Fundamentals Of Business Legal Issues Grand Valley
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Fundamentals Of Business Legal Issues Grand Valley

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    Fundamentals Of Business Legal Issues Grand Valley Fundamentals Of Business Legal Issues Grand Valley Presentation Transcript

    • Entrepreneurial Series Fundamentals of Business Legal Issues
    • Objectives
      • Introduce the different types of legal entities
      • Identify how to start a business
      • Review basic elements of a contract
      • Develop a collection plan in the event you are
      • not paid
      • Introduce basic employment issues
      • Review real property and zoning issues related
      • to business operations
      • Overview of insurance needs
    • Agenda
      • Introductions
      • B usiness entities
      • Starting a business
      • Business and employment issues
      • Leasing and real property issues
    • Introduction
      • Welcome to the MI-SBTDC ™
      • Fundamentals of Business Legal Issues
      • Instructor
      • Logistics
      • Your business
      • Expectations
    • Legal Considerations when Starting a Business
      • Who will own the business?
      • What will be the ownership structure?
      • Establishing the structure
      • Forming or acquiring the business
      • Selecting a name and filing the
      • appropriate licenses and registrations
      • Location of business and acquiring the location
      • Employees versus independent contractors
    • Legal Identity and Business Entities
      • Sole proprietorship
      • General partnership
      • Corporation (Subchapter C or Subchapter S)
      • Limited liability company
      • Limited partnership
      • Limited liability partnership
    • Comparison of Common Forms of Business Ownership
      • Legal form
      • Protection against personal liability
      • Basic organizational requirements
      • Transferability of ownership
      • Organizational form
      • Tax consequences for owners
      • Particular problems.
    • Tax Treatment of Business Entities
      • C-corp
      • S-corp
      • LLC
    • Legal Structure Options Regulation Start-up cost and registration Entity & Life Liability Taxation Sole Proprietor Least Regulated Low County Tied to Individual Unlimited Individual -Schedule “ C ” Partnership Limited Regulation Low County Tied to Partners Partners Liable Shared Schedule “ C ” Limited Liability Company Limited Regulation Relatively Inexpensive State As agreed to by Members Limited to Assets of company May choose to be taxed as partnership Corporation “ C ” corp “ S ” corp (IRS election) Most regulated Most Expensive State Perpetual Legal Entity No Individual Liability Double taxation
    • Form 1040 Schedule C Profit or Loss from Business
    • Registering the Business Name
      • Sole proprietorship
        • Register with County Clerk
      • Corporation and LLC
        • Register with Michigan Department of
        • Labor and Economic Growth
        • (Commercial Services & Corporations)
      • Importance of filing Certificate of Assumed Name
    • How to Enter a Market Business Start Up
      • Difficult to obtain financing
      • Need for special skills
    • How to Enter a Market Purchasing an Existing Business
      • Advantages of purchasing an existing business
      • Disadvantages of purchasing an existing business
      • Recommended steps in purchasing a business
      • Keys:
      • - review and analyze financial books & records
      • - stock or asset purchase agreement
      • - why is owner selling?
      • Purchase checklist
    • How to Enter a Market Purchasing a Franchise
      • Advantages of starting a franchise
      • Disadvantages of starting a franchise
      • Franchise checklist
    • Selecting and Using Legal Counsel in your Business
      • Questions to ask yourself before
      • interviewing for legal counsel
      • Setting up the “interview”
      • Suggested interview questions for the
      • prospective attorney
    • Contract Basics - Elements of a Contract
      • Definition
      • Written versus verbal contracts
      • Offer and acceptance
      • Identification of parties
      • Effective date
      • Warranties and representations
      • Format
    • Specific Types of Agreements
      • Noncompetition
      • Confidentiality
      • Employment
    • Leases
      • Basic terms
      • - Parties to lease
      • - Personal guaranty
      • Lease options
      • Escalations
      • Tenant/Landlord responsibilities
      • Basic tip: All leases are negotiable
      • (depends on location, market)
    • Collection Action Plan
      • Proactive steps
      • Reactive steps
      • Get it in writing!
      • - Attorney fees provision
      • - Interest rate provision
      •  
    • Construction Liens
      • Residential versus commercial projects
      • Michigan Construction Lien Act
    • Intellectual Property Protection
      • Patents
      • Trademarks
      • Copyright
      • Trade secrets
    • Employment Issues
      • Finding and hiring employees
      • Discharging employees
    • Independent Contractors versus Employees
      • Independent Contractor / Employer checklist
      • Specific differences
    • Property
      • Environmental issues
      • Inspection
      • Renovations
      • Business entity to hold real property
      • Location
    • Zoning Issues
      • Check current zoning of property
      • Is the business a home-based business?
      • Difficulties in rezoning property
    • Insurance
      • Life insurance
      • - “Key person”
      • - Shareholder/member to fund
      • buy and sell agreement
      • Health
      • Liability
      • Malpractice
      • The MI-SBTDC™ is funded through a cooperative
      • agreement with the U.S. Small Business Administration,
      • the Michigan Economic Development Corporation SM
      • (MEDC) and matching funds from Local Network
      • partners in each region.
      • MI-SBTDC TM State Headquarters
      • Grand Valley State University
      • Seidman College of Business
      • Phone: 616.331.7480
      • www.misbtdc.org
      The Michigan SBTDC TM
    • www.misbtdc.org/region7 Michigan SBTDC Services
      • Counseling - One-on-one meetings with experienced business consultants to assist starting or growing small businesses
      • Training - Available through the Entrepreneurial Series:
      • ▪ Starting a Business ▪ Writing a Business Plan
      • ▪ Marketing Your Business ▪ Finance
      • ▪ Business Legal Issues
      • Research - Provide a full range of information services through the State Headquarters
    • Small Business Resources Additional Local Resources