Starting a small business involves making crucial decisions, one of which is choosing the right legal structure. For an individual small business owner, a Single-Member Limited Liability Company (LLC) is an excellent option. This structure provides a blend of flexibility, simplicity, and protection that can be highly beneficial, especially for those venturing into business for
Business Law
11 Legal Struggles Business Owners Face: A Guide for Navigating Complex Challenges
Running a business comes with a myriad of challenges, and among the most daunting are the legal hurdles that can arise at various stages of the business lifecycle. As a business lawyer, these are some of the common legal struggles I often see business owners face:
1. Business Formation and Structure
Choosing the right business…
Contract Mastery: Understanding the Basics
Contracts. The word alone might make you think of stacks of paper and endless legal jargon. But fear not! As your friendly Iowa business lawyer, I am here to break down the basics of contracts. By the end of this post, you’ll feel more confident in understanding the backbone of every business deal. Let’s dive…
How to Assess Franchisor Support: A Key to Franchise Success
When considering buying a franchise, one factor stands out as particularly critical to your success: franchisor support. Franchisor support can make or break your franchise journey, providing the necessary guidance, resources, and assistance to help you thrive. Here’s how to effectively assess the level and quality of support offered by a franchisor.
1. Review the
…Tips and Strategies for Buying an Existing Business
Buying an existing business can be a fantastic way to become an entrepreneur without starting from scratch. However, it requires careful planning, evaluation, and execution. Here are some essential tips and strategies to guide you through the process.
1. Evaluate Financial, Market, and Operational Strength
Financial Evaluation:
- Review Financial Statements: Analyze the balance sheets, income
Seven Crucial Steps Every Aspiring Franchisee Should Take During Due Diligence
Thinking of diving into the world of franchising? Hold your horses! Before you jump in, it’s essential to do your homework. Here are seven must-do steps every savvy franchisee should follow to ensure they’re making a well-informed decision.
1. Review the Franchise Disclosure Document (FDD)
The FDD is your franchising bible. It’s packed with vital…
Selling Your Business? Why Securing Upfront Payment is Crucial for Sellers
All over the Web, you’ll see countless posts on strategies and benefits of obtaining seller financing if you are buying a business. And while that’s great for a business buyer, there are different considerations if you are a business owner. If you are selling a business, the financial terms can significantly impact your future financial…
Does a Corporation Offer Better Asset Protection than an LLC?
When deciding how to structure your business, one crucial consideration is asset protection. A common belief is that corporations offer better asset protection than Limited Liability Companies (LLCs). However, this belief is a myth. LLCs can provide equally robust asset protection, often with greater flexibility and fewer formalities.
The Rise of the LLC
LLCs have…
Do I Really Need an LLC for Each Rental Property? Key Considerations
This is a question I get all the time. When managing multiple rental properties, one of the primary questions investors face is whether to establish a separate Limited Liability Company (LLC) for each property. While an LLC offers several advantages, the decision to create one for each property involves various considerations, such as the amount…
Negotiating with Confidence: How a Franchise Client Secured Key Concessions
In the world of franchising, the franchise agreement is the cornerstone of the relationship between the franchisor and the franchisee. This legal document outlines the rights, responsibilities, and expectations of both parties. While many potential franchisees feel they must accept the agreement as presented (particulary since many franchisors claim it cannot be negotiated), one franchise…