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8 Problems That Could Arise On Any Business Start-Up

8 Problems That Could Arise On Any Business Start-Up

A lot of successful businesses start around a kitchen table or computer basement, and they operate informally at first, disregarding or entirely ignorant of many legal requirements. It is essential for a business to operate legally in order to join in the mainstream. However, we all know that it is undoubtedly a costly transition to make. Being smart and approaching it well-prepared can save money in the long term. It will enable your business to grow and avoid legal fees and other major problems. Here are eight common legal problems faced by emerging businesses.

1. Striving too hard to get a “big order”

Procedures have to be in a place, and under control, to attract business from major customers. A software business start-up run from a basement, using neighbor children working after school to fill orders, has to struggle to land a big contract from a large company. They have to demonstrate their ownership of any intellectual property and show that their employment and business practices will satisfy their customers’ audit procedures.

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2. There’s a fund crisis due to overhead

Increased overheads can threaten the viability of a business. A popular gold cash buyer expanded their mailing system through creating a website and found that it had to double prices to cover the increased overheads in an attempt to get necessary licenses and credibility to gain trust and reputability. Also, a crisis may ensue if orders start to decline dramatically. You can attempt to recoup this financial crisis with the help of a crowdfunding source or through a joint venture.

3. Issues with employees

An example is a cleaning firm that had to increase its rates significantly to cover the costs of addressing a range of legal issues and obligations related to its employees. Procedures had to be set up for each worker, including the I-9 Immigration form which requires documents that establish an employee’s identity and eligibility to work. Liability and workers’ compensation insurance had to be set up, and a payroll system to handle tax withholding.

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4. Incurring penalties and fees for payroll and sales tax

Thousands and thousands of dollars of penalties, interest, and legal fees. That is just one of the major problems faced by a business owner who failed to pay sales taxes and payroll in a timely manner. The tax authorities levied on the owner’s business and personal bank accounts, thus disrupting activities in both.

6. Not being able to take advantage of the available legal protection

You should consider incorporation (such as S-Corp, C-Corp, or LLC) to protect your assets from business liabilities. Other considerations are homestead declaration to protect your home creditors and registering for copyrights and patent law protection.

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6. Unable to consistently establish and follow workplace practices?

Policies and procedures must be set up to guide employees and contractors. Professional industry practice, training, management of issues and problems should also be defined and followed. If relevant, non-competition and non-solicitation agreements should be in place.

7. Insufficient bookkeeping and accounting practices

Use good practices for keeping all financial records. Prompt invoices, regular reports, and keeping records so any irregularities are detected early on. Prepare for, and pay all, your estimated taxes when required to.

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8. Wrong business partnerships

Like marriages, business partnerships are much easier to get into that out of. It often starts with great enthusiasm and big expectations. Ask yourself these questions before you put your signature on the dotted lines of any contract.

  • Do you really need a business partner?
  • If yes, then what exactly are looking for a business partner?
  • What is his financial situation?
  • What are his expectations?
  • What level of commitment he has to the business?
  • Is he willing to put everything in writing?
  • What happens if things don’t work out?

Yes, two brains are better than one, but there needs to be compatibility in order to create harmony and business flow. Don’t rush in, be cautious, thorough, and again, put everything in your agreement into writing.

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Junie Rutkevich

Game Developer of iXL Digital

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Last Updated on November 5, 2018

20 Best Places to Work for a Great Career in 2018

20 Best Places to Work for a Great Career in 2018

Looking for a job? There’s no doubt to the fact you will want to work with a company that appreciates you for who you are.

Well, good news. The labor market today is one that has peened up with more opportunities for advancement and personal employee improvement. This is partly due to the fact that a lot of companies have been made to understand the value of their biggest assets: the employees.

To wit, here’s a list of companies- across a wide array of industries- that have been able to develop working environments that are healthy and accommodating to workers.

Take a look at these 20 best place to work for a great career:

1. Salesforce, San Francisco, California,

    Salesforce is in the information technology business and the company ranks highest due to their commitment to learning and innovation. They are ready to try new things and everyone with a new idea is always welcome to share it at the company. The company has also been known to exhibit an exceptional approach to alignment.

    Find out more about careers in Salesforce

    2. Wegmans Food Markets Inc.,Rochester, New York

      Based in Rochester, New York, employees have been known to enjoy a sense of purpose from working here. The company has been able to achieve an optimal level of engagement across all working tiers and they’ve been able to achieve great things together. They even do deliveries.

      Find out more about careers in Wegmans

      3. Ultimate Software, Weston, Florida

        Employees get amazing benefits here but that’s not the only reason why this place is so awesome to work. Whenever there is a need or a death of an Ultipeep or any of other family members, the company shows love and support like no other.

        Find out more about careers in Ultimate Software

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        4.The Boston Consulting Group, Inc., Boston, Massachusetts

          Development is at the center of anything that goes on here. The business is about people and employees are the company’s biggest asset. Employees are able to challenge the status and also leave impacts on clients.

          Find out more about careers in The Boston Consulting Group

          5. Edward Jones, St. Louis, Missouri

            Edward Jones is admired for their ability to acknowledge history without being mired down by it. The company builds on a solid foundation but there is also a level of flexibility that allows for innovation.

            Find out more about careers in Edward Jones

            6. Kimpton Hotels and Restaurants, San Francisco, California

              Kimpton is a trendsetter in the hospitality industry. The company always strives to try something different and that perspective is welcomed there at all times. Enjoy the weekends with luxury rooms, conformable mattress, furnished and well dressed service staff. A great opportunity for job seekers.

              Find out more about careers in Kimpton Hotels and Restaurants

              7. Workday, Pleasanton, California

                Newbies will find no issues with feeling welcome and at home here as this has always been a core culture component of the IT giant. Everyone is treated like family and this fosters a sense of oneness.

                Find out more about careers in Workday

                8. Genentech, South San Francisco, California

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                  Here, employees are encouraged to be themselves. There is a feeling of care, safety, and acceptance that you get here that you can’t get at many firms. The development of an all-inclusive environment has always been foundational.

                  Find out more about careers in Genetech

                  9. Deloitte, New York, New York

                    Deloitte is one of the biggest professional service providers in the world, noted for their focus on constant learning, development and improvement. They invest in their employees and are concerned about their well being.

                    Find out more about careers in Deloitte

                    10. Baird, Milwaukee, Wisconsin

                      Baird is a financial services provide that is known for adopting a “no asshole policy’ which guides the way people relate with and respect each other, regardless of their position on the company’s hierarchy.

                      Find out more about careers in Baird

                      11. Quicken Loans, Detroit, Michigan

                        At Quicken Loans, the views and opinions of everyone are respected and heard. The organization is revered for the amount of investment they put in their team members and everyone looks for ways to grow and be better.

                        Find out more about careers in Quicken Loans

                        12. Capital One, Mclean, Florida

                          Capital One has adopted a culture that encourages employees to take risks and try new things. They foster a healthy work-life balance and associates are challenged to live better lives.

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                          Find out more about careers in Capital One

                          13. Cooley LLP, Palo Alto, California

                            Cooley LLP is a law firm known for their ability to care about the company culture and being able to develop a working environment that is empowering and fun. Cooley is known to go for the best when it comes to their employees, regardless of the occasion.

                            Find out more about careers in Cooley LLP

                            14. Southern Ohio Medical Center, Portsmouth, Ohio

                              The medical center has been known for their propensity to delegate so much to their employees, thereby providing them with the ability to grow and learn on the job. In the end, you get a workplace that is all-engaging and super fun.

                              Find out more about careers in Southern Ohio Medical Center

                              15. American Express, New York, New York

                                American Express is a firm that celebrates wins, no matter how small. Everyone is made to share the same attitude towards service and the people they are to serve, thereby making people care about what they do.

                                Find out more about careers in American Express

                                16. Adobe Systems Inc., San Jose, California

                                  The culture at Adobe Systems is one that encourages employees to develop their own ideas and get a strong viewpoint. As opposed to encouraging competition, work-life balance is fostered everywhere here.

                                  Find out more about careers in Adobe Systems Inc.

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                                  17. The Cheesecake Factory Inc., Calabasas, California

                                    The Cheesecake Factory rewards dedication and hard work. Promotions come pretty easy, and there is always space for guidance to develop your experience and skills.

                                    Find out more about careers in The Cheesecake Factory Inc.

                                    18. Sap America, Newtown Square, Pennsylvania

                                      If you’re looking for a new career path, SAP might be the best bet for you. The company is adept at recognizing value and transferable skills. And you can always look for a new path while maintaining your employment.

                                      Find out more about careers in Sap America

                                      19. NVIDIA Corporation, Santa Clara, California

                                        NVIDIA is known for looking after even the smallest of things. With even a “pets allowed” policy this company accepts you for who you are, and helps you to work within your personality. Advancement is also fostered, and you are able to collaborate effectively.

                                        Find out more about careers in NVIDIA

                                        20. KPMG LLP, New York, New York

                                          Communication and progressive collaboration are the foundation of this company’s workforce treatment. Regardless of the level you are, someone is always at the ready to help and the company rewards extra effort with gratitude.

                                          Find out more about careers in KPMG LLP

                                          All in all, it’s safe to say that you will be able to find somewhere to apply your skills (whatever they are) that is all inclusive and highly accommodative. Companies today are being made to understand how much they can get when they treat their employees right and this has opened the door to an encouraging work environment for all.

                                          Happy job hunting!

                                          Featured photo credit: Pexels via pexels.com

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