Business Law Attorney in Upper Darby, Pennsylvania
Small businesses – those that employ 500 or fewer people – account for 99.7 percent of all businesses in Philadelphia, according to the Economy League of Greater Philadelphia. As the city and surrounding communities attempt to bounce back after the COVID-19 restrictions of 2020, these businesses may face the pain of readjustment, along with the possibility of renewed federal and state restrictions.
The pandemic only added to the challenges of successfully starting up and running a business. Indeed, despite the virus, nationwide start-ups boomed in 2020, with 4.3 million, up 23 percent from the year previous. The jump in Pennsylvania was 26 percent, from 103,000 in 2019 to 130,000 in 2020.
Whatever stage of the business life cycle your business is in, there are also challenges and legal hiccups that are going to require the knowledge and experience of a business law attorney.
If your business is in Upper Darby or anywhere in the greater Philadelphia area, contact Sabir Law Group. Attorney Sabir can help you whether you’re facing a start-up challenge, the need to draft an ironclad contract, a contract dispute, or the prospect of dissolving your enterprise.
Starting a Business
If you have a dream you want to turn into a business, your first challenge may be to decide upon a business structure. Depending on which one you choose, you can have more or less personal liability and more or less access to financial help.
If you decide to go into business by yourself with a sole proprietorship, you assume all liability for lawsuits and creditor actions. You also will be limited in obtaining outside funding. Banks are reluctant to lend to new single-entity enterprises.
If you go into business with partners, you can still face liability and financing issues since you still cannot issue and sell shares in the company.
Partnerships can be formed as a Limited Partnership (LP) or as a Limited Liability Partnership (LLP). The difference is that an LP has one general partner who assumes the most liability, while the other partners have limited liability. An LLP bestows limited liability on all partners alike.
A Limited Liability Company (LLC) is like a cross between a partnership and a corporation in that the LLC is liable for all civic actions and the personal assets of the members (partners are called members) are mostly protected. Though an LLC cannot issue stock, it can issue a bond to raise money.
A corporation, whether traditional or “S,” becomes solely responsible for all liabilities and protects the founders/shareholders. It also involves more recordkeeping and other legal requirements. For financing, a corporation can sell shares.
Contracts and Contract Disputes
In the operation of almost any business, the need will arise to arrange with outside providers for services and goods. This usually entails the drafting of contracts. Though contracts can be oral or even implied, an express contract – one that is spelled out in writing – provides the most protection for the business owner, partners, or corporation.
To draft a contract for the most protection possible, you will need the help of an experienced business contract attorney.
Consider: When challenges arise, if the wording in the contract isn’t precise as to the obligations of both parties, a court challenge may hinge on nuances or interpretations. Your supplier may have completely breached their obligation under the contract as you see it, but the court may see it differently. Start with a well-drafted legal document to prevent this.
State and federal laws and regulations oversee every business in the Philadelphia area and throughout Pennsylvania. These range from minimum wage and overtime rules to anti-discrimination and health and safety codes to workers’ compensation and beyond.
Your business can easily get tripped up when an employee or group of employees feel that you have not lived up to your legal obligations. For instance, they might file a charge with the U.S. Equal Employment Opportunity Commission (EEOC) that you have discriminated against them or with the Occupational Safety and Health Administration (OSHA) because your work environment isn’t safe. Soon, federal inspectors might be visiting you.
Sabir Law Group can explain all the relevant laws to you, help keep you in compliance, and help keep the inspectors away from your door with their potential fines and demands for redress in issues of compensation.
No business owner or partner desires to see their enterprise come to an end, but it can happen for a variety of unforeseen circumstances, including a once-in-a-century virus spreading across the globe.
Dissolving a business is rarely as simple as putting a sign on the door saying you’re closed. There are financial and legal obligations to be met, which increase with the size and structure of a business. A sole proprietor will have a less challenging road to dissolution, for instance, than an LLC or corporation.
Attorney Sabir can guide you through the legal requirements of dissolving your business without facing unforeseen liabilities after you close your doors.
Business Law Attorney in Upper Darby, Pennsylvania
Not everything in the business world is straightforward. Contracting with another person or company can lead to disputes that result in lengthy delays and legal costs; partner disputes can threaten a company’s survival. The guidance of an experienced business law attorney is your best hedge against being overwhelmed when the unexpected happens. In the Upper Darby and greater Philadelphia area of Pennsylvania, rely on Sabir Law Group for all of your business law needs.