Business and Law

Archive for the ‘Business Lawyer’ Category

The business world today is more sophisticated with many factors dictating whether you will be or even fail to appear in the list of successful business people. Unfortunately, many people want to engage in business without necessarily observing the law requirements. This puts you at a danger of losing a lot of money in future if there is anything that has some law implications. In fact, so long as you are living in a land where there is law that governs behavior, know that all that you do, including business has some law.

Are you thinking of registering your company, and do you know the procedure involved? Business registration is one of the fundamental prerequisites that define a serious business person. This shows that you are serious about business achievements. Know that you must build a strong foundation as it dictates how far you will go. Registration is an investment. It may appear costly in terms of time and the lengthy processes involved, but in the long run, it is very beneficial. No matter how carefully you do you finishing, if you do not lay the best foundation for you house, it will collapse at the most critical moment. This also applies to business.

If you are involved in a business where there are many partners, you need to forward you application for registration with several documents. First, a memorandum of association which states the objects of the company must be produced. Objects of the company is a word used to describe the main items in he company. These include the name, capital, official office, the directors and any other relevant divisions.

You only get one life and life is a little short to be worrying about the rediculous little bits of paper we value so much yet we virtually live for. Money is a blessing and a curse, but there is a simple answer to the problem. Get your equitable share.

Simply, the only way to really be free from the cursed pull of money is to actually have enough of it that it will never again dictate what you do, where you go, what clothes you wear, what cars you drive, where your children go to school and so on, and on and on. Money is literally a prison guard and a saviour in one single concept. Lets face it, thats all money is, a numerical concept manufactured by men to make bartering simpler.

I dont need to carry my sheep around when I go shopping for a new hat. I can pay with paper IOU’s called money. These are as good as the 2 sheep and a hec of alot less messy. Money is civilized.

Money is also very abundant. It permeates our lives like oxygen. VALUE is money. The two cannot be seperated. If it has value then it is worth money. A simple idea? I think it is. I promised you in the title of this article that I will tell you a money making secret that will embolden and empower you. And so I shall.

Here is the first part already revealed. Value is intrinsically connected to the concept of money. (I can’t just blurt it out, I am going to make you work a little to get the point across on a deeper level) This doesn’t need too much more explanation does it? Its obvious, its just that we dont think about the relationship between money and value very often.

The second part of the secret is much more emancipating and you are about to hear something that will change the way you think about your life, your family, and everything you value! Theres that word again.

Starting a business can be a daunting prospect. There are loads of people to help you establish one and the law is there to guide you with each step. Just follow them and you are open for business.

Before the start-up

You need to gather your finances, decide upon the type of company structure (solo, LLP, partnership, limited company), the area of business, the supply demand in the current market, etc have to be very carefully planned.

Taxes

A part of your hard-earned cash is in some way going to go into the government’s pockets. If you are running a limited company, corporation tax (21%) is levied. Value added tax is levied on goods within UK (15%). If you have employee then additional national insurance has to be contributed. Solo traders pay taxes via self assessment and register with Her Majesty’s Revenue & Customs.

When I started my law firm I was confronted with many choices. What kind of law will I practice? Where will I practice? Who do I want for clients? What kind of fees will I charge? It wasn’t until I actually got into the planning stages of the law firm that I began to see these questions as more big picture, firm philosophy type of questions. These type of questions may never be fully answered because they are not static.

One big picture question that is static and that can have a profound effect on the success of your firm is its name. What’s in a name? A lot if you think about it. Think about your own name for starters. What if you had been named something different? What if you were a boy and had been given a girls name? What if you were born in a particular religion and were given a name not associated with that religion? Have you ever been to a place where for some reason your name was looked down upon? These same types of feelings can be encountered with your law firm name.

The great thing about starting a law firm is that you get to think about this and plan ahead. If you are starting a law firm and are reading this article, you are probably either fairly young, fairly technologically proficient, or both. If you are, then you can probably see that the face and structure of the practice of law are shifting gradually beneath everyone’s feet. Competition is fierce, and image is everything. And guess what, one of the first things people will learn about you, something they will probably use to form an opinion about you before they even meet you, is your firm name.

When naming your law firm there are some things you should think about to make sure you are maximizing that first impression. First, don’t use your name. Second, it should be easy to remember. And finally, it should make people feel and think the way you want them to feel and think about your law firm. Although this may seem easy, when you actually try to do it, I think you’ll find it is a pretty tough exercise.

Some you are probably thinking, “why not use your name? Everyone else does.” That is precisely why. Although people have different goals, if you are starting a law firm, one of those goals is probably to make money practicing law. You make money by having people sign up for your services. People sign up for your services when they know who you are. Why blend in with everyone else when you can set yourself apart? Not only does not using your name allow you to present an image in prospective client’s minds, it allows you to build the brand you want. A great example of this is Valorem Law Group. If you look at their website a central theme is discarding the billable hour to provide clients value for what they are being paid. If you don’t already know, valorem is latin for value (loosely). Do you see the jump start you can get on the competition with a good name?

Second, easy to remember. This is practical for obvious reasons. If people refer your services to friends or colleagues, what is easier to remember, Valorem Law Group or Smith, Sands, Zaremba, Charles, Flippy and Jagermeister? Make your name easy to remember and you make it easier to get business – a key when starting a law firm.

Finally, the brand. When you start your own law firm you start out as the brand. At all times you are promoting your practice, you are what your practice stands for. But before anyone knows what you are all about, you can start them down the right track with a great name that represents the firm philosophy. A strong, powerful, confident name can make the difference in someone choosing to call you. It can also mask your size. “The law firm of Joe Shmoe” implies that you are a small firm. Like it or not many people associate small firm size with poor performance or cheap services. Look bigger than you are immediately by having a firm name that connotes structure, organization, and numbers.

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