Understanding more about forming contracts

Entrepreneurs in New York might benefit from learning more about some of the factors to consider when attempting to form a legally binding contract. Gaining a better understanding of the guidelines governing contracts may help individuals and organizations protect their business interests when entering a new agreement.

Whenever possible, it’s advisable to use a written contract instead of an oral agreement. Written contracts are more explicit and specific, making them easier to enforce if a dispute arises. The contract should be drafted in a language that all interested parties understand. Including an arbitration or mediation clause in the contract might help minimize the contentiousness and collateral that often result from contract disputes. Participating in mediation or arbitration first might save both parties time and money by avoiding a lengthy trial process.

Contracts can also state which party is liable for legal fees if a dispute does arise. It is advisable to consider any state laws or regulations that could impact how a dispute is governed. Including provisions that govern how the agreement is terminated is a high priority to consider when drafting a new contract. Establishing terms of confidentiality may be paramount to protecting the long-term interests of the business.

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People who need more information about business disputes might benefit from consulting a lawyer. Legal counsel may be able to review the terms of a contract for any wording that could be problematic to the enterprise’s long-term interests. A business lawyer can also act as an intermediary in negotiating more amicable terms for a new agreement. If a dispute does arise, legal counsel may be able to provide enough guidance to help minimize the potential damages that could ensue.

Forming a small service business

Not every small business owner in New York sells a physical product. Many people are able to make a good living by selling a valuable service that they can provide. A small service business may offer things like written content, computer repairs, consulting or expert coaching. Unless a service requires expensive equipment, the business model usually has a low barrier to entry.

A team of people may start a service business together, or one person may offer their freelance services as a solo venture. Whatever way a service business is organized, it is important to have a business plan that includes an operational model, a detailed list of expenses, monthly earnings targets and clear goals for the future.

It is very important for a service business owner to know how long they spend performing a service so that they know what they should charge their clients. The billable hours that are spent working for clients will only account for part of the time that is spent on the business as an owner must also spend time marketing, doing taxes, creating invoices and communicating with potential clients. If the owner keeps track of how much time they spend on non-billable tasks, they can think of ways to streamline their business model and make their time more profitable.

Many people start selling services without a business model because they don’t realize that the freelance work they do is actually a home-based enterprise.

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An attorney may be able to help an independent service provider form a limited liability company and make sure that they are complying with business law. By creating a legal business structure, a business owner may be able to protect themselves from business liabilities.

Customs, trade and import regulations

Whether your company is a domestic or international one importing goods and products into the United States, you have to deal with the complexities of customs, import and trade regulations. Several U.S. federal agencies regulate the importation of products, including the FDA, EPA and FTC, and their requirements change every year with the passage of new regulations and amendments to old ones.

If your products are not in compliance with current regulations, they will not be allowed into the country. It is important to make certain that your company ensures your products and goods comply with the regulations in place. In the event U.S. Immigration and Customs Enforcement determines there is a violation, they will place a detention on the product which can greatly harm your bottom line.

In the event of a detention, your company may be able to submit documentation and testing results in order to remove the violation. Detention litigation may be needed in order to continue in your import business. Regulations control all aspects of the importation of goods, including how products are labeled, how goods or products are manufactured and the tariffs that are imposed. By careful planning, your business will be better equipped for successful completion of the customs process.

International Law Firm New York

Our attorneys are practiced in helping our domestic and foreign business clients navigate the complex requirements of the regulating agencies controlling the importation of goods. We help companies make certain they are in compliance and continue to remain in compliance even when the laws and regulations change. In the event of a detention, we understand what it takes to present evidence in order to get a favorable result. If your company would like additional information, you may contact our law firm in New York.

Small Businesses and Marketing

There are several common errors that new small business owners in New York tend to make. Some of these mistakes involve marketing may lead to a venture’s failure, so it is important for owners to understand them and then take action to avoid making them.

One big mistake many business owners make is starting a company without first completing the necessary due diligence involving the market for their products or ideas. Instead, people should investigate the market as well as their idea to make certain that their location is a good one and that there is actually an existing potential customer base for it before starting the business.

Some business owners identify a market but then fail to plan. It is crucial for an entrepreneur to draft a business and marketing plan. This can help them to identify potential weaknesses while also providing a guide for the company’s direction. A good plan should help owners to understand how much money they will need, how many customers can potentially be reached and how many people will need to be converted into customers in order to make a profit. Another mistake owners make is making their business plans too inflexible. Entrepreneurs should recognize that circumstances change, and their plans should be flexible enough for their businesses to change along with the market.

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There is an art to good business planning. Entrepreneurs may want to consult with an attorney who has experience in counseling start-up companies at the outset of the process. Having the advice of an attorney can be advisable in many areas, including the choice of legal entity form the business will operate under.