Tag business

There are over 30.2 million small businesses running in the USA, and every year, a new set of ambitious, driven entrepreneurs set out to join them on their own promising ventures. 

But navigating the business of starting a business can be tricky, particularly from a legal perspective. So, if you haven’t done this before, or just want to brush up on the process, we’ve outlined a few things you need to know, as an aspiring small business owner.

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For most startups and/or small businesses, large sums of cash are not always readily available. Stock options or equity awards are a creative way for companies to incentivize employees or service providers with non-cash compensation. Often, these awards are known as stock option plans, equity incentive plans, or phantom equity. They are provided through a written agreement indicating how many shares the recipient is to receive, and when. Most plans require the recipient to be employed with or providing services to the business for a certain length.

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Before answering the question, “can a verbal agreement be legally binding,” it’s essential to know the basic formula for a valid contract to exist. Additionally, it should be noted that every state has its own law on contracts.

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To the surprise of many entrepreneurs and small business owners, you can’t just go out and start doing business wherever you want. You have to register your business, follow labor laws, and obey local licensing requirements. If your business is expanding into other states, mazel tov, your company is growing! Now for the bad part, things just got a whole lot more complicated. Instead of trying to comply with one state’s laws, now you have to figure out the laws of other states as well. But what exactly does this mean for your business? Do you have to comply with the laws of every state you are in? In this blog, we’ll discuss how you protect your company if you do business in New York, New Jersey, and Connecticut (the “Tri-state area”).

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The cost to start an LLC will largely depend on the state of formation. Here are examples of some of (not all) the costs associated with an LLC in several popular states:

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When two people agree to form a business together, what would you guess they call it? Naturally, many people use the term “Partnership.” In some instances, Partnership is technically correct, like when two or more attorneys share an office and referrals, or two accountants do the same. However, today the term “Partnership” is misused by many, and it could have an impact on their business.

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