- Engage in small talk: Although it may seem tedious at times, small talk is important for a successful and pleasant working environment. Engaging in small talk with employees makes you, as the boss, appear more friendly, as well as enables you to know your employees better without getting too personal. Small talk with clients makes them feel more aligned with you and your product or service.
- Stay professional when using text messaging and e-mail.: Your child may know what "lol" means, but it has no place in a work-related email, especially with clients. Keep the emails and text messaging professional. Also, never use emoticons. If you are happy, just say so.
- Compliments are OK!: Some bosses tend to not give compliments out of fear that doing so may encourage employees to start slacking. However, when no compliments are given, employees may become disgruntled and "de-motivated." Give justified compliments. When talent is found, recognized and complimented, growth is fostered. This is vital to all businesses.
- Set the standard for work dress code.: You are the boss, so however you dress and your appearance will influence employees' dress and appearance. You set the style for your business.
- Employees & Social Networking sites.: It is wise to not send your employees "friend requests." Befriending an employee on a social networking site may make them feel uneasy. If the employee attempts to befriend you, go ahead and accept, but maintain professionalism. Or, make it your company's policy that bosses and employees shall refrain from such social media friendships.
- Refrain from Water-cooler talk.: Water-cooler talk is much different from small talk. Do not engage in gossip with your employees, as you will be viewed as untrustworthy and perhaps lose respect. If rumors are circulating around the office, address them head-on. You are the boss and it is your job to create a comfortable, but successful, work environment.

Being a boss is never a simple role. If you own a business and are in need of guidance on how to properly manage a well-functioning staff, an experienced Business Lawyer would be beneficial to you. A Business Lawyer can provide guidance on how to maximize employee performance, and ultimately profits, while maintaining a comfortable working environment. Contact Wood, Atter & Wolf, P.A., to speak to an experienced Business Attorney today!

Continue reading " Practical & Social Etiquette for Bosses " »

Once you've completed the basics on starting up your business (Read Simple Tips to Starting Up A Small Business, Part 1 - Getting Started) you must know how to maintain your business. It is important to know who your audience is, how to get clients (and more importantly keep your clients) and maintain good business relationships. Also, you will be ahead of the game if you prepare yourself, in advance, for the fact that you are going to face unexpected challenges. Be willing to compromise. Below are some simple tips to follow:

- Know your Customers:
Knowing who you are selling to (your customer base) is vital to starting a successful business: in other words, who is buying your product? So take the time to do market research - Who needs your product or service? Who are you trying to reach with your marketing and where can you find them? Knowing the answers to these questions will help you in creating your product/service and in creating and maintaing your marketing plan. Once you've established your audience and customer base, keep in touch with them. Send out surveys to obtain valuable information on your clients' input, opinions and feelings, and follow up on important news with them. Develop a client database and use it often.

- Be Honest about Your Rates:
Be honest and clear with prospective clients about your rates. Equally important, you yourself need to know your rates and establish what you need to earn. Here is an area where you need to be brutally honest, set realistic goals and figure out what you need to earn in order to keep your business alive and thriving. A thing to remember when setting your rates: often you are selling the VALUE of your products and/or services, not necessarily the product or service itself.

- Remain Dedicated to Your Goal:
A huge factor in being successful is how much you really want it. As a new business owner you are going to be hit with challenges and barriers that even the most thorough planner could not have anticipated. Remind yourself that you can and will overcome these adversities so long as your ultimate goal is really worthwhile to you.

Starting and maintaing a business requires constant awareness because your client base and the business market is constantly changing. It will be beneficial to you as a business owner to speak with an experienced Business Attorney who can provide guidance and counsel on how to cope with these situations. Contact Wood, Atter & Wolf, P.A. to speak with an experienced Business Lawyer if you are considering starting your own business.

Continue reading " Simple Tips to Starting Up A Small Business, Part 2 - Getting and Maintaining Clients, Staying Focused " »

Given the current economic state, many people have been forced to seek different areas of employment. Some have decided to return to school and advance their education while others have decided to start their own business, essentially becoming their own boss. Are you in the category of those people who have or are considering starting up their own business? If so, and you have a great idea and are ready to build a business off that idea, you must be organized and know where to begin. Below are three simple tips anyone who is considering starting up their own business should follow:

- Have a Plan and Follow it!:
The first and one of the most critical steps in forming a business is creating a plan for your business - its blueprint for success. A plan gives you a foundation and a direction to follow. Think thoroughly before formulating your plan. Ask yourself - what am I selling, who will buy it, what are my costs, what people do I need, how do I let everyone know I am in the business now, and how will I get funding? Once your plan is in place, follow it!

- Don't be Afraid to Ask for Help:
Many people try to take on too much at one time. Wise business owners know that they cannot do it alone, everyone needs some help from time to time. Seeking out volunteers and mentors is a great way to get help for those with a small budget. The more experienced people you have on your side, the more educated guidance you can obtain in starting your business.

- Get Started!:
Don't wait until you have every little thing in order to get your business going. If you have an idea and have done enough planning to know where you are headed, get the ball rolling! Remember that you will learn lessons along the way and be willing to compromise, adapt and make changes.

Starting a business can be overwhelming. Seeking the advice, counsel and guidance of an experienced Business Attorney is always a step that should be considered. An experienced Business Attorney can bring to your attention avenues or outlets you never previously considered or were aware of. Obtaining legal advice aids in protecting your interests and ultimately your business. Contact Wood, Atter & Wolf, P.A. to speak with an experienced Business Attorney if you are considering starting up your own business.

Continue reading " Simple Tips to Starting Up A Small Business, Part 1 - Getting Started " »

Unfortunately, the U.S. Postal Service has taken a significant hit due to shrinking revenues and arcane rules. Many post offices have already been, or are expected to, shut down, as well as lay off thousands of employees. The consequence: shipping prices increase and services decrease. A possible "next" on the ole chopping block? Saturday deliveries. With the holiday season rapidly approaching, the USPS's downfall is not good news, especially for small businesses. So what exactly can small businesses do to prepare for increased shipping prices and decreased mailing services? Below are some helpful tips for small businesses during these tough times:

1. Plan, plan, plan!: Overnight deliveries are already expensive and with given the current predicament of the USPS it does not look like they are going to get any cheaper. Plan ahead, plan better. Push back mailing deadlines and try to send as many packages as possible by regular mail. As USPS services slow down this could become increasingly important.

2. Update your mailing list.: Just how current is your mailing list? Send out postcards inquiring interested customers to respond to remain on the mailing list. Doing so will cut out the "deadwood" and reduce mailing charges.

3. Compare Costs with Competitors.: As USPS prices increase other distributers (UPS, FedEx) may start to look more attractive. However, it may be beneficial to your business to go ahead and look at competitors' offerings before getting hit by the price increase.

4. Try Email. : As an alternative to mailing out letters try an email marketing program (common programs are AWeber or Mailchimp). These programs send out great looking fliers to customers' inboxes as opposed to their mailboxes. If you are unsure whether your customers would prefer this method mail them and ask for an email opt-in. An added bonus: if you didn't already have your clients' email addresses, now you do!

5. Consider Private Electronic Mail. : This method is already being used by some big companies and government agencies. Essentially, private electronic mail allows customers to receive full featured messages from any location, as well as keep the mail out of over clogged inboxes.

Small businesses have taken a hard hit during these tough economic times. It is wise for small business owners to develop strategies and plans that aid in maximizing their potential profits, especially during such difficult financial periods. For counsel and guidance and developing such plans contact a Business Attorney at Wood, Atter & Wolf, P.A.

Continue reading " Mailing Strategies for Small Businesses " »

It is not novel news that employers search prospective employees Facebook pages, or other social media websites, to get information on potential hires. But what if you are a current or previous employee of a business and are involved in a civil suit with your the employer? Exactly how much information on social media sites is available to those employers who are involved in civil suits with employees? Well, in late October 2011, the Appellate Division of the New York Supreme Court ruled that there are limits on employee activity that employers can legally gain knowledge of through social media sites (for example Facebook and Myspace). In short, employers do not have a "free hand" in searching an employee's Facebook activity when that employee is currently involved in a civil suit with the employer.

The New York Court limited what an employer, Turner Construction Co., could legally gain access to regarding the Facebook activity of an employee who was seeking compensation in a personal injury suit against the employer. The company was trying to use the employee's Facebook activity to prove the employee was being untruthful about the extent of his injuries. Specifically, the New York Court ruled that the company could only have access to the employee's Facebook activities that were relevant - in other words, activities that disproved the employee's alleged restrictions, disabilities and other claims.

Up to this point the New York Court's ruling seems like good news for New York employees. However, it is not all good news because the employer did get a limited right to review information that had been "set" as private or limited access. So far, this case in the New York jurisdiction, but this is a case that could spread to other states.

A general business practice to be considered as a result of this case would be - Employees, whether former, current or prospective, need to be careful about what they post on their social media pages; even private or restricted activity is no longer private or restricted; Employers, use common sense when relying on information you get from viewing your employees social media pages.

If you area business owner and have questions about your use of this type of information please contact a business attorney at Wood, Atter & Wolf, P.A.

Continue reading " What's Really "Private" on Your Social Media Page? " »

On Wednesday, November 2, 2011, President Obama announced an executive order to accelerate the "Pay As You Earn" student loan program in 2012. The program was originally supposed to begin in 2014. According to an article in the TimesDaily.com, graduates face tremendous difficulty when it comes time to repay their student debt. Approximately nine percent of graduates were unable to repay their loans in 2009, up from seven percent in 2008. Because of this financial hardship on recent grads, the current state of the economy and a general reluctance to fund higher education, the "Pay As You Earn" student loan program was accelerated to begin in 2012. Under the program, banks are eliminated as the "middle man," in student loan repayments, which will ultimately result in saving money.

Benefits of the Program:
- Monthly payments will be capped at 10% (present law caps payments at 15%)
- Loan forgiveness will be offered after 20 years (present law forgives outstanding loans after 25 years)
- Students will be allowed to consolidate federally backed loans in order to reduce interest rates.

Why is this important to small business owners and entrepreneurs? As graduates have faced increasing difficulty in securing employment in the current job market many have turned to starting their own businesses. The ability to reduce student loan payments will directly impact these new business owners and entrepreneurs as they seek investment capital, acquire inventory and secure lines of credit for their new venture.

If you are considering starting up a new business contact Wood, Atter & Wolf, P.A. for questions, concerns and legal guidance in your endeavor.

Continue reading " "Pay As You Earn" Executive Order Could Benefit Small Business Owners and Entrepreneurs " »