Prinzip des Wächterrates » quently fail to adequately addres

Owners and managers of small businesses frequently fail to adequately address legal issues. This failure may stem from being busy with other matters Morris Claiborne Jersey , unaware of or insensitive to legal concerns, or reluctant to spend the money to hire an attorney. Unfortunately, such businesses may end up incurring substantial expenses or liabilities that could have been avoided with good legal planning.


Following are ten key legal mistakes frequently made by small businesses:


1. Failure to Prepare Corporate Minutes.
To preserve the shield protecting shareholders from personal liability for corporate debts, a corporation must observe formalities such as preparing regular minutes of the Board of Directors and the shareholders. The lack of minutes also can jeopardize the validity of various corporate tax deductions Zach Mettenberger Jersey , particularly in the areas of officer compensation and benefits.


2. Failure to Update Purchase Order and Invoice Forms.
The lack of proper legal provisions in these forms could place the company in a weak legal position in the event of a payment or other dispute with a customer.


3. Lack of Nondisclosure Agreements with Employees and Contractors.
Much of the value of many start-ups resides in their intellectual property. Solid nondisclosure agreements are essential to protect that property.


4. Lack of Current Buy-Sell Agreement.
Almost any business with more than one owner should have a buy-sell agreement. A buy-sell agreement defines what happens upon the death, retirement, or termination of employment of one of the owners, or when an owner desires to sell his or her interest in the business. The absence of a buy-sell agreement can result in unintended consequences or a legal quagmire in such circumstances.


5. Lack of Up-to Date Employee Manual.
An employee manual sets forth workplace rules and policies and procedures relating to the employment relationship. The lack of a satisfactory manual increases the risk of misunderstandings or legal violations Odell Beckham Jr Jersey , which can result in expensive employee disputes, lawsuits, and governmental penalties. In addition, a manual needs to be updated frequently to deal with changes in the law.


6. Failure to Document Transactions Between Corporation and Owners.
Shareholders often enter into transactions with their corporations Tyrann Mathieu Jersey , such as leases of real or personal property or loans to or from the corporation. The failure to satisfactorily document these transactions (as with the neglect to prepare regular minutes) can weaken the corporate liability shield or lead to adverse tax consequences.


7. Failure to Update Corporate Articles and Bylaws.
Articles and bylaws need to be reviewed and modified from time to time to take account of legal changes. Otherwise, the corporation could find itself in violation of corporate laws or subject to cumbersome and outmoded corporate procedures.


8. Lack of Stock Option or Other Equity Plans.
The absence of well-designed equity incentive plans can make it harder for a business to attract, motivate, and retain employees. A poorly drafted plan also could result in unexpected liability or expense for the corporation.


9. Inadequate Estate Planning.
With a closely held business Spencer Ware Jersey , estate planning by the owners must be done in conjunction with overall business planning. The lack of suitable estate planning documents can result in costly probate proceedings or unnecessary estate taxes.


10. Failure to Conduct Legal Review of Website.
Depending on the nature of its business, a company should include appropriate terms and conditions, copyright notices, legal disclaimers Patrick Peterson Jersey , and a privacy policy in its website.


Financial setbacks can anytime knock on your door uninvited. Many people are not ready for such a situation and can have a hard time arranging the funds. So how will you arrange the money at such time of crisis? There are many possible options you have such as taking a personal loan or applying for a loan against property. Several banks and private finance companies will give you the loan.
If you decide to go with a personal loan, we all know how high the interest rates are. This is where loan against property comes handy.
What is Loan Against Property?
LAP is a loan given or disbursed against the mortgage of property. It is also known as a Mortgage loan and is categorized as a secured type of loan since you provide security for the borrowed amount. The loan amount is usually around 40 to 60 percent of the total value of the property.
Loan against property can be taken for multiple purposes such as vacations, medical treatment, marriage Rueben Randle Jersey , and higher studies.
LAP Eligibility -
Loan against property eligibility can vary from bank to bank or other home finance company. Your income, debts, property value, and credit score are a few important eligibility factors. Though there are several private finance companies which offer LAP without or with minimum documents.
Though the interest on LAP is low compared to that of personal loan Cheap LSU Tigers Jerseys , banks charge interest around 10 to 12 percent. The loan tenure can also vary but the usual repayment tenure is around 10 to 20 years.

More About the Author

Anil Patel: 32 years Old. Writer and financial consultant. Music Lover and foodie.

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