Legal, Taxes and Fiscal Responsibilities, Legal terminology, employment law, licensing, contracts, Liabilities, agreements. IRS and sales tax formulas. Management, stakeholders and employees relations,
Assessments and evaluations, Self-Evaluations. Inheritance and Insurance. Practical tactics on profit & loss, breakeven and assets. Exit strategies.
Contracts, Agreements, Responsibilities and Liabilities
Every business will have in some form legal agreements and contracts which sometimes can be also mutual non-legal understandings.
Having a lawyer to help will make sure that the words and the terminology (legal language) is understood and also reasonable for all parties.
Contracts are made for Property, Loans, Partnerships, Profits and Loss and Tax Liabilities. Always enforceable by law.
Agreements can be mutual, which benefits each party. These can unsafe unless you have good trusting relationships.
Liabilities can be obligations, promises and responsibilities which are written and signed. Also legally binding.
1. Finance: A claim against the assets, or legal obligations of a person or organization, arising out of past or current transactions or actions. Liabilities require mandatory transfer of assets, or provision of services, at specified dates or in determinable future.
2. Accounting: Accounts and wages payable, accrued rent and taxes, trade debt, and short and long-term loans. Owners' equity is also termed a liability because it is an obligation of the company to its owners.
3. Law: (1) Responsibility for the consequences of one's acts or omissions, enforceable by civil remedy (damages) or criminal punishment.
(2) An obligation to do or refrain from doing so.
There are many legal conditions to follow in business.
Employment Law is very important as it protects workers from many work related issues. Hiring, Firing, Safety, Equal Opportunity are examples.
Government policies, Local, State and Federal also impose Rules and Regulation on how business must be conducted. Licensing and Securities are usually the method used for compliance.
Having a good understanding of the legal requirements and ongoing compliances makes a good business Great.
Contracts are normally enforceable whether or not in a written form, although a written contract protects all parties to it. Some contracts, (such as for sale of real property, installment plans, or insurance policies) must be in writing to be legally binding and enforceable. Other contracts are assumed in, and enforced by law whether or not the involved parties desired to enter into a contract.
While all parties may expect a fair benefit from the contract it does not follow that each party will benefit to an equal extent.
Contracts are also Agreements made between business to supply good or services with agreed conditions.
Business Owner Self Evaluation
In order to get the most out of your business, you must have a clear set of goals as well as a set of steps to achieve those goals. Business owners are busy people; always looking for ways to improve their business and deliver a greater product or service to their clientele.
Self-assessment can take many forms, including:
It’s more than just walking away.
You’ve made the difficult decision to close up shop. Whatever your reasons for doing so, keep in mind that closing a business involves far more than just shutting the doors. Depending on your corporate structure, there may be a series of steps you must take to dissolve the company properly.