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Fundamentals Of Business Legal Issues Grand Valley

Fundamentals Of Business Legal Issues Grand Valley






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  • Welcome to the Michigan Small Business & Technology Development Center’s Entrepreneurial Series!
  • Welcome to the MI-SBTDC Entrepreneurial Series Instructor: “My name is:____; My background includes: Logistics (for example: We are going to dive into the key elements of … We’ll take a break at ____; restrooms are down the hall; can everyone hear me, etc.) Describe your business in these key areas: Company name, registered as Legal structure How and when it started Products/services Target customer Areas of expertise Owner’s experience and key abilities Expectations: As each student introduces him/herself, record on a side board what they hope to get out of this course.
  • Notes to instructor:
  • Notes
  • Notes
  • Notes
  • Refer to handout?
  • The MI-SBTDC web site provides more information on courses, counseling, and other services.
  • Provide local sources and contact information. You may want to include the following: S.C.O.R.E. Women’s Business Centers Economic Development Offices Sponsors of workshop Suggest next steps.

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