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Introduction A Is This Book for You? ......i ................ . . .......... ........ B . H ow T his B oo k W ill e i p .................. ...... ...................... ........................ ...... 3 C. Nonlegal M atters to Attend To ........ . . - ..... . ....... ... - ... ..... .... .. .... 5 Which Legal Form Is Best for Your Business? A, Sole Proprietorships . ........... . .... . .. .. ....... 14 B. Partnerships ......... ..............-............ . ...... - - - 7 83. rpo ral i s 1 I i . , . . . . . ^.~.\ . I .. , .. 1 _ . . . . . 1 . y . . .. . . i '~ . i i . r I C . C orporations ...2........ ........... ................ ..... 20 D. Lim ited Liability Com panies ...... . ...... ..... - ................. 3i E. Choosing Between a Corporation and an LLC ............................ 33 F Special Structures for Special Situations .... .. --.. 36 Structuring a Partnership Agreement A. Why You Need a Written Agreement ....... ....... ........ ...44 B. An Overview of Your Partnership Agreement ........... ...................... 45 C. Changes in Your Partnership ....... . ... ... ......... . .. ..... ... ............ 54 Creating a Corporation A. The Structure of a Corporationi ...... ..... ....... .. .... ..........5. ... 58 B . Financing Your Corporation .... . . .. ... . . . . ....... . .. .. . . ............ 61 C . Compensating Yourself ........ ,-2 C I Co m p ens a t ing 5i se If. -^ .:_ .i; . I - ; I . . _ I I i I . I : . > ° d i : l . .i - = n o : " " ! R - -i p . . . i . i. " ° - o - . : . - I I _ _ ° . B ; . a .D I i : h d D. Do You Need a Lawyer to Incorporate? ... ...-..............63 E . O verview of Incorporation Procedures ........ .. ..... ............... .......... .. .. 63 F. Tw elve Basic Steps to Incorporate ...... ............................. .. ........ ............. 64 G After You Incorporate .. .. . ... . ... . . . . .. . .. . . ....... 3. . H . Safe Business Practices for Your Corooration . I .. . .. .. . . . . .... ... , ..., 73 Creating a Limited Liability Company A. Number of Members Required .... .. .... ............. . ...... .. .. . 80 B. Management of an LLC..... ..... ...... .... 80 C, Financing an LLC . . . . ..... ......... . .............. . - 81 . D. Com pensating M em bers ........ .... ........... .. . .. .. .. ......... ... ... 83 E . Choosing a Name .. ... ....... 84 F. Paperwork for Setting Up an LLC 8... .. .5. ..... ............. .. .... ... ..... 85 G . After You Form Your LLC ........ ......................8.9.. ............ . .................... 8 H. Safe Business Practices for Your LLC .. .... .............. ... ........... . 90 Preparing for Ownership Changes With a Buyout Agreement A. Major Benefits of Adopting a Buyout Agreement- . ..... ........... 97 B. W here to Put Your Buvout Provisions . .... .. .... .... ... . . .. . . . .. . .. .. . 100 C. W hen to Create a Buyout Agreernent.... . .. . .. . ....... .... .. .... 1 02 Naming our Business and Products A. Business Names: An Overview .. .... ... . ............. 106 B. Mandatory Name Procedures .......... .... ......... ........ 108 C, Trademarks and Service Marks.... .. . ..-.. .......... .... 111 D, Strong and W eak Trademarks ... ....... .. ....... .. ....... . . 112 E. How to ProtectYourTrademark ........... .... ............. ..1. 3 F. Nane Searches . .......... . ..... .. ...... 14 Licenses and Permits A. Federal Registrations and Licenses ...... ... .... .. .... ........ 121 B. State Requirements ... .... .. . . .. ....... . . 1....22 C. Regional Requirements ................ .. ... 124 D. Local Requirements . ..Ll... .. .... ..i . .... Z .n . O ..... ... ...... 124 E. How to Deal W ith Local Bui lding and Zonin i Officials. ........... . ...... t 27 Tax Basics for the Small Business A. EmploYer Identification Number ..... . . ....... ....... ......... . 30 B. Becom ing an S Corporation ... . . .. ...... ... . .................. ... .... .......... 134 C . Business Taxes in G eneral . .. .... ....... .... ... . ..... ............ ..... ..... . 1 35 D. Business Deductions .......... .. .... ... .. .. 141 E. Tax A ud its ,. . .... ... . . ... ........ . . . ...... . .. .. ..... ... ... ...... . 14 7 Raising Money for Your Business A. Two Types Of Outside Financing ... ... ............. ...... .. ....... 1 53 B. Thirteen Common Sources of Money. . ... .... ........... 1 58 C. Document All Money You Receive. ......... 163 Buying a Business A. Finding a Business to Buy .. .......... ... .. .. ...... . .... . .. . . .. ... ..... . 1 17 B. What's the Structure of the Business You Want to Buy?.... .... 172 C, Gathering Information About a Business ...... 176 D . Valuing the Business .. ........... . .. . ... ... ......... ........ ..... ... .. .....1 77 E. O ther Iter s to Investigate .................... . ............ .. ,,..., ... . .. 180 F Letter of intent to Purchase .... ....... ............... 82 G . The Sales Agreement .. . . ... .... 8.. .... ........... .4. . .... T 4 . The C losing ...... ... ..... .... ........ ........ ......... . .. 192 I Selling a Business ..... . ........ .9.... 19 3 Franchises: How Not to Get Burned A. What is a Franchise? . .. . ... . .. . 1 99 B. The Downsides of Franchise Ownership .. .... ........ ... .. .200 C. Investigating a Franchise .... ....... .... .... ..... .. .... .. . . 204 D Thhe Uniform Franchise Offering Circular . .......205 . The Franchise Agreement ..... .... .. .. . ... ........ 211 F. Resolving Disputes W ith Your Franchisor ..4.... . ... ... ......... 214 Insuring Your Business A. W orking W ith an Insurance Agent ......... .......... ....... ....... .......... .. .. ... 6 B . Property Coverage . .. . .. . ... .. .. ........... ..... ... .. .. .. 218 C. Liability Insurance ...... _........ . . 222 D. Other Insurance to Consider ... ....... ............ . .226 E Saving Money on lnsur,nce ...... ... ..... 227 F, M aking a C la im ... . . . . ..... ... ........ . . . . . ............................. . .. .... .. . 2 3 0 Negotiating a Favorable Lease A . Finding a Place . ... . .. ... .............. . . . . I .. 1. ..... 233 B. Leases and Rental Agreements: An Overview .. ..................... .... ...... .... 2 33 C. Short-Term Leases (M onth-to-M onth Rentals) .................. .. ... .............. . 234 D, Written Long-Tern Leases .... ............ 235 L^ i v v ite i. i I !„ r L eases .' .t f I * - E I i i * · < * - * ' . ' . . , . * * . .* ' * * *.. * * *.. . * * ' ' ° * . * * ° * *. * * . ' ' ' " * 2 3 " E Additional Clauses to Co nsider .. . . . ... .. . . . . ... . . . . . . .. . ..... . .. . . . 7 F. Shopping Center Leases . .. .. ... .... ........................... ...... . ..... .. 24 8 G . H ow to M odify a Lease... .......................................................... ........ . 249 H. Landlord-Tenant Disputes ......... .................. 249 1. Getting O ut of a Lease . ... . . . . . . . . . ..... . . . . . 250. 2 . .. . . . . I. W hen You Need Professional Help .... ............... 252 A . Z on ing L w sr .....i e... ......... .......... .. . 2. . ... .. . . .. . . . . . . .. . . . . ...4 . . . . 2 5 B. Private 'Land Use Restriction ..... ......... 2 259 C . In su ra n ce .... ...... .. .. .... .. . .. .... . .. ....... .. . .. ..... ... . . ......... .... ... ... . 2 6 0 D. Deducting Expenses for Business Use of Your Home........ ..... 261 Employees and Independent Contractors A. H iring Erip oyees ... .... . . ..... . .. . ...... ... ...... _269 B. Job Descriptions .. ....... ......... 272 C . ob Advertisem ents. .. ........ . . . . . .... . . . . ..... . .. . . . . 273 D . Job A pplications . ... . . . ....... . . . . . .. . . ... .. ..... ... 27 3 E . n te rv ie w s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .. . . . ..... . . ........... ..... .. . 2 4 G. Investigating Job Application information ......... ............ ............ , 2 86 H. Immigration Law Requirements ...... . ........ ..... .. ... 288 fr l Aif / i L^ -lV \, \. ^ V U '^ Ti^? tl °" l ^D a°d tt =°" °^.° l °° ?^B ?d ,»a "h f . f On ^- »p ° ^: - I Personnel Practices . . ... ... ...... . .. ....... ... -288 t. Illegal D iscrim ination .. . ... . - . ..... . ... ..2 89 K. W ages and Hours .,, . . . . . . . ... .. ..... . .. 2:91 L Occupational Safety and Health .... ....... 295 MI W orkers' Compensation... ..... ... .......... 295 N .Termin ti on of Employment 296 O . Unemploy ment Compensation .. .......... ... ...... ... ................. ... 298 P independent Contractors ... ...... .-.. . . ... .. 299 The Importance of Excellent Customer Relations A. Dveloping Your Customer Sat sfaction Policy ....... - 311 B. Telling Customers About Your Policies .. ................ 313 Legal Requirements for Dealing With Customers A . A dvertising . . ..... ... ... . .. . . . ............ .. ..... . ..... .... .. ... 1 6 BR Retail Pricing and Return Practices ........... 319 S W arrantie s .... . .. . . .. ... . ... .. ..... ... .... . .... .......... .......... . ..... 32 3 D. Consumer Protection Statutes ..... ....... .329 E Dealing With Customers On ine ... .. ...... ... ... . 329 Cash, Credit Cards, and Checks A , C ash ..3. ....... .... .3. ....... .. ... ..... ..... .. ............. - - 34 B. Credit Cards ......... 334 C C hecks ..... . ..... ....... ........... ........ ... ... .... . . 33 6 "Extending Credit and Getting Paid A. The Practical Side of Extending Credit .... . ....... ......... ... . .. .. 3 42 B. lws That Regulate Consumer Credit . 347 (C Becoming a Secured Creditor ....... 349 D. Collection Problem s ... ..... .... .. . ...... ......... ... 350 E Co nlection Op tions . ....... ... .. . . . 353 Put It in Writing: Small Business Contracts A. W hat M akes a Valid Contract ... ............... .. ..... ........ .. .... 357 B. Unfair or Illegal Contracts ............. .. .. . ..... .. .. 359 C. Misrepresentation Duress, or Mistake . ........ .. .9-3 9 D. Must a Contract Be in W riting? .......... ............ ...... 360 E. W riting Business-to-Business Contr ts .. .... ... ... 363 F The Formalities of Getting a Contract Signed ..... . 366 C. Enforcing Contracts in Court .. .... .... ................. ........ .... ..... ....... 370 H. W hat Can You Sue Fo r? .. . .. . ..... .. . .. ..... . 371 The Financially Troubled Business A. Thinking Ahead to Protect Your Personal Assets .... ............... ......3.. 376 B. Managing the Financially Troubled Business... .. ... ........... .... . 379 C. Seeking an O bjective An a lysis ,.... ..".. ..... ..... ..... .. ... ... ............... 382 D . W orkouts. . . ...... .... .. . ... . . .... . . .. ..... 384 E. Selling or Closing the Business ... .3.... ........... . ..... . ....... . .......... . .-387 F. Understanding Bankruptcy .. .. . . ..... . ... . . ....... ... .. . 388 Sesolving Legal Disputes A. Negotiating a Settlement .. ....... ... . . ......... . 398 B. U nderstanding M ediation . .. ................. .......... .. ... ... ... ...... 3499 C , A rbitration .. .. . ....... .... . ... ..... .... .. .... ........ . 401 D . Going to Court ... . . .. . ... ..... .. ... . ..... 403 Representing Yourself in Smams Court A. Deciding Whether to Represent ourself . .............. . 410 B. Learning the Ru les .. .. . . ... ...... . .......... ........ ... . ... .. ..... 4 12 C. Meeting the Jurisdictional Limit. . r .. . ----.... ...412 D. Before You File Your Lawsuit ...... . .. .. 412 F. Figuring Out W homn to Sue . .. ............ .....415 F. Handling Your Small C airns Court Lawsuit ............. .. ............ . 416 G. Representing Yburself If You're the Defendant . . .... ................ 418 H. ApPealing Small Claimts Decisions ... ............... .... ................. 418 SI. Collecting Your Judgment .4.. . . . ..1.....9. ...... ......... ...19 Lawyers and Legal Research A . H ow to Find the Right Law yer ..................................................... .... 422 B . Fees and Bills .- . 4-....... .... 4 4 C. Problem s WA ith YOUr Lawyier ..... .......... .. .. ............ ....... . 426 D. Doi - I ourself Legal R s earch . .... . . . . .. .. . ..... ... . . ....... .. .. ... . 4 D . D o4 t Yo u V rseF - ^Ft - i.'^^^t - e.e rc ^ .- 6 . .... ....................... 42 7 l °^na f l r^n" 003D .^ lDflns ^°< DQB» ^= )o ]~ o ii s t 1PP I R ^p i r *- °