In order for a Maryland business to be successful, financial analysts recommend certain factors owners should focus on. Some of these factors may entail legal aspects that must be addressed prior to carrying them out. If you have questions about the legal implications of certain business or financial moves, it is important to have a skilled business litigation lawyer Silver Spring MD residents rely on working with you.
A business litigation lawyer Silver Springs, MD clients recommend knows that there are many important issues you need to address when you decide to open your own business, choosing the business structure is a critical one. At Eric Siegel Law, we can help with any of the following business structures:
One common option is a partnership agreement. It is great to have a partner, as two heads are better than one. Also, it is a much more exciting endeavor when you are working with a friend, and sometimes having a partner can also lead to an exponential increase in profits. This type of business arrangement, working with a friend or close acquaintance, is common in many businesses today.
Under state law, a partnership is formed when two or more individuals carry on as co-owners in a for-profit business, whether or not they intend to create or form a partnership. This means that all you need to form a partnership is an agreement with another individual to operate a business for profit. For example, if John and Sam agree to split profits 50/50 and to sell lemonade, for a profit, at 25 cents per glass on the corner of ABC Avenue, they have theoretically entered into a partnership under state law.
A Silver Springs business litigation lawyer knows that, unfortunately, in many of these situations, disputes arise, even amongst friends. However, many of the disputes that arise in partnerships can be avoided when a written partnership agreement is drafted.
While there are many potential issues that could lead to disputes in a partnership, the most important terms in the partnership agreement are the terms and conditions of the partnership.
Typically, the best practice is to set up the partnership equally, so that each partner has an equal interest in ownership in the business and shares equally in profits. The most common partnership disputes arise when one or more partners are being treated unequally, or when they believe they are being treated unequally. If all partners are treated equally, the chance of a partner feeling or being treated unequally is significantly reduced, if not eliminated.
These terms should include:
Many individuals starting new a business forego hiring a business litigation lawyer to draft a partnership agreement; or worse, they try to prepare an agreement themselves. This may be the case because they are excited to begin working on their passion or they may believe the money spent on an attorney is not worth it.
However, hiring an experienced Silver Spring business litigation lawyer will save you thousands of dollars down the line, if there is an ambiguity in the agreement or if a partnership dispute arises that cannot be reconciled. If you spend some money now, you will avoid many headaches in the future and you can focus on growing your business.
At Eric Siegel Law, we are committed to providing our clients with legal representation so that they can achieve the case results they need to move on and continue their business operations. With over 30 years of legal experience, our team has delivered results for clients across a range of business-related legal issues. From contract disagreements to partner disputes, we have a strong understanding of business law and are capable of quickly finding solutions that will serve you.
A business litigation lawyer can offer you legal assistance on a number of business-related topics. They can assess your case and determine what you need to do in order to protect your business and guide you through each step. From filing your claim to negotiating with the other party, they can assist you with every element of a legal issue that you are going through. You can depend on them to give you information about your legal rights, explain business laws and how they apply to your situation, and work on all of the legal tasks related to the process. A skilled lawyer will develop a strategy to preserve your financial objectives and find the best path forward.
While minor conflicts usually end in a compromise, other situations call for assistance from a legal professional. Sometimes the other party does not see eye to eye or is reluctant to work with you. If this is the case, it is time to hire a lawyer if you want to move toward a resolution.
If you are in need of a business litigation lawyer to provide you necessary legal counsel, do not wait another day to learn about your options. If you decide not to hire a business litigation lawyer, your business interests could be in jeopardy. While you can try to handle the issue yourself, there are advantages to hiring a lawyer. They will be able to find the most efficient solutions to your problems so that your financial goals and legal rights can be protected.
It is not too late to obtain legal assistance. If you are in need of a lawyer to help you protect your rights and financial interests, meet with them sooner than later before your issue becomes more complex. For more information about legal services from Eric Siegel Law, schedule a consultation with a trusted business litigation lawyer in the Silver Spring, MD area now.
Employees can be a huge asset to any business, but when employers cut back on their benefits, hours, and pay in order to save money, those employees are far more likely to leave the company in pursuit of better opportunities.
Rather than cutting corners when it comes to your employees, cut other unnecessary costs and focus on employee retention. Put the money you saved into employee training and benefits, or additional income based on performance. You will end up with a more satisfied staff who will stick with you and your business, instead of having to constantly replace employees, which wastes time, money, and productivity.
While valuing and investing in your employees is one way to plan for the future of your company, you also should look toward expansion and large capital purchases. Make sure that your business builds its own credit, rather than relying on your personal credit.
Your choice of business entity also becomes important in this respect. For instance, if you create a limited liability company (LLC), any liabilities belong to the company rather than you personally. In the event that your business falters financially, you will not take a personal hit on your own credit. A Silver Spring MD business litigation lawyer can help you decide which business entity is the right one for your company and your situation.
Part of maintaining your business credit is safeguarding your business credit score and taking advantage of the opportunity to obtain small business loans. Not only will your interest be lower than with a traditional loan, but the Small Business Administration will guarantee a large portion of your loans, which makes your company much less of a risk for lenders.
An experienced business lawyer can be essential to ensuring the continued growth of your company from its inception and in the course of its daily operations. You are likely to need legal advice and counsel with respect to employment contracts, choice, and creation of your business entity, development of agreements with investors, and execution of major leases or purchases of commercial real estate. Without the proper advice, you may set your small business up for your failure. One financial catastrophe can be all it takes to sink a small business.
Conflicts in the workplace are a normal and expected part of running a business, as a qualified and highly experienced business litigation lawyer knows. Some conflicts are relatively simple and easy to resolve. However, if you are dealing with a more complex business issue that does not seem to be moving toward a resolution anytime soon, you may want to hire a lawyer like one at Eric Siegel Law. They have experience helping clients with their services. If you have a business issue that you are facing, whether it’s an employee dispute or a breach of contract, our team can guide you through a solution that is best for you.
While no two small businesses are alike, there are some blanket recommendations that apply to most small businesses, at least from a financial perspective. Before you make these moves, however, which may be somewhat risky, you should consult with an experienced Silver Spring MD business litigation lawyer who can answer your questions, give you legal advice, and help you decide what move to make for the health of your business. Call Eric Siegel Law today to schedule a free consultation.