Business

Start Your Online Business From Home With These Ecommerce Platforms

Starting an online business these days is very easy. There are many cheap or free open source platforms for eCommerce store development, and with the right development team, you are just one step away from getting your own website. Starting a home-based store to trade in your craft items or other locally sourced products is a great idea as a start-up. Starting an online business is easy with a host of affordable and open source flexible eCommerce platforms available. The only secret to success is not to stop halfway, but to continue to expand product categories and store functions to grow from a small start-up to a leading online business.

While we know that for anyone who is unaware of how the world of eCommerce works and how things work overnight, selecting a platform correctly to set up your own online store is exhausting work. So, here is a list of the most powerful and user-friendly platforms that can help homeowners successfully transform their startup idea into a vibrant reality.

#1 Magento

Hailed as the fastest evolving and leading platform, Magento is the go-to platform. It supports all trades and can accommodate up to 500,000 products and 80,000 orders per hour. With a host of advanced features, easy integration, versatile content management and SEO oriented, it is the best solution available within the budget.

Plus, it’s modular and customizable, which means you can gradually expand your store and add new features over time.

#2 OpenCart

If there is a simple platform for startups, then it’s OpenCart! This is the reason why it is exceptionally popular with small retailers or home-based businesses. Easy back-end functionality, extensive feature plugins, unlimited product capacity, and less server load are some of the advantages that OpenCart offers.

#3 Shopify

It comes across as a suitable platform for e-commerce stores who want to focus on mobile shopping and social shopping at the same time. Easy integrations, blazing-fast loading speed, versatile payment gateway integrations, SEO features, and direct social selling are the key features that Shopify offers.

#4 WooCommerce

Those who are comfortable with WordPress, then WooCommerce is the right platform for them. Based on WordPress, it is easy to install and get started and therefore the developers will charge you less. Also, there are a lot of additional WooCommerce plugins or templates and themes, which will help the owners to decorate their stores according to the business category.

#5 CartZen

The main reason for putting ZenCart on this list is its user-friendly approach and easy store management. It carries a set of powerful tools that offer large-scale customization options to owners. In addition, it focuses on store security features to keep all customer and product information safe.

For a person from home who is new to the world of eCommerce with no technical knowledge, selecting a platform that fully serves their business interests is difficult. Therefore, the wisest decision lies in choosing the one that offers the best user experience and inherent SEO features that will help the store to outshine the Google results.

Business

How a good sample business plan can help you prepare your plan

When it comes to writing a new business plan, there is nothing as valuable as having a guide to guide you, and having a quality business plan sample on hand will make the task of writing a new business plan much easier. .

While the exact needs of each business will differ, there are a number of elements that should be part of any type of business plan, and having a sample business plan on hand can help any business owner include these essential elements.

Elements to include in your business plan

Some of the most important elements of any sample business plan will be things like a current pro forma balance sheet, current income statement, and updated cash flow analysis.

It’s important to look for a sample business plan that includes all of these required elements, and it’s equally important to tailor those elements to your own business needs.

Find a business plan that is similar to the type of business you plan to start

When looking for a sample business plan, it’s important to plan carefully and look at several different sample business plans before settling on just one.

There are many different types of sample business plans available, both in books and magazines tailored to the business world, and of course, on the Internet. It’s a good idea to shop around until you find the sample business plan that best suits your needs.

Using a business plan sample from the same or similar industry is a good idea, as is looking for a business plan sample that matches your own style and needs.

Using the sample business plan as a guideline

Once you have your sample business plan on hand, it’s important to use that sample business plan as a guide and starting point.

While having a sample business plan available will make the job of writing a quality business plan much easier, it will not replace the hard work that goes into forming a business plan.

It’s best to think of the sample business plan as a template and guide, and use it to create a business plan that’s uniquely tailored to your own special area of ​​expertise.

Business

Can Atomstack software scale and handle large-scale projects?

Can Atomstack software scale

The main challenge of laser engravers and cutters is high accuracy on both axes. Getting such a precision is mainly defined by the stepper motors used and by a stable construction. Atomstack X7 Pro offers both: The machine uses NEMA 17 stepper motors to drive the X and Y axis. The frame consists of aluminum profiles that are firmly connected to each other. All running wheels run over them and are driven by toothed belts together with the stepper motors. It looks premium and is extremely robust.

The X7 Pro has a working area of 410 x 400 millimeters which allows you to work on medium and large objects. Moreover, it is possible to extend the workspace with several upgrades (more on this later). On one side of the work area there is a measuring scale for alignment purposes. However, I prefer to use the border function via the touchscreen instead: The laser scans the rectangular outline of the motif at low power and automatically aligns the material correctly.

As for the actual performance, the X7 is able to cut very quickly and at a decent power. With 3 passes and 750 mm/min on full power, it managed to cut 20 mm thick wood with no issues. The engraving speed is also very good. The engraved results are sharp and contrasty. I have tried to engrave a black paint coated glass piece and the result is great. It took a bit longer though because the laser beam needs to focus.

Can Atomstack software scale and handle large-scale projects?

atomstack software has a fixed focus laser diode which is great for this price range. The dot size is also quite small, which is very helpful for engraving and cutting. The only drawback I see is that it doesn’t come with air assist like the xTool M1 or the xPro 40W. Those have the capacity to cut through 30 mm of wood or acrylic with ease and with very little smoke or particles.

I haven’t tested the safety features of the X7 yet but it is important to always wear laser safety goggles when working with this type of device. This is because stray laser beams can cause permanent eye damage. Atomstack does provide some basic eye protection, but you should get yourself a pair of good OD6+ ones to be safe. It is also a good idea to have a few spare laser lenses available for quick replacement.

This will keep your machine running smooth and prevent you from losing time in recalibrating the laser head. The X7 comes with a very good manual and you can easily assemble it in less than half an hour. You will need some tools, but the ones included in the kit are more than adequate. The touchscreen controller is very user-friendly and you can operate it without a computer by using the software, which includes LaserGRBL, LightBurn, Benbox, GrblController and LiteFire. The support system is also great.

Business

How to make money in the ghetto fast without investment

I was looking for ways to make money in my neighborhood, but all the ideas I found online wouldn’t work where I live. I needed to know how to make money in the ghetto, not in the rich neighborhoods where you can find people paying you $20 an hour to walk their dogs!

I finally realized that no matter how much I investigated, I was not going to find anything. It was up to me to find out. After taking a look around, I realized that there were ways to make money everywhere, even in the ghetto.

The first thing I realized is that even people who don’t have a lot of money are willing to invest in their children’s future. Obviously, the poorer neighborhoods have worse schools than the more prosperous ones, so my first course of action was to offer tutoring services to people’s children. I knew I couldn’t make a ton, but I found that if I had a group of 4 or 5 kids and taught them together, I could make quite a bit of money within their parents’ budget.

While doing this tutoring, I realized that there were a lot of kids who had nowhere to go after school and ended up wandering the neighborhoods and getting into trouble just because their parents couldn’t afford after school care. Although my goal was to make money, I realized that I could help them and make a fortune at the same time. By caring for up to 10 children at a time, I was able to earn $50 an hour and still have their parents pay for my services. Even in the ghetto you can find ways to make a quick buck. The idea is to charge little money for services that you can perform simultaneously.

Business

Benefits of Invention: 7 Hidden Benefits of Becoming an Inventor

Did you know that inventions can help you advance your career, launch a new business, generate additional income, and more? Here are 7 little-known benefits of becoming an inventor.

1) Improve your resume

Identifying yourself as an inventor can make your resume or job application stand out from the crowd. Employers may see you as a problem solver and creative thinker, a desirable trait in most organizations. Also, talking about your inventions during an interview can set you apart from other candidates interviewed for the position.

2) Exercise your brain

The process of inventing often involves solving problems, which “exercises” your creative thinking skills. As you repeat the invention process, your problem-solving skills are likely to improve and improve all areas of your life.

3) Make your mom proud

How often do you hear a mother say, “My son is an inventor”? The same is true for grandparents, spouses, children, etc. Give your mom something great to brag about! This also works at the class reunion and at Christmas parties.

4) Launch a new business

An invention can be the basis of a new business based on a product or service related to the invention. Although you are not required to commercialize an invention, a great invention can be the start of a great business venture.

5) Sell your invention

If you’re not ready to launch a new business yourself, you can sell or license the rights to your invention. A variety of issues determine whether a particular invention can be sold or licensed, but there are many examples of inventors generating income from their ideas.

6) Meet other people

Many cities have invention clubs and similar organizations that allow inventors to exchange ideas and support one another. Meeting like-minded problem solvers, creating Mastermind groups, and holding brainstorming sessions can lead to multiple inventions and multiple benefits. If your town doesn’t have an invention club, look for an online club or similar group.

7) Inventing is free

The thought process involved in becoming an inventor is free and can yield priceless rewards. Thinking of solutions to problems does not require cash from your wallet. Although starting a business and protecting certain aspects of an invention may have costs associated with it, the thought process involved in becoming an inventor is free.

Becoming an inventor is easier than you think.

Business

6 reasons to downsize

It happens every day: companies lay off employees and/or close parts or entire sections of their business, or downsize. The closure can be anything from the layoff of a few employees to the closure of an office or location, or even the complete closure of a geographic area. I can assure you that these decisions are never made lightly (or shouldn’t be). There are a few reasons a business might go this route, but all of the reasons relate to the financial impact the area or location has on the bottom line of the business.

1. Results lower than expected

Some business locations simply do not produce the results that the business plan expects. Typically, a business plans extensively when opening a new location, office, or business area. The business expects a certain amount of sales or a certain financial gain from any area or location, and if the location or office does not produce the expected results, the business may choose to close it. This is especially true when it comes to a retail environment.

2. Economic recession

Sometimes a company faces a decline in sales or production due to the economy. If the company produces plastic containers (i.e., the kind you get your fast food in), for example, and the company has low orders due to a slow economy in the fast food industry, the company plastics will suffer from this. This could initiate layoffs or even a location closure if the hit is big enough to the business.

3. Focus resources on other areas

A company has so many resources that it can distribute them among its different geographical areas. Sometimes it doesn’t make sense to distribute resources so much that there are not enough resources for all areas. These are the times when a company may choose to close one or more geographic areas to allow resources to focus more on other areas.

4. Contract changes

If a business depends on a contract with a larger business for its revenue (i.e., the business is a ‘middleman’ between a larger business and consumers or other smaller businesses), changes to the contract may affect the status company financial. If contract negotiations don’t go as planned, or some concessions had to be made to save the company, this can result in a small or large number of layoffs and possibly the closure of geographic areas to make up for lost revenue. in the contract. .

5. Changes in the Principal Business

Just like people, companies go through changes. These changes can be small and seem insignificant, and some can be large and extremely significant. If the changes result in a review of the business, services, products, and brand, then the company can (usually) decide to review the employees and areas it is in based on the target customers for the new brand. .

6. Legal challenges

There are tons of business laws that differ from state to state, and even from city to city. It can be difficult to keep up, especially for companies that do business in multiple states. That is why it is good to have a good business lawyer who is knowledgeable in the areas in which the company does business. However, if the company experiences legal problems, it could lead to layoffs, office/location closures, and ultimately bankruptcy of the entire company in some cases.

There are many other reasons why a company would lay off employees, close geographic areas, and even go out of business, but these are the reasons I have seen/experienced over the years. At the end of the day it is about the financial success of the business. If the business is not making money, then there is no reason to keep it going. As I said before, this is always a difficult decision for anyone in the position to make these decisions, but it is a necessary part of doing business.

Business

The Most Powerful 21 Minutes in a Leaders Day by John Maxwell – A Review

Leadership is not developed in a day, but daily and nothing is free even in Freetown. If you’re ready to pay the prize to enhance your leadership potential, then The 21 Most Powerful Minutes in a Leader’s Day is one of the books you need. No matter where you are right now, you can reach new, higher levels of effectiveness and greatness through the wisdom in this book. It takes time to become a leader; The ability to lead is actually a set of skills, almost all of which can be learned and honed. This book will help you improve yourself and his leadership in this day and age.

Based on the revised and updated tenth edition of his New York Times bestseller “The 21 Irrefutable Laws of Leadership,” Dr. John C. Maxwell presents a daily plan to help you grow as a leader in your personal, professional, and spiritual life through through this his leadership book: The 21 Most Powerful Minutes in a Leader’s Day. This book is an excellent leadership course that every leader and aspiring or emerging leader should follow. In this volume, you’ll meet leaders who modeled Dr. John Maxwell’s leadership principles positively or negatively.

In this book, John C. Maxwell wrote that “every leadership lesson I’ve ever taught has been based on biblical principles. Now, in The 21 Most Powerful Minutes in a Leader’s Day, I’m bringing Biblical leadership to the Examining the lives of the great leaders of the Bible, we learn more about leadership and apply the principles we learn in our daily lives. This is a leadership tool designed to help you develop the leader within and around you.

John C. Maxwell is an internationally recognized leadership expert, speaker, and author whose books have sold more than 13 million copies. His organizations have trained more than two million leaders around the world. Dr. John C. Maxwell is the founder of Equip and Injoy Stewardship Services. This great book is published in Nashville, Tennessee, by Thomas Nelson. Nothing is a sacrifice unless it costs you something, so make the sacrifice to better yourself, your leadership, and your people through the wisdom of this masterpiece. This book will help you realize your leadership potential, figure it out, pray for it, live it, and pass it on. I tell you, this book will revitalize your spirit and empower your leadership.

© IFEANYI ENOCH ONOUHA

Business

Distinguish between tort law, criminal law and contract law

1. INTRODUCTION:

The tort is the breach of some civil duty independent of the contract for which compensation can be recovered. If there is an injury for which compensation cannot be recovered, that is not bad. Tort law is based on common law. It’s still growing. It is not part of statutory law.

2. MEANING:

The word tort is derived from the Latin word “Tortum” which means to twist or ‘drive’ what is twisted.

3. DEFINITION:

>Salmon:

According to Salmond, the tort is a civil damage for which the remedy is a common law action for unliquidated damages, and which is not solely a breach of trust or other merely equitable obligation.

> Oxford Dictionary:

The tort is a private or civil damage.

>Philip James:

Tort is a private or civil damage independent of contract for which the appropriate remedy is an action for unliquidated damages.

4. DISTINGUISH BETWEEN TORTS AND CONTRACTS:

I. REGARDING THE RIGHTS:

> The law of evil protects the real right available against everyone.

> Contract law protects rights in personam, which means against a particular individual.

II. REGARDING DAMAGES:

> In bad, the damages are unliquidated.

> Damages are settled in the contract.

third REGARDING THE CONSENT:

> Tort is always inflicted against the person’s consent.

> The contract is always based on the consent of a person.

IV. REGARDING THE CODING:

> Tort law is not codified.

> Contract law is codified.

V. REGARDING THE FIXATION OF RIGHTS AND DUTIES:

> Rights and duties are fixed by law in the law of evil. > The rights and duties are set by the parties in the contract.

SAW. AS TO THE DEFENSE:

> In tort law, the need is a defense. > In the contract, the need is not defense.

VIII. REGARDING THE DOCTRINE OF VICARIOUS LIABILITY:

> The principle or doctrine of vicarious liability applies.

> The principle or doctrine of vicarious liability does not apply.

VIII. REGARDING THE LIMITATION:

> The time limitation is one year in error. > The time limitation is three years in the contract.

IX. REGARDING THE CHARGE OF THE MINOR:

> In the law of evil, a minor person can sue and can be sued.

> In the contract a minor person cannot sue and cannot be sued.

5. DISTINGUISH BETWEEN TORT LAW AND CRIMINAL LAW:

I. AS TO THE PARTIES:

> The wrong parties are known as plaintiff and defendant.

> In criminal law, the parties are known and accused state.

II. REGARDING THE PUNISHMENT:

> Tortfeasor has to pay damages.

> Criminals are sent to prison.

third REGARDING THE PROCEDURE:

> In tort liability, the procedures are regulated by the civil procedure code 1908.

> The procedures are regulated by the penal procedure code of 1898.

IV. AS TO THE INTENT:

> The intention is not relevant in the criminal act.

> The intention is always relevant in the criminal act.

V. REGARDING THE DEFENSE:

> Necessity is a defense in the devious act.

> Necessity is not a defense in the criminal act.

SAW. AS A COMMITMENT:

> In bad, compromised is permissible.

> Compromise is not allowed in criminal law.

VIII. REGARDING THE PROCEDURES:

> The proceedings are conducted by the person injured in the law of wrong.

> The proceedings are conducted by the state in criminal law.

VIII. REGARDING THE CODING:

> Tort law is not codified.

> Codified in the penal code of Pakistan.

IX. REGARDING THE CHARGE OF THE MINOR:

> The person under seven years of age is responsible for tort liability.

> A person under the age of seven is not criminally responsible.

6. CONCLUSION:

To conclude I can say that civil liability law is different from contract law and criminal law.

Business

Wage bill

Proceeding Against the Debtor’s Salary – Garnishment of Salary

A. Impact of a wage garnishment

B. Limits on wage garnishment

If the debtor is working, you may be able to intercept a portion of their wages to serve your judgment. This process is known as wage garnishment. You can garnish wages relatively quickly and cheaply if:

  • The judgment debtor works as an employee (not an independent contractor)
  • The judgment debtor’s work produces a payment above the poverty line
  • Other wage garnishments are not yet in effect (unless your wage garnishment is for child or spousal support)
  • The debtor does not quit work, contest the wage garnishment, or file bankruptcy.

A wage garnishment requires little effort on your part. You give the lien officer information about where the judgment debtor works, provide a Writ of Execution and copies, and pay a modest fee. So just wait; the collection officer collects the money from the employer and gives it to you. You can always lift the wage garnishment if you and the judgment debtor reach an agreement about voluntary payment of the judgment.

A wage lien can generally provide you with approximately 25% of the judgment debtor’s disposable income. Of course, if some or all of the debtor’s income is found to be exempt, you will actually receive less.

There are special laws that govern wage garnishments for child or spousal support. These garnishments can reach up to 50% of the judgment debtor’s disposable income and have first priority. Therefore, if a non-support lien is already in effect, you can supplant that lien if your order is for support and receive up to 60% of the debtor’s wages.

Spouses wage garnishment: If you have a judgment against someone who is married, you need a court order to garnish the spouse’s wages (CCP § 706.109). Naturally, this restriction does not apply if both spouses are named as judgment debtors in the judgment.

A. Impact of a wage garnishment

Your power to garnish the judgment debtor’s wages is often a strong impetus for the judgment debtor to pay his judgment, as he may want to avoid the embarrassment and inconvenience of having his wages interfered with. Also, despite a federal law that prohibits employers from firing employees for wage garnishment resulting from a single judgment, most employees rightly believe that a garnishment won’t score them points with their bosses.

And they can be fired for multiple wage garnishments from different lawsuits. Therefore, even the most uncooperative judgment debtor may be willing to pay voluntarily if faced with the prospect of wage garnishment.

But a wage garnishment could force a debtor out of a job or bankrupt a debtor. The loss of part of a paycheck, coupled with the embarrassment of an employer knowing about their financial problems, can cause a debtor to seek a quick fix to relieve the pressure. If you choose to garnish wages, remember that you are often walking a fine line between making great progress in collecting your judgment and closing off the possibility of collecting.

The debtor probably won’t go bankrupt or quit their job if the debtor has a lot at stake. This would probably hold true for a debtor who is a well-established member of the community with no long list of other debts, an employee of an established corporate company in which he/she has significant ownership, or an owner of real estate in which he/she has significant capital.

B. Limits on wage garnishments

Federal debtor protection laws limit the amount of anyone’s wages you can take at any one time. Unless your order is for child or spousal support, you can garnish up to 25% of the debtor’s share of the take-home pay, above the minimum.

If your judgment is for child or spousal support, you have the right to garnish at least 50% of the judgment debtor’s disposition wages above the federal minimum. If the debtor is not currently supporting a child or spouse, it is possible to obtain up to 65% of the judgment debtor’s wages for support (CCP § 706.052(c)).

Here are some possible obstacles in the wage garnishment process:

Prior seizure by other creditors: You cannot garnish wages if they are already being garnished by another creditor, unless you are an ex-spouse seeking alimony or child support payments. Typically, if your garnishment is second in line, it will be rejected by the employer and you will have to resubmit it when the garnishment from the previous creditor ends. Keep in mind that an employee can be fired for two separate wage garnishments.

California Exemption Law: The debtor has the legal right to show that the portion of their wages that is above the federal minimum should be exempt because it is necessary for their own support or the support of a spouse or children. However, the debtor may not qualify for this type of exemption if the judgment itself stems from a debt that was incurred for the necessities of life.

Federal Workers: Until February 1994, you couldn’t garnish the wages of federal employees (except Postal Service and Federal Housing Administration employees) or people in the armed forces. You can now garnish the wages of federal workers (USC §5520a)

Under the interim federal regulations governing the federal garnishment process, you may have the federal agency employer personally serve your income withholding order in person or by certified or registered mail, return receipt requested. The service must be made to the official designated by the agency to accept the service; Call the agency and ask. The agency itself does not need to be named in the order. You must properly identify the federal worker whose wages are being garnished, or the income withholding order will be returned to the issuing court.

The regulations suggest that the following information about the debtor be provided:

  • Full name
  • Birthdate
  • Employment or Social Security number
  • Component of the agency the debtor works for
  • Location of official duty station or place of work
  • Home address.

The agency is supposed to respond to the embargo in 30 days. The embargo is effective as of the date it is served, but is subject to all other embargoes served prior to the date. Child and spousal support garnishments always have first priority.

The amount that can be garnished is based on the federal worker’s wages after subtracting the following deductions:

  • mandatory deductions
  • Deductions for amounts owed to the federal government
  • tax withheld
  • health insurance premiums
  • Normal retirement contributions
  • normal life insurance premiums

If the amount remaining after all these deductions is $127.50 per week or less, then no garnishment will be made.

Military Service Note: Although the interim regulation described above for federal employees covers civilian employees of military employers, it does not cover actual members of the armed forces. To garnish the wages of a member of the military, you will need to ask the particular service about its specific procedures.

Exemption for seamen/steckers: The salary of sailors, stevedores or port workers cannot be attached.

Waiver of Benefits and Pensions: Unless your order is for child or spousal support, you cannot garnish unemployment benefits, workers’ compensation claims or awards, relocation benefits, health or disability insurance benefits, or most plans retirement.

What does all this mean to you, the judgment creditor? Simply that the debtor can challenge his lien. Depending on the debtor’s status, type of income, and the amount of your payment, this may or may not be a problem for you. However, the fact that there are obstacles means that many judgment creditors consider it in their interest. Contact debtors at least once to try to reach an agreement before initiating a wage garnishment.

The information and documents used in this article are only examples. All substantive information must be adjusted to your particular case. THERE IS NO INTENT TO PROVIDE LEGAL ADVICE IN THIS ARTICLE. TREATING THE INFORMATION AS LEGAL ADVICE MAY HAVE NEGATIVE CONSEQUENCES.

AGENCY COLLECTION, JUDGMENT COLLECTION

Business

Top Six Reasons Your Business Needs Bylaws

Although California does not require a business to have bylaws, here are six reasons why every business owner should invest in a strategically thought-out set of bylaws for their business:

1. The Bylaws are the Legal Backbone of the Company.

The statutes of a company provide the framework for its operation, including the rules for the relationship of the owners.

2. What happens if your company does not have bylaws?

If your business does not have statutes in place, California law will control how the business is run. It is much better for the owners to determine how they would like the business to operate than to rely on state statutes.

It is similar to an individual who does not have a will or trust. If they die, state statutes determine how the person’s assets are distributed. Instead, the individual must think carefully about how he would like his assets distributed and establish the legal mechanism to enforce his plan.

Similarly, it is much better for business owners to think strategically about how they would like their business to operate than to rely on state statutes, which may not always be the best fit for the business.

3. Bylaws give homeowners peace of mind.

Every business eventually runs into challenges. It is better to consider some of the potential turning points in your company and stipulate in the bylaws how you would like the results of these situations to be determined than to wait to make these difficult decisions when stakeholders and passions can create the perfect storm. for disputes.

For example, what will happen if there is a legal dispute between the owners? Do you want the company to be involved in the expense and distraction of litigation or do you prefer arbitration? What happens if one of the owners dies? What if one of the owners wants to leave the company?

Bylaws present an opportunity to calmly and objectively reflect on these issues before they occur. It’s wise to answer these types of questions ahead of time and determine what might be the best solutions for your business than relying on default rules in state statutes or trying to work them out when clear ideas are less likely to prevail.

4. Bylaws help protect your company’s limited liability protection.

One of the main reasons for forming a corporate entity is possibly to have limited personal liability for potential business debts and judgments against your business.

If a company has no charter and is sued, a plaintiff could try to “pierce the corporate veil” by claiming that the company should not receive the limited liability shield because its owners failed to follow corporate formalities.

When determining whether to lift the corporate veil, the court would look at a number of factors to determine if your business is legitimate, including whether you have the proper corporate documents and records. By not having statutes, a business owner risks not receiving limited liability protection if sued.

5. Bylaws help prevent misunderstandings between owners.

Communication and clear expectations are key to any successful relationship, including the relationship between business owners. The bylaws clearly state how the business will be run, which can be crucial in avoiding misunderstandings about how the owners expect the business to be run.

6. You may need statutes to establish a bank account and obtain loans and insurance.

Finally, if you want to open a business account or apply for loans, most banks will ask you to provide a copy of their bylaws. Additionally, insurance companies may require you to provide a copy of your company’s bylaws before providing certain types of policies.

As a business owner, it’s often tempting to take shortcuts to cut costs. A strategically thought out set of bylaws should not be one of these cuts. Instead, bylaws should be recognized for what they are: one of the wisest investments a business owner can make to ensure the long-term effectiveness of their business.

Disclaimer: This publication discusses general legal issues, but does not constitute legal advice in any respect. No reader should act or refrain from acting on the basis of the information presented in this document without seeking the advice of legal counsel in the relevant jurisdiction. Doug Bend expressly disclaims all liability with respect to any action taken or not taken in reliance on the content of this publication.