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Archives for May 2017

CALIFORNIA BUSINESS LAW – WHERE DO I START WITH MY BUSINESS?

 

If you are considering becoming an entrepreneur, you need to understand California business law before you start working on your winning business plan. After all, failing to comply with business and tax laws is a common reason that promising businesses fail. You need to get off on the right foot by understanding the business law basics that apply to any fledgling company or venture.

5 Key California Business Law Tips

The following are five key California business law tips that should get you off to a good start on your new business.

 

  1. Start with a business plan. Just a good idea is not enough to make a business successful. You need to have a detailed business plan that accounts for your finances, as well as the regulatory issues you may encounter. Far too many people wait too long to look up California laws that affect their business until they’ve already made costly mistakes. A business plan that includes a well defined game plan for regulatory compliance avoids major and costly pitfalls.
  2. Incorporate early– and choose your business entity carefully. Before you sign a lease or a contract, you need to incorporate your business. In California, corporations, LLCs, and partnerships all provide business owners good ways to limit their personal liability and provide structure to business operations. Just choose your business entity carefully. These can be difficult to change later, so you need to carefully consider which formation best meets your current needs and allows for future growth. An experienced incorporation lawyer can help you weigh the pros and cons of each option.
  3. Get the right California business permits. Unless you have the right permits, your business has no right to operate in California. Make sure to carefully research all the permits that may be needed in your business model, and discuss any questions with an expert. You need to apply for the permits before you open or risk big fines.
  4. Plan carefully for your federal and California taxes. Taxes remain a huge hurdle for small businesses, but a strategic tax plan can limit your tax responsibility and protect you against audits. A California tax attorney can help you figure out what you owe and how to stay compliant.
  5. Find a California business lawyer you trust. As you can see, every small business needs legal expertise to succeed, even from the earliest stages. Find an experienced California business lawyer you trust early, so you don’t miss any legal risks or waste opportunities for growth. Not only will you be able to protect your business and set it up for success, but you’ll also have a trusted partner ready to fight for you when legal issues crop up in the future. A little prevention goes a long way– and saves you money.

 

With these five tips in mind, you’re a long way towards making your new business a success. Still looking for a lawyer you trust? Talk to the attorneys at MAJ Law. Our California business lawyers have years of diverse experience in the business world, which means we bring a level of expertise to our advice that sets you up for success on day one.

Call us today at (707) 528-2882.

ESTATE PLANNING 101: HERE’S SOME BASICS YOU SHOULD KNOW

Smart people understand the need to plan for the future, including a future for your loved ones after you pass away. Your family needs to be taken care of and have a clear understanding of your desires.  Estate planning provides a way for you to ensure that the people you care are provided for during the difficult time that follows losing a loved one. If you have not already begun, you should begin planning for your estate now.

6 Essentials Of Estate Planning

Here’s six essential basics of estate planning everyone should know to get started.

 

  1. A will is a good place to start… The very basic “Estate Planning 101” document that everyone needs is a will. A proper will ensures that your wishes are clearly conveyed to the courts (and your friends and family) after your death. While you can type up a will on a whim and get it signed by witnesses without outside help, a good suggestion is to have a will drafted by an experienced estate lawyer. Every state has unique probate laws and special requirements for wills, so do yourself a favor and make sure that your will complies with them. An experienced legal professional can draft a will you can feel confident will hold up in court as valid.
  2. … But it’s not all you need to ensure that your loved ones are taken care of. A will is not the only document needed to ensure that your wishes are carefully followed. Advanced Health Care Directives, Power of Attorney , trusts, and other legal instruments work with your will to take care of all the details beyond who gets your estate and will help minimize cost before your death if you become incapacitated.
  3. Probate can be avoided. Probate can be slow and confusing, especially when a person’s estate plan is not set up properly. You can avoid the hassle of probate court with the right estate planning strategy. Trusts and other legal instruments can bypass probate, and investments like life insurance make it possible to leave money directly to a specific beneficiary.
  4. Trusts are not just for the extremely wealthy. When you hear the term “trust,” you probably conjure up images of young, incredibly wealthy heirs. In reality, trusts simply provide you with a legal entity that makes transferring assets easier after your death. Because trusts outlive people, anything held by the trust passes to a secondary set of beneficiaries, which means your family can access what you’ve left behind easier than having to wait on probate. An estate attorney can set up a simple trust for any person who wants to minimize probate and estate taxes.
  5. Estate planning is about more than money. If you don’t think that your assets are enough to merit a careful estate plan, think again. It’s not just about money and property. Estate planning includes making vital provisions for what to do if you become incapacitated through documents like a living will and a power of attorney. Your estate plan also makes custody arrangements for minor or handicapped children and provides financial protections in their names. Neglecting a careful estate plan means neglecting much more than just property.
  6. No estate plan is ever “complete.” You’re never really done with your estate plan. A good estate plan requires regular updates. Every few years and after every major life event, you should meet with your estate lawyer to adjust your estate plan accordingly.

 

If you keep these basic tips in mind while developing your estate plan, you’ll be in great shape. Of course, every person is unique which means that no perfect estate plan can possibly follow just these simple guidelines. Let the experienced estate lawyers at MAJ Law help you create the right custom estate plan for your needs today.

Give us a call today at (707) 528-2882 to learn how we can help.