How do I start my own business?

Once you have discovered your “big idea”, it is time to research how your idea can develop into an intriguing product that earns profit. At this point, you should plan investments by calculating startup costs and then further developing a brand strategy for your products.

Should I hire a lawyer?

While there is no legal obligation to hire a lawyer when starting a business, it is highly recommended. This is because, as experts in business law, lawyers can offer counsel on how to run a business, advice on litigation and how to protect oneself, and help to write contracts and build necessary relationships.

What should I include in my contract?

A well-written contract comprises an offer defining the responsibilities of each party to fulfill an exchange of value, thereby laying out the terms and conditions and requesting agreement. A signatory agreement may then follow, formally accepting the offer, consideration, legal purpose, and terms and conditions, which should all be included.

How do I reach success with my business?

Your business should cater to the needs and desires of a particular audience that finds practicality in your product. Once sales increase, you can start building your network to help your business grow and expand. This will create more value in your market which will enable you to consider which business entity to follow.

Which business entity should I follow?

Whether you want to follow the model of a sole proprietorship (a business owned by a singular person) or a major corporation (a group or company of people legalized to perform business activity as a single entity), any form of business should drive profit and have a sustainable means of doing so. If you want to remain in complete control, a sole proprietorship may be the most appropriate option. Contrarily, if you find yourself gaining significant traction at a certain market level and want to expand, involving shareholders and potential partners may be a valuable asset and investment in the greater scheme of things. It is important to research all business entities and determine which is the most suitable. Speaking to an attorney and an accountant can help steer you in the right direction when choosing which business entity to choose.

What do I do if I face a business dispute?

Before taking any legal action, be sure to consult an attorney who will provide legal advice and help determine a way forward. Typically, the dispute can be resolved through mediation, or a method by which a third-party consultant helps to settle the dispute with mutual agreement between parties. If not mediation, disputes may also be settled through arbitration in which a third-party consultant is appointed to resolve the dispute, but they have the final say rather than the parties coming to an agreement.

Business & Corporate Lawyer - Ludwin Law Group

Business & Corporate Law

Within the realm of corporate law exist the rules and methodologies by which employers, companies, and organizations come to terms of agreement and make decisions in a corporate capacity. Any business dealings must enter this realm so that the businessmen and women involved can achieve a reasonable outcome that upholds the success of their businesses.

To grasp the complexities of Business & Corporate Law, one must understand the guidelines regarding how businesses interact and arrive at agreements with one another. All businesses must follow these rules to avoid disputes or lawsuits. To keep everything in line, there are procedures in place that help to guide these business relationships and interactions among different employers so that all their business matters are lawfully understood.

The methodology of properly executing corporate law is found in the aspects of consultation, contractual agreements, claims and disputes, and debt collection. These aspects collectively make up the foundation of corporate law and how it works from business to business.

Legal Advice and Consultation

Before diving into business operations, it’s wise to approach the process gradually and efficiently. Seeking advice from an attorney is often crucial to fully comprehend the venture’s implications. This consultation is essential for safeguarding rights, managing risks, and navigating legal and regulatory complexities.

Hiring a lawyer will help entrepreneurs make the most informed decisions possible, thereby covering all their bases so that legal issues do not come back to haunt them in the future. Benjamin Franklin famously said “ An ounce of prevention is worth a pound in cure.” When starting a business, putting in the effort and working with an attorney in the beginning, will help to prevent legal issues down the road for which legal counsel will be necessary. In fact, Florida business attorneys offer their guidance and acknowledge the importance of starting Florida businesses off on the right foot. These attorneys are available online and via telephone in Orlando, Miami, and Jacksonville, to name a few.

Contracts

Contract Drafting and Review

A contract is a legally binding agreement between parties, establishing mutual obligations. While legal contracts can be legally established through a verbal agreement and a handshake, written contracts, whether in ink-on-paper or digital format, are consistently preferred. They offer a documented record of the agreement along with the signatures of the involved parties.

A contract serves to solidify and formalize a relationship by explicitly outlining terms and responsibilities. This guarantees that all parties comprehend their commitments without any ambiguity. Contracts are indispensable for every small business owner. They offer clarity and security in transactions, ensure clear expectations, and safeguard against expensive legal disputes.

A breach of contract happens when one party fails to fulfill their agreed-upon obligations. Given the common occurrence of breaches, an extensive legal framework has developed to address resulting disputes. Contract law primarily aims to restore the injured party to the economic state they would have been in without the breach. Therefore, the typical remedy for a breach of contract is monetary compensation.

Non-Compete Agreements

One common example of a contract in Business & Corporate Law is the non-compete agreement or a signed covenant between two parties in which one agrees to avoid competition relative to a similar commerce as the other party. This settlement draws a line between the actual business activity, product development, and transactions to which each party is entitled. A non-compete clause firmly lays out the commerce of one corporation so that another is prevented from reproducing identical products and services.

Non-Solicitation Agreements

The main purpose of a non-solicitation agreement is to protect the business interests of an employer. The agreement sets the precedent that employees will not utilize the company’s contacts, customers, or clients for their benefit upon leaving the company. This upholds the company’s status as the employer and protects its rights to its respective business activity.

Non-Disclosure Agreements

Compared to non-solicitation and non-compete agreements that protect the rights to business commerce, non-disclosure agreements simply protect confidentiality. This is a traditional agreement of what is said here stays here. Within any company there is sensitive information and trade secrets, so sharing this information between multiple parties must be done in confidence and with integrity. The confidentiality of any business matter, especially when agreed upon, should be upheld and respected to the fullest extent of the law; otherwise, a breach of contract may take place.

Breach of Contract Claims

Along with contractual agreements, consequences must exist if one party does not adhere to the terms they signed and agreed on. If a contract is breached, the other party may file a claim against whoever neglected to comply with the contract’s terms and conditions. In Florida, for instance, there are multiple components to filing this claim that should be executed in the following manner:

Proof is shown of a valid contract that highlights the commerce at hand, acceptance of terms and conditions by the parties involved, a consideration that exchanges promises, an agreement about the terms and conditions, and the provision of the contract in entirety.
Evidence is provided that the filing party had fulfilled their end of the bargain.
Evidence is provided that the other party did not.
Proof that the filing party sustained damages as a result of the breached contract.

If these four criteria can be met, a breach of contract claim may be filed against the other party and taken to court following Florida Legislation.

Workmanship Disputes

Employers depend on their employees’ work ethic, productivity, skill sets, and performance on the job. This is so the company’s products and services meet the customers’ expectations and satisfy their wants and needs. If the work performance is subpar however, it is an employer’s duty to approach the situation effectively by discussing their employee’s workmanship.

In particular, the field of construction is witness to many occasions of poor workmanship, in which case the employer may need to file a workmanship dispute to mitigate the damages caused by unsatisfactory products. The spectrum of poor workmanship ranges from the minor error of bad plumbing to the more lasting damages of onsite injuries as a result of poorly crafted supplies and materials. Either way, to protect itself, a company can file this dispute to contest the quality of skill or the quality of a product if inadequacy is revealed.

Debt Collection One of the last headaches a company wants to deal with is any matter relative to debt, regardless of which side it stands on. According to the Fair Debt Collection Practices Act (FDCPA), businesses may utilize agencies to help retain any debt acquired by ensuring compliance with state legislation for debt collection. In doing so, businesses can find ways to collect debt from consumers in a just and lawful manner while considering that many consumers cannot afford the debt at that moment.

Debt Collection

One of the last headaches a company wants to deal with is any matter relative to debt, regardless of which side it stands on. According to the Fair Debt Collection Practices Act (FDCPA), businesses may utilize agencies to help retain any debt acquired by ensuring compliance with state legislation for debt collection. In doing so, businesses can find ways to collect debt from consumers in a just and lawful manner while considering that many consumers cannot afford the debt at that moment.

FAQs

How do I start my own business?
Once you have discovered your “big idea”, it is time to research how your idea can develop into an intriguing product that earns profit. At this point, you should plan investments by calculating startup costs and then further developing a brand strategy for your products.
Should I hire a lawyer?
While there is no legal obligation to hire a lawyer when starting a business, it is highly recommended. This is because, as experts in business law, lawyers can offer counsel on how to run a business, advice on litigation and how to protect oneself, and help to write contracts and build necessary relationships.
What should I include in my contract?
A well-written contract comprises an offer defining the responsibilities of each party to fulfill an exchange of value, thereby laying out the terms and conditions and requesting agreement. A signatory agreement may then follow, formally accepting the offer, consideration, legal purpose, and terms and conditions, which should all be included.
How do I reach success with my business?
Your business should cater to the needs and desires of a particular audience that finds practicality in your product. Once sales increase, you can start building your network to help your business grow and expand. This will create more value in your market which will enable you to consider which business entity to follow.
Which business entity should I follow?
Whether you want to follow the model of a sole proprietorship (a business owned by a singular person) or a major corporation (a group or company of people legalized to perform business activity as a single entity), any form of business should drive profit and have a sustainable means of doing so. If you want to remain in complete control, a sole proprietorship may be the most appropriate option. Contrarily, if you find yourself gaining significant traction at a certain market level and want to expand, involving shareholders and potential partners may be a valuable asset and investment in the greater scheme of things. It is important to research all business entities and determine which is the most suitable. Speaking to an attorney and an accountant can help steer you in the right direction when choosing which business entity to choose.
What do I do if I face a business dispute?
Before taking any legal action, be sure to consult an attorney who will provide legal advice and help determine a way forward. Typically, the dispute can be resolved through mediation, or a method by which a third-party consultant helps to settle the dispute with mutual agreement between parties. If not mediation, disputes may also be settled through arbitration in which a third-party consultant is appointed to resolve the dispute, but they have the final say rather than the parties coming to an agreement.