small business

For small businesses to startup, it will often happen that some of the customers might purchase with a promise of a later payment. This is a good way to build a trustworthy customer base, but sometimes, it can be damaging to the business when people do not pay up on time.

What is to be done in such cases? When debt needs collection, it is required to avoid violent confrontations and use tactics that allow you and the payee to solve the problem with a good settlement. Bosserman Law small business attorneys are available to help small business owners recollect their owed debt and keep their business functioning in harmony.

What To Do When Your Clients Have Unpaid Invoices?

Send a Demand Letter

Before hiring a collection agency, ask your attorney to draft up a demand letter for the payable amount to your company.

Lawyer up or Hire a Collection Agency

When the above fails, you can try revisiting your contract to try and persuade the client with an arbitration clause, if you don’t have the arbitration clause, you should pursue this through legal procedures. Bosserman Law can guide you through what measures there are to be taken to reclaim the money that your client owes you.

You can also consider hiring a collection agency. There are a number of things to consider when hiring a collection agency. First of all, you should ask the people you trust and know to point you in the right direction. Getting a collection agency that has dealt with similar cases as your own business can be helpful, as they know how to approach such cases better than the business owners themselves.

Collection Agency Procedures

There are two ways the collection agencies work:

They can work with you to help recover the debt that the customer’s owe you, for a retainer of course, normally 30% of the owed debt or the company can buy the debt from you for a lower price and can help you get rid of the client instantly. This depends on the business owner as to how they want to approach the situation, they can put in the effort and fight for the debt or just let the company sort it out after selling it off.

Winning A Judgment

After you have won a judgment, and it still needs to be paid by a client who is in another state, you will need to hire a lawyer in the client’s state and enforce the judgment through legal means. Once again, you have the option of selling the debt to the collection agency and be done with it.

After winning the judgment, it is possible that the Agency’s price for buying the debt would be higher than if you were trying to sell the debt without settlement.

Consultation with your attorney on this matter is the key and they can help you make the better decision when considering selling your debt or not.

For further assistance in the matter, search for Bosserman Law in Southaven and get paid today.

 

When starting up a small business anywhere in Mississippi, it is important to fully understand the rules and regulations that apply to the area. In most cases, people might not be familiar with all these codes. It is therefore recommended that before starting up your business, you should hire a startup attorney in Mississippi who can properly evaluate the scope of your business and advise you through the process. Here’s why you need to hire a lawyer to assist you:

Good Business Partner

Maintaining the success of your business requires hard work but sometimes, you may need more than just that. With hard work come more contacts and the need for advice from trusted people. A lawyer will make sure that they guide you through the process of employee hiring as well as safety regulations that need to be conducted in your work environment. They will provide you with the right strategy for your startup to expand and generate profit. A hired lawyer would always make sure that their client gets the best out of every deal they have.

Handling Crisis

When starting a small business, getting sued is the worst thing that could happen to you as the money that you were supposed to put in your business all goes into legal fees and attorneys. This is the reason why having a lawyer hired before starting a business is essential. Many lawsuits can be avoided or settled for a low amount if the company has a legal advisor backing them up.

Obtaining Patents

America has a very complicated system of Patents and obtaining one can require a tedious process. Having a lawyer by your side helps you speed up the process substantially. Lawyers can even help you avoid a patent violation.

There have been many small businesses that have been shut down as the idea that their company was based on had been patented by someone else. Lawyers know their way around the patent system and can help you accumulate enough information to acquire a patent for your own idea without being sued or shutdown.

When hiring a startup attorney in Mississippi, be sure to contact Kelly Michael Bosserman, who specializes in:

  • Collections
  • Corporation/LLC formation
  • Business planning
  • Business succession
  • Leases
  • Regulatory Issues and Filings

You’ve worked hard at building your business from the ground up, and you’ve turned it into a force to be reckoned with. You think it’s time to take things to the next level, so you decide to incorporate. Exciting times, huh?

But which legal form is right for your business?

And should you even incorporate at all?

Read on to find out.

Should You Incorporate?

When you’ve been doing business for a while, incorporating may seem like the logical next step.

But incorporation isn’t just a milestone to check off your list, it’ll also change the way you run your business and increase your business expenses. It makes sense to take a critical look at your business and carefully consider whether incorporation actually makes sense for you.

There are many advantages to incorporating. The most obvious is enhanced credibility for your brand. Incorporation also provides less glamorous, albeit more practical benefits, such as tax advantages and personal asset protection. The trade-off is enhanced scrutiny and the need to comply with federal and state legislation.

Corporation or LLC?

Both corporations and LLCs are separate legal entities, which enjoy certain advantages and legal protections. When you incorporate your business, it becomes a legal person in its own right. It can sue and be sued in its own name, and its assets and liabilities are completely separate from yours.

However, corporations and LLCs enjoy different benefits and protections under the law.

Corporations have significant tax advantages. It’s possible, for instance, to deduct a corporation’s business losses from your personal tax return, including startup costs. A corporation can also provide considerable savings on Social Security and Medicare taxes. That said, corporations must have a set management structure, and unless your business is a certain size, this may not be feasible.

LLCs offer the same major benefits as corporations, including safeguarding your personal assets, but don’t have the same extensive tax advantages. The flipside is that the management structure is more flexible. This makes an LLC a better choice if you own a small business.  Depending on your state, there may be a wide range of differences in fees for the LLC and the corporation.

Are you thinking of incorporating? Reach out to Bosserman Law at (662) 890-9558 for a consultation.

With a new year on the horizon, it’s only natural to think about new beginnings. And what better New Year’s resolution than to turn that great idea you’ve been toying with for months, or even years, into a business?

Building a business is hard work, sure, but few things can beat the satisfaction of seeing your idea grow and become successful.

But first, you need a solid business plan.

Here’s how to go about it.

Why You Need a Business Plan

Unless you’re fronting your business’s startup costs out of your own pocket, you’ll need to get some funding. Unfortunately, no one’s going to give you their money if they don’t know how you plan to make your business financially viable.  

However, a business plan isn’t just a fundraising tool. It helps you understand how your business is put together and identify any weak spots. Writing it down also forces you to remain accountable, which increases your chances of success.

What Should You Include in Your Business Plan?

A business plan is your vision for your business’s future. It can take many forms, from that paragraph you scrawled on the back of an envelope to those thick documents in corporate boardrooms.

However, it’s always a good idea to include the following elements:

The basic concept

This is where you flesh out your idea. Questions you’d want to answer here include what product or service you’ll provide, how you’re going to provide it, and who your target customers are.

Your strategy

Once you’ve established what your business will do and what you want to achieve, it’s time to set some targets. What specific actions will you take to move closer to your business goals?

Your competitive advantage

You need to persuade your prospective customers that you’re the only one who can satisfy their needs. Unless you’re clear about this yourself, that’s going to be tough.

Financials

Think carefully about what everything will cost and how much revenue you think you’ll earn. Be conservative, so you’ll avoid nasty surprises. Besides startup and other running costs, you should also budget for unforeseen expenses.

Do you need help drawing up a business plan for 2016? Contact Bosserman Law at (662) 890-9558 to set up an appointment.

Building a business is a labor of love, so it’s only natural to be concerned about its long-term prospects after you retire.

Retirement doesn’t have to spell the end for your business. Some careful advance planning can ensure a smooth leadership transition, the long-term viability of your business and your peace of mind.

Here are some tips to make succession as painless as possible.

Establish Your Business’s Objectives

The most important step in creating a sound succession plan is to set out your long-term vision for your business. Put simply, you have to know what your goals are before you can get there.

Everyone is different, and there is no right or wrong answer when it comes to setting out your post-retirement business goals. Chances are you’ll want to enjoy the fruits of your hard work whilst ensuring that your business continues to thrive even after you’re gone.

Choose Your Successors Wisely

Once you’ve mapped out your long-term business goals, it’s time to identify the right people to lead your business. You should try to be as objective as possible when taking these decisions.

If your business is a family affair, you may wish your children to take on leadership roles. While this is only natural, it may not be the right choice. Your children may not have the aptitude or the inclination to run a business, and it’s risky for your business’s future to pass on unwanted responsibility in the hope your children will warm up to it.

You should also make sure that the people you’ve chosen have enough time to prepare for their new role and aren’t just thrown in at the deep end. They may need training to acquire new skills, as well as practical experience.

Round Up a Team of Independent Professionals

Finally, don’t forget to get professional help.

You’ll need specialist advice on many technical issues, including legal and tax considerations. You also shouldn’t underestimate the emotional component of planning for your business to continue without you. An independent, objective opinion can go a long way when you’re faced with tough choices.

Need help planning your business’s succession? Contact us at (662) 890-9558 to set up an appointment.

 

 

 

 

 

A contract of employment governs the relationship between employer and employee.

While it doesn’t have to be a written document, taking the time to put the terms of employment black on white can pay off down the road. A written employment contract provides clarity and protects you from situations that could spell trouble for your business.

Read on to discover four clauses that you should always include in an employment contract.

1. Defining the Basic Terms of the Agreement

You should always list the following basic information: a) the name of the employer; b) the name of the employee; c) the job title; d) the duration of the employment; e) the place and hours of work; and f) the starting date.

A lot of this information might seem obvious, but writing it out in simple language ensures that the employee fully understands and agrees to the basic conditions of employment. Writing down the starting date will also make it clear when the rights and duties of each party to the contract come into effect.

2. Setting Out Duties and Responsibilities

You should always set out in clear language the main duties and responsibilities the job entails. This will ensure that you and your new employee are both on the same page, and will avoid many potential arguments about what the position does or doesn’t involve. You cannot argue with what’s written down in plain English.

3. Salary and Benefits

Everyone wants to get paid, so setting out wages and benefits is a crucial aspect of any employment contract. Besides setting out the basic wage, frequency and method of payment, you should also list any other benefits – such as the number of paid holidays and insurance – that will form part of the employee’s compensation package

4. Termination

Thinking about firing someone isn’t fun, especially when your new employee hasn’t even started. Unfortunately, things can go wrong despite everyone’s best intentions. Setting out clear grounds for termination and severance terms at the outset can go a long way towards making the process as painless as possible should the need arise.

Do you need to draft an employment contract but aren’t sure where to start? Get in touch to set up an appointment with our employment specialists.

 

 

 

Small business owners are dreamers. They dream of innovation, success, and bright futures. With this optimistic outlook, dreams may easily overshadow nightmares. No one likes to focus on nightmares – especially with so much at stake – but it’s important to give the possible business setbacks some consideration. Because it’s not a matter of if a crisis occurs but when.

Create the “Crisis Dream Team”

Smart business owners plan ahead, and in the event of a crisis, they know on whom to rely. Your business may not be large enough to have PR and multiple managers at your disposal, but it should at least have a trusted legal adviser on hand. After members of the team have been appointed, select one to be the spokesperson, so the public doesn’t receive mixed signals from every person on your team.

Prepare, Prepare, and Prepare Some More

In the early days of your business, it’s a good idea to plan for potential crises. Sit down with the rest of your crisis management team and brainstorm the variety of scenarios that may befall you. Then detail the best solutions and responses to resolve them quickly. Examples of this could range from a small percentage of dissatisfied customers to a nationwide recall of your product.

Confront the Crisis Head On

Ever notice how big corporations try to skirt around the issue or deny it all together when they’re in the midst of a public crisis? This isn’t how you should handle a problem if you want customers and clients to remain loyal. Instead of sweeping concerns under the rug, confront them with honesty and dignity. Admitting to a mistake and explaining how your business will rectify it can smooth things over much easier.

Be sure to do so in a timely manner. Waiting for customers to reach their boiling point before responding creates too much tension. If you’re not exactly sure how your business will handle a particular crisis, reassure the public you’re aware of the situation and looking into the best solution. Above all, keep your word because satisfied customers drive your business.

Handling business related crises on your own can be nerve racking so get the support your business needs. Form your crisis management team with the trusted advisers at Bosserman Law before disaster strikes.

 

Do you fancy yourself the next founder of Facebook or Uber? Do you want to build a tech company or sell products of your own making? Sounds like you are ready to break away from the drudge of a career that inhibits personal growth.
As with any business, startups require forethought and strategy to be successful and profitable. Below are some strategies that will help your startup gain traction.
Set Short and Long Term Goals
Make short term and long term goals for your startup. Obviously, profit goals come to mind, but much more can be achieved than profits.
Set personal goals for yourself such as creating deadlines for tasks that will get your startup idea off the ground. Business growth goals are also a must. Contemplate if it will need employees and whether the products/services will be driven by quantity or quality.
Plan Your Finances
Your startup’s structure will determine how much you need to invest in the beginning stages. An online startup requires very little investment from the onset for things like a website and business tools. Utilizing the Internet and social media may be all you need for marketing.
However, a startup that has a physical storefront requires more funding. Unless you already have enough in savings, you will need to create a business plan to pitch to lenders or investors. For either situation, keep finances for taxes, insurance, licensing/permit fees, and advisers in mind.
The state of Mississippi requires businesses that sell goods/services to obtain a sales tax number through the Mississippi State Tax Commission. Also, if you intend to have employees, the state requires worker’s compensation insurance for all employees if the business meets certain criteria.
Making It Official
Before conducting actual business through your startup, it’s best to make it official. Through a business lawyer, you can set your startup as a sole proprietorship, LLC, partnership, or corporation.  Tennessee, Mississippi, Missouri and most other states are all different in their requirements for starting a business.  For instance, you register your startup’s “Doing Business as” or DBA name through the Mississippi Secretary of State, and obtain licensure and permits through the state. Online startup owners should also check with a lawyer about setting up privacy policies, trademarks, and copyrights.
Building a startup requires creativity, planning, and organization that has the potential for substantial personal growth for the owner. The process runs more smoothly if you have a team of advisers for support.

For all your legal advising needs, let Bosserman Law help you

Congratulations! You’ve come up with a great business idea, and now you’re ready to make it a reality.

Having a new business idea should fill you with excitement, but eventually fear and doubt might attempt to extinguish it. You’ll wonder whether you have the skills to run a business and (most importantly) if it will be successful.

These are worries every business owner has. Yet, there are things you can do to keep ahead of the game, whether your business takes form as an online startup or a small shop downtown.

Analyze the Market

Marketing is a key part of most every business’s success. As soon as your idea takes fruition, it’s time to determine if there’s a demand and/or interest in your product(s). Doing so may be as simple as performing Google searches, browsing social media, and speaking with people who may be potential customers.

Another important step in analyzing the market is determining who your ideal customer is. Spend time considering who would be interested in and actually buy your products and services. Your business could be brilliant, but without demand and targeted customers, it will go nowhere.

Sharpen Your Organizational Skills

Planning a business requires good organizational skills or a superb, photographic memory. Many aspects of a business will need to be organized such as records, but that isn’t all.

You will need to develop a way to manage your time if you wish to keep a level head. Also, if you’re not doing this own your own, you need to organize the people helping you – anybody from business partners to employees.

Manage Finances

There’s a saying: you have to spend money to make money. This could not be more true for businesses. Starting a business requires some financial investment, and you may have to borrow in order to begin.

Once you’re underway, you will have to keep other finances in mind such as taxes. States are different on what taxes they require paid.  Mississippi requires businesses to register with the Mississippi State Tax Commission so sales tax and income tax can be regulated.  Tennessee doesn’t have a state income tax but your business may have to pay a privilege tax or others.

Planning a successful business is a journey – hopefully an adventurous and positive one – but if you need assistance, then contact Bosserman Law.

There are a myriad satisfying, exciting and personally fulfilling things about owning your own business.

There are also plenty of things that keep you up at night.

One of those sleep-depriving concerns is the fear of being sued. Even a modest lawsuit can rack up expensive legal bills that can severely harm a small business – perhaps force it into bankruptcy.

At the risk of minimizing the serious nature of a lawsuit – and pardon me for grasping for a sports metaphor, but – sometimes the best defense is a good offense.

Take proactive steps to help your business avoid finding it situations that can lead to lawsuits. The big headline is pretty obvious: do things right, treat people properly and try to rectify any problems swiftly.

Beyond that, here are a few helpful and specific things you can do to avoid lawsuits and to give yourself the tools you need to resolve lawsuits quickly should you face one.

Document Everything

Most legal actions that occur against small business generally concern some manner of contract or agreement dispute. The solution: take copius notes of all discussions and ensure all contracts are signed and witnessed.

Create an Employee Handbook

It’s difficult to hold employees accountable for their at-work actions if you have no document that establishes what their actions should and should not consist of. When you give a new employee a handbook, don’t forget tip number one: sign a document that states that your employee received and read their handbook!

Understand Intellectual Property Laws

Companies covet their logo, tagline and associated branding. And rightly so! Take a moment to study your logo imagery and ensure it does not violate any existing trademarks.

To compare your company’s logo and branding imagery with existing copyrighted material, you can do a quick search of the U.S. Patent and Trademark Office website.

Properly Maintain your Workspace

The likelihood of injury lawsuits from customers and employees can be dramatically reduced by taking a few common sense but vitally important steps toward maintaining your environment.

Keep walkways clear and free of debris, standing water or ice.

Ensure that storage rooms are stocked carefully to minimize spills or falls.

Fill parking lot potholes and keep outdoor spaces clean, safe and well-lit.

Communicate

Many times, the most effective tool you can employ to avoid a potential lawsuit is an open and frank conversation. A conversation regarding the issue may be uncomfortable, but it will certainly be less expensive and time-consuming than resolving a lawsuit.

 

Don’t lose sleep over things you can control. Take these steps to help your company avoid a lawsuit. For more tips – or for advice and representation in the event your business is sued – contact us today at Bosserman Law.

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Location

5740 Getwell Road
Building 9 Suite A
Southaven, MS 38672