Forming a Business Enterprise – The Legal FAQs

When it is about starting a new business there are several key decisions to be made by you regarding organization structure, financing, management and operation and many more. The most important aspect we generally ignore is securing the business establishments with legal regulations and permissions. The basic homework a business owner should concentrate on before even thinking to start an entity.

Believe it or not, without finding an attorney and free legal resources or documents your knowledge won’t be complete. Here the specifications are about New Mexico Business law, though the primary level rules are same all where for a particular state in US.

Here we can run a brief session to take you through the basic functionalities of business law with much appreciated help from New Mexico Business Attorney. Finding answers of these inquiries would enable you take a wise decision.

Do you need a license or permit to open your business account?

It depends on the type of your business. Certain trades require special permissions or licenses. For example professional service like doctors, teachers, lawyers, accountants and commercial trades like alcohol manufacturers, fire arms producers need these.

Do you need a Taxpayer Identification number for your business?

Yes, most of the companies do this by filing with the IRS to receive an Employer Identification Number (EIN). This is to identify companies and their workforce. Those who can’t afford EIN should have a social security number at least.

How do you register yourself for an online business?

This is basically registering the domain name i.e. selecting your website address. You need to find the domain name customized to your business and check whether it is already registered or not. Ask for some good referrals of legal directories.

Do you find sole proprietorship advantageous for your business?

With sole proprietorship you can avoid any special legal construct in your business and enjoy exclusive right to make business decisions. Since there is no corporate taxes, filing fees or negligible legal fees associated with it the process is inexpensive.

Do you find Limited Liability Partnership a good option?

Again it depends. The advantage is – Each partner is personally liable for his or her own negligence or of the employee under his/her supervision. But the rule doesn’t comply while incurring debts.

How to form a corporation?

There are few simple steps:

1. First of all select your business name. Ensure you have passed the state rules and the words or phrases used in your business name don’t defy State laws. Visit the secretary of your state’s website.

2. Start preparing and file the necessary paperwork with the Secretary of state in the State of incorporation. Pay your filing fees.

3. Choose the board of directors, directors, officers to form corporate governance. A business Attorney would guide you on that.

4. Issue stocks to the owners, set up bank accounts, bookkeeping system, collect licenses, permits from local Government offices; opt business insurance, purchase office equipments, hire employees.

With all these strategies you can run your business smoothly.

I Got Hurt at Work – Construction Site Edition

Construction work is one of the most classic occupations in the United States. Every town and city was built on the hard work of industrious people willing to put their well-being on the line to get the job done. Unfortunately, from time to time, accidents occur and deeply effect the lives of workers and their families.

The most important thing to remember about construction site accidents is the broad range of damage that can be dealt. Injury can be something as mundane as repetitive stress to something as serious as death by explosion. Construction workers have to keep their eyes and ears open for an extremely wide variety of hazards.

This article is here to explore the most common ways people get hurt in the construction industry, the kinds of stresses they have to deal with post-accident, and what can be done legally to get the proper compensation.

Discussing Common Workplace Accidents:

Let’s analyze some of the most common accidents that occur on the construction site.

* Falling Accidents. When it comes to construction, there are often scenarios where workers need to negotiate elevated locations. Some examples include scaffolding, girders, building structures, and building exteriors. Falling from even a modest height can result in serious injury or death.

* Falling Objects. It’s not always the person that falls – many times it’s objects. During construction lots of material is being broken, put together, and moved around. This breeds a lot of opportunity for unsuspecting workers to get an unpleasant surprise from above.

* Equipment/Vehicle Incident. Most jobs involve more than simple hand tools. Complex construction equipment and vehicles provide a constant challenge for workers to both get a job done on time, but to also do it safely. As equipment gets older, the risks tend to increase.

* Exertion Injury. Construction work is often synonymous with manual labor. Any time extreme amounts of physical exertion are in play there is a possibility for injury. Examples often include lifting strain, repetitive stress disorder, tendonitis, and general body wear-and-tear.

* Chemical Incidents. Spills, exposure, and other unpleasant interactions with chemicals are a serious concern for many construction workers. There are often harsh cleansers, lubricants, and other chemicals involved in the overall construction plan of a job, and overexposure is not terribly uncommon.

* Fire/Explosion. Sometimes related to the chemicals cited above, fire and explosion is another reality of the construction site. High pressure equipment and volatile material can cause serious burns or worse to workers how are caught in the wrong place at the wrong time.

Results of Construction Accidents:

Just as unfortunate as the accident itself is some of the results that occur afterwards. Many people either do not see some of these issues coming, or don’t know how to handle them. Let’s analyze a few examples:

* Extensive medical bills from various injuries occurred on the job.

* Missed shifts and time at work, resulting in loss of wages.

* Reduced ability to perform work at the same level as before injury.

* Usage of personal days / sick days beyond those available.

* Negative pressure from bosses, coworkers, etc to either hide injury or report it in fraudulent ways.

* Shift work from full-time to light duty or reduced responsibilities.

Problems after an injury end to pile up, and it can be extremely difficult handling them, especially from a legal perspective.

Securing Proper Legal Counsel

It is important to get legal counsel so that you aren’t susceptible to the wims of insurance companies and construction firms. Unfortunately, general practice lawyers are rarely equipped to deal with the complexities of the large construction industry. Therefore it is important to locate a skilled construction law specialist.

It’s even better if you can find one in your area to reduce the costs of long distance representation (if it is even an option).

Trades In Construction – Others

Although not directly assigned for the construction industry, there are some professions that are in direct support of the construction industry. They Include;

Banking: As earlier mentioned, construction is a capital intensive affair. This means that a lot of money will be required for a short period of time. This money is almost always got in the form of mortgages, construction loans or general loans. Even when personal savings are involved, there is a great possibility that a bank will be involved as a media for savings. For this reason, banking is closely related with the construction industry and when the construction industry does well, the banks follow suit. This pivotal role means that professions in the banking industry will be put to task.

Legal services: This is especially required when land transactions like leases are to take place. It is also common in the modern forms of construction where prospective buyers purchase property on paper. This means that they pay for the product of construction long before it is put up. This requires a stringent legal undertaking and a binding engagement. Along the same line, properties with encumbrances and caveats will need the services of a legal practitioner. Legal offices are usually very busy when the construction industry is busy.

Sales and Marketing: The product of construction is usually for sale or rent. This requires a marketing campaign to ensure quick take up, thus immediate rent collection or return on investment. Where the building or space is to be sold on paper, it will definitely take a good campaign to convince prospective buyers.

Information Technology: With the proliferation of the internet and the use of the world wide web, there is a great need in the commercial sector to provide tech-savvy solutions. These range from simple structured cabling and intra-networking to complex ones like WiFi services. Being a fast evolving occupation, there are many new concepts coming up and in times to come, the IT specialist will definitely be a part of the construction process.

Surveying: Since construction is done on land, the land surveyor is required to demarcate land, establish beacons, and establish levels, both horizontal and vertical among other tasks.

Property Management: This comes in when the building is complete. It is charged with tasks like tenant search, property cleaning, repair, services provision and maintenance and rent collection.

Others include clearing and forwarding, manufacturing and procurement as pertains to construction materials and fittings. This is a good catch especially for big projects.