Many dream of one day owning their own shop, but starting from scratch can be daunting. One alternative to building a business from the ground up is to buy a franchise. The starting costs will be much higher, but the franchisee also gets established products or services as well as guidance for running a successful business.
Starting a new business is exciting. The founders turn their dream into a reality and pour their hearts into this new endeavor. Bearing this in mind, many owners think of the business as an extension of themselves, so it is smart to protect it - as well as themselves - from any legal issue that might come up. Considering that 80% of businesses survive their first year, and 50% make it to five years, smart decisions can protect owners now and in the future.
There are countless decisions to make in starting a business, and any one of them can hurt or help the success of a startup. However, it will likely be a mixed bag where some decisions will help ensure success, while others will be a hit that can set the endeavor back.
Every state has laws regarding deceptive trade practices. Mainly, these address businesses or individuals who sell goods or services while falsely representing what the consumers purchases. These torts are considered an offense against the general public and can lead to criminal prosecution by the state’s attorney general, district attorney, county counsel, city attorney, or city prosecutor. The prosecution can bring their complaint or act upon the claim of a person, association, corporation, board, or officer who is injured or damaged by this deception. Plaintiffs should not take action unless government entities refuse to.
Those who build businesses sometimes console themselves about the hard work paying off by handing the successful company to their children and even subsequent generations. This was an easier task for past generations for a variety of reasons, but it is still possible to do it.
One of the first important decisions when starting a business is picking the business's structure. Choosing the right plan can be the difference between profitability and insolvency. For many, partnerships are a good option, but going this route should always include a strong and binding partnership agreement. This can help ensure that all partners involved understand everyone's responsibilities, financial obligations and legal liabilities.
The Health Insurance Portability and Accountability Act (HIPAA) is legislation that protects the privacy of medical information. Founded in 1996, the law covers a wide range of issues involving medical care. In recent years, HIPAA Privacy Rule (officially known as Standards for Privacy of Individually Identifiable Health Information) has become increasingly important in battling against and prosecuting data breaches caused by hackers and others who unlawfully access this private information.
Long-term litigation can be problematic for any business. However, the implications can be particularly detrimental to new businesses and startups. It can be frustrating if the premise of the dispute is a class action lawsuit out of left field or a frivolous lawsuit. Moreover, even the threat of these disputes can cause an entrepreneur to fold up shop before they officially open for business.
Food trucks have taken the culinary world by storm in the last decade. Hungry foodies following them on Twitter, office workers are grateful for an alternative to the cafeteria, and they seem to provide every craft beer brewery in California with vittles to help the beer go down.
A common hope among California small business owners is that their company will last for a very long time. However, there are a range of things that could endanger this hope and put a company at risk of coming to an end.