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Biographical Description of Brian Figeroux, Esq., of the Law Firm of Figeroux & Associate

Mr. Brian Figeroux is a prominent attorney, accountant, educator, and advocate for economic justice, serving as the Managing Partner of Figeroux & Associates, a renowned law firm based in New York City. With a wealth of expertise spanning legal, business, and economic matters, Mr. Figeroux has built a career dedicated to empowering working middle-class communities, a demographic he believes is underrepresented and at risk of economic extinction.

As the host of the top-rated Ask the Lawyer Radio Show and Podcast, Mr. Figeroux addresses critical issues such as small business solutions, international trade, immigration, civil rights, labor disputes, workers’ compensation, and estate planning. His ability to connect with his audience, whether through live phone-ins or in-person Q&A sessions, has made him a trusted voice on a range of legal and business topics. Ask the Lawyer is widely recognized by the publication Workers’ World Today for its focus on wealth development and legal education, specifically tailored to working middle-class communities.

Mr. Figeroux is also a prolific writer and editor, having authored numerous articles on asset protection, progressive tax policy, and wealth development strategies aimed at advancing the knowledge and financial health of middle-class Americans. His writing delves deeply into the challenges faced by this socioeconomic group, advocating for policy changes that promote economic resilience and wealth-building opportunities.

In addition to his legal practice, Mr. Figeroux has taught thousands of students across New York City, offering courses on wealth development, labor rights, tax planning, and legal strategies for business growth. His teaching is informed by his rich background as an adjunct professor of Business Law and the History of Economic Wealth in minority communities. Mr. Figeroux is a sought-after speaker, regularly addressing audiences at Chamber events, on radio programs, and within faith-based and community organizations.

Mr. Figeroux holds an MA in Economics with a focus on finance, which complements his legal expertise. Early in his career, he worked in the Kings County District Attorney’s Office, where he was involved in high-profile cases such as the Abner Louima and Bert Dewgard cases, gaining successful indictments against NYPD officers and DEA agents. His work in the Major Frauds and Organized Crime Units honed his skills in handling complex legal matters involving civil rights violations and white-collar crime.

The Role of a Business Attorney: An In-Depth Analysis

In the modern business landscape, companies face a wide range of legal challenges that require specialized knowledge and expertise. From ensuring compliance with regulations to protecting business assets and resolving disputes, the role of a business attorney is crucial to a company’s success. At the Law Firm of Figeroux & Associates, our business attorneys understand that most business owners seek a law firm that offers exceptional knowledge in business law and related matters. We offer a hands-on approach to law, ensuring personalized attention and a steadfast commitment to our clients’ interests.

In this article, we will analyze the various roles that a business attorney plays, especially in the context of a firm like Figeroux & Associates, which offers comprehensive legal services to individuals and businesses in New York City and the surrounding areas. The roles and responsibilities of a business attorney are vast, encompassing everything from resolving partnership disputes to protecting trade secrets. This detailed examination will explore each aspect of a business attorney’s duties, shedding light on why they are integral to navigating the complex legal environment of the business world.

1. Advising on Corporate Formation and Structure

One of the most critical steps in launching a business is choosing the appropriate legal structure. The choice of whether to operate as a sole proprietorship, partnership, limited liability company (LLC), corporation, or another business form will have long-term implications for the business owner’s liability, taxation, and ability to raise capital.

At Figeroux & Associates, our business attorneys provide clients with tailored advice on the best corporate structure for their unique business goals. The firm’s attorneys evaluate the risks, potential growth, and operational needs of a business before advising on the optimal structure. For instance, while a sole proprietorship might offer simplicity, it exposes the owner to personal liability for business debts. On the other hand, forming an LLC or corporation can provide limited liability protection, shielding personal assets from business liabilities.

Legal Considerations in Corporate Formation:

  • Liability Protection: A corporation or LLC provides a shield for personal assets, making it a popular choice for business owners.

  • Tax Implications: Different corporate structures have varied tax obligations. For instance, LLCs have pass-through taxation, while corporations face double taxation unless structured as an S-corp.

  • Governance: The legal structure also determines governance requirements, such as board meetings and shareholder rights, which business attorneys help navigate.

In addition to advising on the best structure, business attorneys are responsible for ensuring compliance with New York State laws regarding business registration, corporate bylaws, operating agreements, and other foundational documents that govern the business.

2. Drafting and Reviewing Contracts

Contracts form the backbone of any business transaction. Whether it’s a partnership agreement, vendor contract, employment agreement, or lease, every business needs properly drafted contracts to protect its interests. A poorly drafted contract can expose the business to lawsuits, financial losses, and other unforeseen liabilities.

Figeroux & Associates’ attorneys excel at drafting, reviewing, and negotiating contracts. They ensure that the terms are clear, enforceable, and in the best interest of the client. Additionally, they anticipate potential issues that may arise, such as ambiguities that could lead to disputes. Business attorneys often act as both advisors and negotiators, ensuring that clients understand the legal implications of the contracts they enter into.

Key Contractual Services Include:

  • Employment Contracts: Protect both employers and employees by clearly defining job responsibilities, compensation, termination provisions, and non-compete clauses.

  • Partnership Agreements: Clarify the roles, responsibilities, and profit-sharing mechanisms for business partners, while addressing potential exit strategies or buyout options.

  • Sales and Purchase Agreements: Essential for business transactions, these contracts outline the terms for buying or selling assets, products, or entire businesses.

By offering this service, Figeroux & Associates mitigates potential legal risks and ensures that business transactions are airtight and enforceable.

3. Handling Business Litigation

Despite a business owner’s best efforts to avoid legal disputes, litigation can become an unavoidable reality. From contract disputes to employment claims, businesses face the constant threat of being dragged into court. Business attorneys play a pivotal role in defending businesses against these claims or, in some cases, initiating lawsuits to protect the company’s interests.

Figeroux & Associates’ business attorneys have extensive experience representing businesses in various types of litigation, including:

  • Breach of Contract: A common dispute in which one party fails to fulfill the terms of an agreement. The firm’s attorneys work to either enforce the contract or seek compensation for damages incurred due to the breach.

  • Business Torts: These include wrongful acts like fraud, misrepresentation, or interference with business relationships that cause harm to the company. Business attorneys can take action to seek damages or injunctive relief in these cases.

  • Trade Secret Violations: Protecting proprietary information such as client lists, formulas, or processes is crucial for many businesses. The firm’s attorneys are skilled at litigating cases involving the theft or misuse of trade secrets.

A significant part of business litigation involves pre-litigation strategy, such as assessing the merits of a potential case, negotiating settlements, and using alternative dispute resolution methods like mediation or arbitration. These options can often save businesses the time and expense of going to court.

4. Resolving Partnership Disputes

In businesses with multiple owners or partners, disputes can arise over the direction of the business, financial contributions, or decision-making authority. Without proper legal guidance, these disputes can escalate, causing significant damage to the business and its relationships.

At Figeroux & Associates, business attorneys assist in resolving partnership disputes by offering both litigation and mediation services. Their goal is to reach a resolution that maintains the integrity of the business while protecting the interests of the partners. The firm’s attorneys help navigate issues such as:

  • Disagreement on Business Direction: Partners may disagree on the future strategy of the business, such as expanding into new markets or making significant financial investments.

  • Profit Distribution: Disputes may arise when partners feel they are not receiving a fair share of the profits.

  • Exit Strategies: If a partner wishes to leave the business, disputes over buyouts or valuations often occur.

Through careful negotiation and mediation, business attorneys can help partners come to an amicable agreement, preserving the business and avoiding the negative publicity or financial loss that litigation can bring.

5. Business Dissolution and Succession Planning

Business dissolution occurs for a variety of reasons, including retirement, sale, or disputes between partners. A business attorney’s role is crucial in navigating the legal and financial complexities of dissolving a business, including handling outstanding debts, distributing assets, and ensuring compliance with state regulations.

Figeroux & Associates offers legal counsel on both voluntary and involuntary business dissolutions. In cases of voluntary dissolution, the firm’s attorneys guide business owners through the legal requirements, including filing articles of dissolution and notifying creditors. In the case of involuntary dissolution, the attorneys handle disputes and work to protect the client’s interests during the winding-up process.

Business Succession Planning

Succession planning is another critical area where business attorneys provide value, particularly for family-owned businesses or partnerships where ownership transitions need to be carefully managed. Business attorneys assist clients in creating legal frameworks for transferring ownership smoothly, ensuring that the business can continue to thrive even after the current owners step down.

 

6. Protecting Intellectual Property and Trade Secrets

Intellectual property (IP) is often a company’s most valuable asset. This includes trademarks, patents, copyrights, and trade secrets. Protecting IP is crucial for maintaining a competitive advantage and ensuring that the business’s unique products or services are not copied or stolen.

Business attorneys at Figeroux & Associates work closely with businesses to safeguard their intellectual property by:

  • Registering Trademarks and Patents: Ensuring that the business’s logos, slogans, inventions, or proprietary processes are properly registered with the U.S. Patent and Trademark Office.

  • Drafting Non-Disclosure Agreements (NDAs): These agreements prevent employees, contractors, or business partners from disclosing or using sensitive information for their own gain.

  • Litigating Trade Secret Misappropriation: If a competitor or former employee steals proprietary information, business attorneys take legal action to protect the company’s interests and seek damages.

Protecting intellectual property is vital in industries where innovation and branding are key drivers of success, making business attorneys indispensable to companies looking to maintain a strong market position.

7. Collection Actions and Debt Recovery

In the course of business operations, companies often face the challenge of unpaid invoices or outstanding debts. Whether it’s customers who have failed to pay for services or vendors who have not fulfilled their obligations, unpaid debts can strain cash flow and harm the business’s financial health.

Figeroux & Associates provides legal assistance with debt collection and recovery efforts. The attorneys utilize a variety of tools to recover outstanding payments, including demand letters, negotiations, and, when necessary, filing lawsuits against debtors. Business attorneys ensure that all actions comply with state and federal debt collection laws, preventing legal repercussions for the business.

By helping businesses recover debts, attorneys protect the bottom line and ensure that clients can continue operating without suffering significant financial losses.

8. Ensuring Compliance with Laws and Regulations

Compliance with federal, state, and local laws is critical for avoiding fines, penalties, or even the closure of the business. In New York City, businesses must adhere to a complex web of regulations, ranging from employment laws to zoning requirements.

The business attorneys at Figeroux & Associates help clients navigate this regulatory landscape by:

  • Advising on Employment Law: Ensuring compliance with wage and hour laws, anti-discrimination policies, and employee benefits regulations.

  • Regulatory Compliance: Assisting businesses in sectors like healthcare, finance, or food services with adhering to industry-specific regulations and licensing requirements.

  • Zoning and Permitting: Ensuring that businesses have the necessary permits to operate in specific areas and advising on land use regulations.

By ensuring compliance, business attorneys help clients avoid costly legal battles and fines that could damage their reputation or hinder their operations.

Conclusion

In today’s competitive and highly regulated business environment, having a reliable and knowledgeable business attorney is essential to a company’s success. At Figeroux & Associates, our business attorneys take a hands-on approach to serving clients, providing tailored legal advice and representation across a wide range of business matters. From corporate formation and contract drafting to litigation and intellectual property protection, the attorneys at Figeroux & Associates are dedicated to protecting clients’ interests and helping them build a secure future.

The role of a business attorney goes beyond simply handling legal disputes. They are strategic partners in the growth and success of a business, offering guidance that can prevent issues before they arise and providing the legal tools necessary to operate smoothly. For business owners seeking experienced, personalized legal counsel, Figeroux & Associates offers the comprehensive services needed to thrive in New York City’s dynamic business environment.

Practice Areas

International Tax Law

International tax law has become increasingly profitable as globalization drives cross-border transactions and operations. Companies with overseas investments or foreign subsidiaries face complex tax issues, including transfer pricing, double taxation, and compliance with multiple jurisdictions. Medium-sized law firms with expertise in international tax law can assist clients in structuring their operations to avoid unnecessary tax burdens.

State and Local Tax (SALT)

State and local tax (SALT) issues can be particularly complex, given the variations in tax regulations across different jurisdictions. SALT law focuses on helping businesses and individuals navigate issues such as sales and use tax, property tax, income tax, and franchise tax.

Due to the increased scrutiny of state tax authorities and frequent legislative changes, medium-sized law firms can generate significant revenue by advising clients on compliance, audits, and appeals at the state and local levels.

Corporate Tax Planning

Corporate tax planning is one of the most profitable areas of tax law for medium-sized firms, particularly for firms with a solid client base in the business sector. Companies rely on tax lawyers to help minimize tax liabilities and ensure compliance with complex tax codes. Corporate tax planning involves structuring business operations, transactions, and mergers in a tax-efficient manner.

Real Estate Tax Law

Real estate transactions involve a variety of tax issues, including property taxes, capital gains taxes, and depreciation deductions. For real estate developers, investors, and property management companies, these tax considerations are a major factor in structuring deals.

Nonprofit and Charitable Organizations Tax Law

Nonprofit organizations, including charities, foundations, and educational institutions, require specialized tax legal services to maintain their tax-exempt status and comply with complex IRS regulations. Medium-sized law firms with a focus on nonprofit tax law can assist with obtaining and maintaining tax-exempt status, managing unrelated business income, and ensuring compliance with charitable giving regulations.

Tax-Exempt Organizations and Private Foundations

Tax-exempt organizations, including private foundations and public charities, are subject to unique tax regulations that require specialized legal expertise. Law firms specializing in tax-exempt organizations help clients navigate IRS compliance, obtain tax-exempt status, and manage issues related to unrelated business taxable income (UBTI) and charitable deductions.

 

Bankruptcy and Restructuring

Economic downturns, market shifts, and operational challenges often lead businesses to file for bankruptcy or undergo restructuring. Bankruptcy and restructuring law provides opportunities for medium-sized firms to assist businesses with Chapter 11 reorganizations, asset sales, and liquidation proceedings. Firms specializing in this area can represent both debtors and creditors, advising on legal strategies that maximize recovery and protect financial interests.

Commercial Litigation

Litigation is often costly and time-consuming, making it one of the most profitable practice areas for law firms. Commercial litigation covers disputes between businesses related to contracts, intellectual property, fraud, and other corporate matters. Medium-sized firms can provide high-quality legal representation at a lower cost compared to large firms, making them attractive to mid-market clients.

Running a small business requires navigating numerous legal, financial, and operational challenges. From managing taxes to determining the right legal structure, small business owners face a variety of important questions.

Employment and Labor Law

Employment and labor law continues to grow as businesses navigate evolving regulations related to employee rights, workplace safety, and labor relations. Issues such as wage and hour claims, sexual harassment cases, and wrongful termination lawsuits can have significant financial and reputational consequences for businesses. Medium-sized firms can provide ongoing advisory services and handle employment-related litigation, making this a consistent source of revenue.

Construction Law

Construction law is a specialized area that involves legal services related to building projects, including contract negotiation, regulatory compliance, and dispute resolution. Medium-sized firms with expertise in construction law can represent contractors, developers, and property owners in both transactional and litigation matters, making it a lucrative practice area due to the high-value nature of construction projects.

Intellectual Property (IP) Law

Intellectual property is often one of the most valuable assets for businesses, particularly in the technology, entertainment, and pharmaceutical industries. IP law covers the protection, enforcement, and commercialization of patents, trademarks, copyrights, and trade secrets. Medium-sized firms with expertise in IP law can handle the complexities of protecting and defending these assets, providing legal services related to both registration and litigation.

Real Estate Law

Real estate transactions, particularly commercial ones, often involve high-value deals that require legal expertise to navigate zoning regulations, financing, leasing agreements, and environmental laws. Medium-sized law firms with a focus on real estate law can provide cost-effective legal services to businesses, developers, and investors involved in property transactions.

Franchise Law

Franchising is a popular business model for companies seeking to expand their operations without directly managing new locations. Franchise law involves advising both franchisors and franchisees on regulatory compliance, contract drafting, and dispute resolution. Medium-sized law firms with expertise in franchise law can provide valuable legal services as businesses expand nationally and internationally.

Estate and Wealth Planning

Estate and wealth planning is a highly profitable area of tax law, particularly for medium-sized firms that serve high-net-worth individuals (HNWIs) and business owners. Estate planning ensures that clients can transfer their wealth to future generations while minimizing estate taxes, gift taxes, and inheritance taxes.

DEI Non-Profits Can Help Businesses Achieve DEI Goals

In the modern business landscape, the importance of diversity, equity, and inclusion (DEI) has grown exponentially. Many organizations recognize the need to foster inclusive environments and address systemic inequities, but they often face challenges in translating DEI commitments into tangible results. Nonprofits focused on DEI can play a critical role in helping businesses reach their DEI goals by providing expertise, training, resources, and long-term support.

DEI Events

As diversity, equality, and inclusion (DEI) continue to shape the corporate landscape, many businesses in the U.S. are investing in seminars and workshops to foster more inclusive workplaces. These DEI seminars not only help organizations navigate compliance but also create a platform for long-term culture change. 

Four Important Seminars to Attend for Starting a Business

Introduction to Business Law & Small Business Solutions

Sat. Sep. 12 – Oct. 10, 2020
(1:00pm – 3:00pm)

Starting an Online Business Boot Camp

Sat. Sep. 12 – Oct. 10, 2020
(3:15pm – 5:15pm)

Introduction to Bankruptcy Law & Taxation

Tue. Oct. 20 – Nov. 17, 2020
(6:00pm – 8:00pm)

Introduction to International Trade & Global Business

Mon. Nov. 23 – Dec. 21, 2020
(6:00pm – 8:00pm)

Four Important Questions When Starting a Business

When do I choose a LLC, C-corp, S-Corp or partnership and can you help me register my business? Yes, schedule an appointment now.

Do you need a Business Plan and Website?  Yes, they are complementary and must be instituted together.  Schedule an appointment.

Do you need a Business Lawyer with a background in law, accounting, IT, economics and taxes? Yes, schedule an appointment now.

Should you join a chamber? Yes, join our chamber partners NACC, HAICC & AAICC, visit the Chamber site at www.nacc.nyc.

Small Business FAQS: A Detailed Analysis of Key Questions

This article provides in-depth answers to 11 critical business questions, helping entrepreneurs make informed decisions that can positively impact their businesses. Each section offers expert advice to guide you through tax deductions, choosing the best legal structure, planning finances, and more.

1.Do I Qualify for Home Business Tax Deductions?

If you run your business from home, you may be eligible for home business tax deductions, which can help reduce your overall tax liability. To qualify, the IRS requires that your home office meets two key criteria: exclusive use and regular use.

  • Exclusive Use: The area of your home used for business must be dedicated solely to business activities. For example, using a guest bedroom as a home office qualifies, but using a portion of your living room does not if it’s also used for personal activities.
  • Regular Use: Your home office must be used regularly and consistently for business purposes, not just sporadically.

Deductible Expenses:

  • Home Office Deduction: This allows you to deduct a percentage of your rent, mortgage interest, utilities, and home maintenance expenses based on the portion of your home used for business.
  • Office Supplies: Equipment such as computers, printers, desks, and chairs are also deductible.
  • Phone and Internet: You can deduct the portion of your phone and internet bills related to business use.

2. Can I Do My Business Taxes Myself or Do I Need An Accountant?

The decision to handle your own business taxes or hire an accountant depends on the complexity of your business and your familiarity with tax laws.

  • DIY Taxes: If you have a simple business with straightforward transactions, you may be able to use tax software like TurboTax or H&R Block to file your own taxes. These platforms offer step-by-step guidance and are cost-effective for small businesses with basic tax needs.
  • Hiring an Accountant: For businesses with more complex financial situations, multiple employees, or significant deductions, hiring an accountant is advisable. Accountants are familiar with tax regulations and can help you maximize deductions, ensure compliance, and reduce the risk of audits.

3. How Do I Avoid an Audit?

While there’s no way to completely avoid an audit, there are several strategies you can use to minimize your risk.

Tips to Avoid an Audit:

  • Report All Income: Ensure that all business income, including cash transactions, is properly reported to the IRS.
  • File Your Taxes on Time: Missing filing deadlines or failing to pay taxes owed can raise red flags.
  • Maintain Accurate Records: Keep detailed records of your expenses, income, and deductions. Make sure your records are consistent and well-documented.
  • Avoid Excessive Deductions: Taking unusually large deductions relative to your income may prompt the IRS to take a closer look at your return.

4. What is the Best Legal Structure for My Business?

Choosing the right legal structure is one of the most important decisions for a small business owner. The structure you choose impacts your taxes, liability, and day-to-day operations.

Types of Legal Structures:

  • Sole Proprietorship: This is the simplest and least expensive structure to set up. The owner has complete control over the business, but personal assets are not protected from business liabilities.
  • Partnership: A partnership involves two or more individuals sharing ownership. There are different types of partnerships, such as general and limited partnerships, each with varying levels of liability and involvement.
  • Corporation: A corporation is a separate legal entity from its owners, offering limited liability protection. Corporations can be more complex to manage and are subject to different tax rules.
  • LLC (Limited Liability Company): An LLC combines the simplicity of a partnership with the liability protection of a corporation. LLC owners can choose how they want the business to be taxed (as a corporation or a sole proprietorship/partnership).

Recommendation:

For most small businesses, an LLC offers the best combination of simplicity, liability protection, and tax flexibility.

5. How Do I Create a Business Plan and Find Sources of Funding?

A well-structured business plan is essential not only for guiding your business but also for attracting investors or securing loans from banks.

Steps to Create a Business Plan:

  1. Executive Summary: Briefly describe your business, its goals, and what makes it unique.
  2. Market Research: Analyze your industry, target customers, and competitors.
  3. Business Strategy: Outline your marketing, sales, and operational strategies.
  4. Financial Projections: Include income statements, cash flow forecasts, and a break-even analysis to show potential lenders and investors how you plan to make your business profitable.

Funding Sources:

  • Bank Loans: Traditional bank loans are a common source of funding, but they typically require a strong credit history and collateral.
  • SBA Loans: The Small Business Administration (SBA) offers loans with favorable terms for small businesses.
  • Venture Capital: For high-growth businesses, venture capital can provide significant funding in exchange for equity in the company.

6. If I’m in Business with Others, Do I Need a Partnership or Shareholder’s Agreement?

If you are going into business with one or more partners, having a partnership agreement (for partnerships) or a shareholder’s agreement (for corporations) is essential to avoid disputes and protect everyone’s interests.

Key Elements of an Agreement:

  • Ownership Structure: Clarifies each partner’s ownership percentage.
  • Decision-Making Authority: Specifies how decisions will be made and who has authority over which aspects of the business.
  • Profit Distribution: Describes how profits will be shared.
  • Exit Strategy: Outlines the process if a partner wants to leave or sell their share of the business.

7. What Accounting Software Should I Select for My Business?

Choosing the right accounting software can streamline your financial management and save you time.

Popular Accounting Software:

  • QuickBooks: Widely used and highly recommended for small businesses, QuickBooks offers features for invoicing, payroll, and financial reporting.
  • Xero: Another cloud-based option, Xero is known for its simplicity and user-friendly interface.
  • Wave: A free accounting software solution for small businesses with limited needs.

Recommendation:

If you need a comprehensive system, QuickBooks is the best choice due to its scalability and wide range of features. For very small businesses, Wave can be a good cost-saving option.

 

8. Should I Handle My Bookkeeping, Payroll, and Accounting In-House or Outsource It? How Do I Decide?

Deciding whether to manage your financial tasks in-house or outsource them depends on your business’s size, complexity, and resources.

In-House vs. Outsourcing:

  • In-House: If you have a small number of transactions and employees, handling accounting in-house might be manageable. However, it requires some expertise and time commitment.
  • Outsourcing: Outsourcing bookkeeping, payroll, and tax preparation can free up your time and reduce the risk of errors. It’s a good option for growing businesses with complex financial needs.

How to Decide:

Consider outsourcing if you don’t have the time or expertise to manage your financial tasks effectively. As your business grows, outsourcing can also help ensure compliance with tax regulations and other financial requirements.

9. Who Should Control the Business’ Checkbook, and Why?

The person who controls the business’s checkbook has significant control over your company’s cash flow and financial decisions.

Best Practices:

  • Owner or Financial Officer: In most small businesses, the owner or a trusted financial officer should have control of the checkbook to maintain oversight over the company’s finances.
  • Separation of Duties: For larger businesses, it’s a good practice to separate responsibilities—one person should manage checkbook transactions, and another should reconcile the bank accounts to reduce the risk of fraud or errors.

10. What Are My Sales Tax Responsibilities?

Sales tax is a tax charged on the sale of goods and services, and small businesses are responsible for collecting and remitting this tax to the appropriate state or local tax authority.

Sales Tax Basics:

  • Register for Sales Tax: Before collecting sales tax, you need to register with your state’s tax authority.
  • Collect the Right Rate: Sales tax rates vary by state and, in some cases, by locality, so it’s important to collect the correct rate.
  • Remit and File on Time: Regularly remit the collected sales tax to the state and file sales tax returns, typically on a quarterly basis.

11. How Can I Get Assistance with a Business Loan?

Getting a business loan requires preparation and understanding of what lenders are looking for.

Steps to Get a Loan:

  1. Prepare Financial Documents: Lenders will require financial statements, tax returns, and a solid business plan.
  2. Research Loan Options: Explore traditional banks, SBA loans, and alternative lenders.
  3. Improve Your Credit Score: A higher credit score increases your chances of approval.

Conclusion

Running a small business is full of critical decisions, from tax considerations to legal agreements and financial management. Each aspect requires careful attention and expertise. While it is possible to handle many tasks independently, consulting professionals, like accountants or attorneys, can ensure that your business is compliant, financially sound, and set up for long-term success. Now, let’s dive into how a law firm like Figeroux & Associates can help you navigate these complex business issues.

Mr Figeroux is the host of Ask the Lawyer Radio Show and Podcast, presenting and taking questions telephonically and in-person on various legal, business and investment issues such as: Small Business SolutionsInternational Trade and Global BusinessImmigrationCivil Rights, Labor Issues, Workers Compensation, New York Politics and Wills, Trust & Estate Planning. Ask the Lawyer is a top-rated radio show and podcast by the publication Workers’ World Today, focusing on wealth development in the working middle class communities. He is the author and editor of numerous articles on asset protection, progressive tax advocacy and articles, focusing on advancing the knowledge of the working middle class, a group facing extinction. 

He has taught thousands of students in New York on the most effective strategies of wealth development, labor rights and safety, tax planning, and other legal issues. He has also served as an adjunct professor of Business Law and the History of Economic Wealth in minority communities; and has spoken extensively on radio, at Chamber events and before numerous faith-based and community organizations.  Mr. Figeroux is the Managing Partner at the Law Firm Figeroux & Associates and an Accountant. He has a MA in Economics, Focus on Finance and worked in the Kings County District Attorney’s Office, Major Frauds and Organized Crime Units.  He has also gained successful indictments in the Abner Louima and Bert Dewgard cases involving the NYPD and DEA, respectively.

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