Showing posts from July, 2015

Starting Your Own Business: Legal Considerations

Are you tired of working for other people, tired of having to answer to someone else, tired of having to conform to someone else's business hours, or tired of having to put up with the mundane details of someone else's management strategy? If you answered yes to any of these questions, you are not alone! You are about to join the ranks of hundreds of your predecessors and your peers who chose to leave their employers behind and strike out on their own.

Entrepreneurs are a vital part of our nation's economy; growth and advancement would be slow without them. If you are thinking about starting your own business, the team at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. is here to support you along every step of the way. Starting your own business at the Lake of the Ozarks can be unbelievably rewarding, but it does carry a considerable amount of legal considerations and requirements. Our experienced business attorneys are here to help guide you through som…

You Could Be Setting Yourself Up For A Lawsuit (And Not Even Know It Yet)

The legal field is complex, convoluted and full of potential pitfalls. Sometimes seemingly innocent actions can have unintended legal consequences. There are various situations where accidental legal issues can arise, but the team at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. is here to discuss two common problematic areas: managing employees and posting on social media.

Managing EmployeesEmployees are people, too. You hire them to help your business grow, and while (ideally) that should be one of their top priorities as well, they will always have their own personal needs and values that may not align with your business's. Here are a few things to keep in mind about managing employees: Consider utilizing an contract that outlines your confidentiality needs and specifies ownership rights of the materials developed while under your employ.It is important to fully explain to your employees what sort of monitoring their online activity will subject to. If you ha…

5 Reasons To Hire A Business Attorney

Are you debating whether or not to hire a business attorney at the Lake of the Ozarks? Each situation is unique, but there are common circumstances where the guidance of an attorney experienced in business law could be valuable. Consider these examples when deciding whether you need to consult with an attorney. Perhaps one of them applies to you!

1. You Are Starting A New Venture
No matter what type of business you are starting, the type of entity you choose to establish your company is important. Among other things, the business entity you choose will have tax implications. Your attorney will help you determine which types of business entities would be the best fit for your specific needs and goals.

2. You Are About To Enter Into A New Contract
Contracts are legally binding documents. As an entrepreneur, failure to uphold your end of a contractual agreement can have serious consequences for your business. For example, your client's refusal to pay for services rendered can hurt your b…

5 Habits of a Successful Defendant

The most common reasons for filing a court case is when one believes to have been financially, morally, or legally wronged by another. By their nature, court cases are often emotionally charged and can carry significant financial consequences for the parties. The party initiating the case (the plaintiff) generally has a strong motive for bringing the case to court and will generally do everything possible to ensure that the case is won. (Last month, we talked about the different strategies plaintiffs can use to win their cases.)

If you are the defendant (the one the lawsuit is being brought against), it may be necessary to have a solid legal defense to convincing the court why you should not be required to face the consequences or pay the damages being brought against you. Here are some tips to consider to successfully defend your case.

HABIT #1:  Be Prepared
While there is no way to ever predict someone else's behavior, you may find yourself in a situation where you believe a you ma…

Business Entities - Part 2

Starting a business is a major undertaking, but the rewards can be tremendous. New business owners face a hundreds of decisions as they get their business off the ground, one of which is choosing which business entity to use. Last week, we examined several different options for incorporating your business, specifically General Partnerships, Sole Proprietorships, C-Corps, and S-Corps. This week, we are taking a closer look at the remaining options.

Limited Liability CompanyA Limited Liability Company (LLC) has become a very popular entity choice when starting a new business.  LLCs come with their own set of rules and regulations that govern their policies and procedures, but the advantages that they offer tend to outweigh the extra step of drafting and executing the necessary documents. A LLC requires the owners (typically called "members") to execute an operating agreement that outlines how the company will conduct its affairs. The success of the company is often closely corr…