INDUSTRY INSIGHT LEGAL INSIGHT
INDUSTRY INSIGHT LEGAL INSIGHT
SPONSORED CONTENT
COVELLI & PISCIONE LAW OFFICES , P . C .
BUSINESS BLUNDERS : Common Legal Mistakes Your Small Business May be Making
One of the great things about our Community is that it is filled with Locally-Owned Businesses and Small Business owners . Locally-Owned Businesses are the lifeblood of our communities ; they sponsor youth sports teams , donate to local causes , and provide essential products and services . However , in the hustle and bustle of day-to-day operations , it is often easy to overlook some of the legal formalities that help protect the business , the owners , or those that aid in the eventual sale or dissolution of the Company . While we have previously discussed the importance of Estate Planning for Small Business Owners , we will now shift focus to the important considerations for Small Business Owners from the perspective of operations and compliance . In our “ Small Business Series ” we will focus on a number of topics which impact the operations and value of small businesses . In this edition , we will discuss Formation and Operation Issues . In the next edition , we will discuss Purchases , Sales , and Succession Planning for local businesses .
For small business owners who are operating as Sole Proprietors , the legal protections offered by a corporate entity may be necessary to protect the personal assets that they have worked so hard to accumulate . For Business Owners who have already formed a Corporate Entity , making sure that they are observing the necessary corporate formalities to avail themselves of the greatest legal protection offered by their corporate status is incredibly important , but often overlooked .
Amending corporate records , recording corporate transfers , changes in ownership , changes in the
business address , asset purchases and financing , and other important events should be appropriately memorialized , both within the corporate records and with the Commonwealth , when necessary . Recent changes to the Corporation Law will require Business Owners to begin filing annual statements with the Secretary of State , or risk having their entities dissolved .
Leases , contracts with customers , contracts with vendors , employment agreements , financing agreements , and warranties offered by the Business should also be reviewed periodically to ensure that the Business is obtaining the greatest benefit from its Agreements . Small Businesses in certain industries ( who meet the necessary qualifications ) should also consider whether certification in the Minority , Women and Disadvantaged Business Enterprise Program is beneficial for their business .
As a local Small Business Owner , Attorney Natalie Piscione appreciates the time and effort that it takes to observe these formalities , negotiate these contracts , and maintain compliance with applicable laws . As such , she has built a local legal team that regularly consults with businesses of all sizes on a wide variety of matters including : corporate formation , corporate record keeping , succession planning , contract negotiation , independent contractor agreements , asset purchase agreements , client service agreements , and collections .
Make 2024 the year you resolve to get your business affairs in order . With a Free Initial Consultation , Covelli & Piscione Law Offices , P . C . can assist you in identifying and prioritizing the legal components that can help protect , strengthen , and grow your business .
Attorney Natalie Piscione is a member of the National Academy of Elder Law Attorneys , and has been providing Estate Planning and Estate Administration legal services for nine years . The team of Attorneys at Covelli & Piscione Law Offices is experienced in several areas of the Law . For more information , call 412.653.5000 or visit covellilaw . com .
FREE Consultation | Call Today ! 412-653-5000
WEST JEFFERSON HILLS ❘ SPRING 2024 1