Starting and running a business in the United States is a very serious step in the life of any immigrant. Therefore, an extremely important preparatory stage is seeking professional advice, which will certainly help us avoid many costly mistakes.
Certainly, one should not start a business without an appropriate business plan. This concept includes market research, marketing, adequate financial security, and the understanding that success is usually achieved through years of gaining market share and customers, rather than operating on a “somehow it will work out” basis.
A lack of preparation for running a business, or relying in this regard on a cousin or acquaintance to jointly run the “company,” very often leads to losses or minimal profitability of the venture.
A dual legal system applies in the United States: federal and state. Before starting commercial or business activities, one should check the relevant federal and state laws, as well as legal precedents, as they can significantly impact the profitability of the planned venture. For example, a food or household goods importer who does not have the appropriate licenses and certificates may face having their goods seized at the port by authorities. On the other hand, a contractor might have a heart attack upon learning that they renovated a beautiful mansion for some upstart for free because they cannot claim payment in court without having the proper license (the so-called home improvement license).
Equally surprised will be a store owner who failed to check labor laws regarding overtime if they receive a lawsuit from my office for unpaid overtime for the past 6 years on behalf of an employee whom they agreed to pay “straight time” for a 60-hour work week.
The United States is the kingdom of lawsuits. Therefore, it is recommended to draw up detailed written contracts, both with contractors and partners, which should include all details related to the contract, deadlines, responsibilities of the parties, methods of dispute resolution, etc.
Before starting a company, you need to answer many key questions, such as:
- Why are we starting a company?
- Together or separately?
- Should you do business with your spouse?
- Where to start the company?
- What kind of company should it be?
For more information, please contact my office.
