Starting a Business

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Frequently Asked Questions - Starting a Business

Q: Where do I look for investors?

A: A potential business owner may seek investors by contacting friends, business acquaintances, relatives, clients or industry colleagues. In addition, an owner can contact banks and commercial finance companies. Financial institutions may also know of venture capitalists interested in investing in new businesses.

Q: What is a debt-to-equity ratio, and what does it mean for my ability to attract financing?

A: The debt-to-equity ratio is the relationship between the money the owner has borrowed for the business and the funds the owner has invested in the business. Generally, the more money that an owner invests in the business, the easier it is to attract additional investors and financing.

Phoenix Business Formation Attorney

If you need the experienced advice of a business formation lawyer to bring your business plan to market, consult with an attorney at the Law Offices of Donald W. Hudspeth in Phoenix, Arizona. If you are starting a business in Arizona, our business and commercial law attorneys can advise you about your options regarding setting up an LLC, an LLP, a sole proprietorship, or a corporation. Contact our law firm to consult with an attorney regarding business formation.

Starting a Business - An Overview

Starting a business can be a daunting and complicated process. The potential business owner must consider numerous factors, including financing the business; setting up a business plan; choosing the correct business organization; naming the business; addressing licensing, permits and zoning matters; hiring and paying employees; and securing business insurance. The law surrounding these areas is diverse and often specific to your locale. An experienced attorney from The Law Offices of Donald W. Hudspeth, P.C. in Phoenix, Arizona, can assist you today.

Financing, Business Plans and Business Organizations

A prospective business owner will be concerned with financing the new business, setting up a business plan and choosing the best type of business organization. The options for pursuing ownership of a business vary widely. An attorney can help you sort out these matters. The following synopsis will help you start thinking about the important decisions you will have to make.

Naming the Business, Licensing, Permits and Zoning

A new business owner has a lot to think about. The owner must name the business, acquire licenses or permits, and deal with possible zoning concerns. With all of these considerations, the assistance of a business attorney can make the journey smoother and more rewarding.

Hiring Employees

State and federal laws govern the actions of business owners during the hiring and employment process. The new business owner must be aware that the following concerns apply when advertising job openings, interviewing, hiring and supervising employees. A business owner should:

Avoid illegal discrimination
Observe and respect privacy rights
Safeguard against hiring illegal immigrants
Observe relevant age regulations

It is vital that the new business owner understands the legal aspects of these topics prior to staffing a business. An attorney can advise you on these important employment matters.

Employee Compensation

A new business owner may have questions about the minimum wage, overtime pay, child labor, employee sick leave and record keeping. The US Department of Labor and certain state agencies are charged with enforcing employee rights, and many times the law is complex and detailed. A new business owner should stay informed in order to avoid legal difficulties. An attorney who is competent and experienced in business planning and employment law can assist you with your questions today.

Insurance for the Business and Its Employees

A new business owner should understand the insurance policies that are available for both the business and its employees. It is important to analyze the risk exposure before determining the type and amount of insurance that will best protect the new investment. In addition, laws or contractual agreements may require certain types of policies. An attorney can assist you with your questions today.

Starting a Business Resource Links

Small Business Administration (SBA)
The SBA's mission is to provide assistance and advice to small businesses. This is a great resource for all topics involved with starting a new business.

Department of Labor
The Department of Labor provides guidance on labor regulations for business owners while protecting the interests of workers, retirees and job seekers.

Occupational Safety and Health Administration (OSHA)
This US Department of Labor organization advocates for worker safety by setting and enforcing workplace standards and offering guidance for employers.

Equal Employment Opportunity Commission (EEOC)
The EEOC is responsible for enforcing anti-discrimination laws, including Title VII of the Civil Rights Act of 1964; the Equal Pay Act (EPA); the Age Discrimination in Employment Act (ADEA); and the Americans with Disabilities Act (ADA).

Employee Benefits Security Administration
This agency, part of the Department of Labor, informs benefit plan administrators of applicable laws; develops and enforces regulations; and helps employees obtain the most out of their pensions, health plans and other benefits.