1.6 million Brits helping to bridge funding gap, research shows

CLAIRE PAYNE | December 7, 2016

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Over 1.6 million Brits have helped to bridge the funding gap by lending money to their friends and family to enable them to start a business, according to research by ThinCats, a peer-to-peer lender. The research found that entrepreneurs are being given £4,479 on average to help them to set up their business, with a total of £7.2 billion being lent directly from family and friends. The study suggested that older people such as parents are more likely to provide support for their loved ones, with those aged over 55 being found to be three times as likely to give money as those in lower age groups.

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How the cloud enables accounting professionals to support small businesses

Article | April 15, 2020

Accounting professionals throughout the Americas are operating in unprecedented times with the impacts of COVID-19. With information changing daily on government stimulus packages, many of our accounting and bookkeeping partners are quickly adapting and helping their clients navigate through these tough times. Technology (especially the cloud) has enabled firms to seamlessly work-from-home and collaborate across the country. As well as find new ways to help their clients. Here are three reasons why moving your practice online allows you to better operate and support your small business clients during this time.

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The Four Most Conventional Small Business Legal Issues Confronted

Article | September 1, 2021

While small business owners are typically preoccupied with the day-to-day operations of their businesses, they frequently ignore the small business legal issues and obstacles that they are likely to encounter in the future. Thus, it is a pressing need of an hour, majorly after the COVID-19, to identify their legal challenges and be well prepared for them. The neglected or untimely addressing of the legal issues could cost you a big deal and prove disastrous, and might even be challenging to recover. This article will describe legal issues affecting businesses and how to avoid them tactfully. There are myriad essential aspects of the business to be considered, such as overhead costs, marketing, employee management, business & marketing budget, etc. Among all these, legal aspects of business also hold a similar level of importance but are usually underestimated issues for business. 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Thus, resulting in delays in contract disputes, which will have to wait years to be resolved. Inadequate Protection of Intellectual Property Businesses are constantly developing new and distinctive ideas, technologies, products, and marketing strategies. However, many small business owners believe that intellectual property issues are not their responsibility and only large corporations deal with them. This is the reason often these legal aspects of business are a common issue among small businesses. It is advisable to do in-depth research before naming your business or launching any new products or services to avoid using and enforcing identical trademarks, which will count as infringement. The consequences of infringement are atrocious. The owner will have to alter their name and suffer legal consequences, including damages and attorney's costs. Without trademark registration, ventures risk losing the right to their branding, wiping out years of effort and investment. Securing a trademark registration precludes the occurrence of any of these issues and inconveniences. It is needful to protect intellectual property and law for small businesses. So, consult an expert attorney or business adviser to identify what should be secured by copyright, patent, or trademark. Improper Licensing Every business must have a valid license to operate. However, it may be perplexing and challenging for novice business owners. Before you may lawfully trade, you must obtain a license. Improper licensing leads to business law issues and is one of the most common small business legal issues. Government licensing requirements vary according to the kind, size, and location of the firm. Additionally, the business license is contingent upon the goods or services provided by the business. Therefore, licensing costs vary according to location. Obtaining a license for your particular business demonstrates that you are knowledgeable about your industry and are capable of operating the appropriate equipment. If you are discovered conducting business without the proper license, you may face severe fines or possibly have your business activities halted. An experienced small business lawyer will help you through the paperwork and ensure that your business is properly licensed. Not Hiring or Firing Employees the Right Way Among many legal concerns, one of the most frequent business legal issues for small businesses are improper employment or termination of workers. Unfortunately, numerous small business owners make the error of employing or terminating staff without proper paperwork or agreement. Inadequately executed agreements or employee contracts expose your small business to litigation. Having a written contract is necessary and differs as per the employees whether they are full-time, part-time, and casual. The written contract includes information about the employee and employment details such as: Stipulate payment Rights and responsibilities of the employees Benefits Termination clauses Date the contract was signed Potential reasons for termination The employment contract needs to clarify the terms of employment, conduct, grounds of termination, expected behavior from employees, etc. Employees are asked to abide by this contract. In case of violation, within your legal rights, you can terminate their employment and safeguard every small business's needs. If you have employees or contractors, you must adhere to small businesses' federal and state employment laws. Conclusion Dealing with the legal aspects of business is not a pleasant task, but you cannot ignore it, and if you do, you may have to pay the price. Small business legal issues are critical business law issues that impact a large number of small business owners. Few small business owners are familiar with the legal elements of a business. It is crucial to engage a legal team to assist you in navigating it smoothly and avoiding the danger of destroying the future of your business. Frequently Asked Questions: What are the primary legal issues that small businesses face? Small businesses face many legal issues in their business operation, but the major ones are: Establishing the Wrong Business Structure Shareholders' Agreement Improper Licensing Inadequate Protection of Intellectual Property Not Hiring or Firing Employees the Right Way Response to Changes in the Law and Regulations Employee Termination How can a business overcome legal issues? Below are few tips for businesses to overcome legal issues: Recognize your regulations Inform yourself about labor laws. Acquaint yourself with intellectual property Select the appropriate attorney Maintain Vigilance { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the primary legal issues that small businesses face?", "acceptedAnswer": { "@type": "Answer", "text": "Small businesses face many legal issues in their business operation, but the major ones are: Establishing the Wrong Business Structure Shareholders' Agreement Improper Licensing Inadequate Protection of Intellectual Property Not Hiring or Firing Employees the Right Way Response to Changes in the Law and Regulations Employee Termination" } },{ "@type": "Question", "name": "How can a business overcome legal issues?", "acceptedAnswer": { "@type": "Answer", "text": "Below are few tips for businesses to overcome legal issues: Recognize your regulations Inform yourself about labor laws. 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Article | March 4, 2020

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Spotlight

Plaxo

We’ve been working on exciting and important problems in the consumer Web space since 2002. We pioneered the “smart address book,” and we host over 50 million address book accounts for Plaxo.com and for Comcast’s Xfinity Connect experience. In 2008, we were acquired by our largest customer, Comcast. We are now operating as several distinct, entrepreneurial business units in our Silicon Valley office.

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