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Small Business Law

L4SB was created to help small and medium sized businesses with their everyday legal issues. A primary focus of L4SB, therefore, is standard corporate, business and employment law.

Small business law: Your affordable, one-stop shop!

The purpose of a corporation, in general, is to create a separate legal entity. In doing so, one can take advantage of a number of benefits, depending on the type of corporation formed and how the corporation is governed. Those benefits include tax control, limiting personal financial risk, creating an organization that is durable beyond the lifespan of the founder, and creating a device that has multiple owners.

It is critical to pay attention to how a corporation is created, as well as how it is governed and run from day-to-day, to make sure the intended benefits are achieved. For example, filing the wrong IRS tax forms (or at the wrong time) could have devastating consequences on how taxes are treated for the organization. As an other example, improperly commingling personal funds with corporate funds could eviscerate the financial liability shield.

Running a sole proprietorship? You should form a corporation.

If you are a sole proprietorship, you should seriously consider forming a corporation. It’s easier than you think, although it must be done right to ensure your effort is not wasted and you are taking advantage of the intended benefits. Yes, you can find the right forms on the Internet, assuming you know what type of corporation you want and why. However, those forms aren’t going to help you understand how to govern your corporation, as well as run it day-to-day, to ensure you do it properly and maximize your benefits (or don’t unintentionally void a key purpose of your corporation).

Have one or more partners? The right partnership agreements are critical.

If you have, or want to have, legitimate partners in your business, you really should hire competent legal counsel to help you structure things properly. L4SB can help with the right partnership agreements and organization documents. These are critical for tax matters and more importantly, when one or more partners leave the corporation (voluntary or involuntary means). For example, suppose one of your partners dies? Are you ready for their spouse or family to jump into your business?

During the ordinary course of business, you may find a myriad of different little issues confronting you. Deciding whether certain types of transactions are excluded from New Mexico Gross Receipts Tax (NMGRT), for example. Or, how to obtain the proper license for some specific activity (i.e. licensed frequencies from the FCC). Or, you may be doing business on the Internet, and not sure how to book certain revenue and unsure which state’s income tax laws apply.

For all these issues and more, L4SB was created to help business leaders answer, properly file, and maintain proper compliance with the appropriate legal entity, whether local, state, federal or international. Additionally, L4SB is here to help you when things don’t always go your way, whether it’s helping to resolve disputes or to assist with collecting on bad debts.

Employment law focuses on human resources

L4SB advises businesses on proper HR procedure and legal compliance issues.

Law 4 Small Business (L4SB). A little law now can save a lot later.