Web Resources and FAQ's
Sites Of Interest
This section addresses web based resources and “generally” asked questions in immigration law, business law and Intellectual Property Law
The law offices of Pari Sheth claim no responsibility for the accuracy of the information in this section. Information contained herein is for information purposes only and does not constitute legal advice/consultation/opinion.
For specific information and questions, send an email to email@example.com or call the Law Offices at 888-567-2010
Web Based Resources on Immigration Law
Dictionary of Occupational Titles
Titles Tópicos de inmigración En Español
Canadian TN Status Under NAFTA
Congressional E-mail Addresses
Foreign Embassies in Washington D.C.
THOMAS: US Federal Legislative Information
United States Department of Labor
U.S. State Department
- Commercial Law
- Consumer Credit
- Debtor and Creditor
- Real Estate Transactions
Frequently Asked Questions
Q. What business should I choose?
Usually, the best business for you is the one in which you are most skilled and interested. As you review your options, you may wish to consult local experts and businesspersons about the growth potential of various businesses in your area. Matching your background with the local market will increase your chance of success.
Q. What is a business plan and why do I need one?
A business plan precisely defines your business, identifies your goals and serves as your firm’s resume. Its basic components include a current and pro forma balance sheet, an income statement and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make the right decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan package. Additionally, it can tell your sales personnel, suppliers and others about your operations and goals.
Q. What are the alternatives in financing a business?
Committing your own funds is often the first financing step. It is certainly the best indicator of how serious you are about your business. Risking your own money gives confidence for others to invest in your business. You may want to consider a partner for additional financing. Banks are an obvious source of funds. Other loan sources include commercial finance companies, venture capital firms, local development companies and life insurance companies. Trade credit, selling stock and equipment leasing offer alternatives to borrowing. Leasing, for example, can be an advantage because it does not tie up your cash.
Q. What is a Request for Proposal (RFP)?
The RFP process is used to obtain complex services in which professional expertise is needed and where different methods/approaches may be applied during performance of the contract. Often times, an agency is unsure of the most effective route to take in fulfilling the contract. They are looking to outside contractors to prepare a proposal outlining a creative way to fulfill the contract. The RFP is specific about the qualification requirements, performance specifications, time frames, and other requirements.
Q. What is a Request for Qualifications (RFQ)?
The RFQ process is limited to contracts where the needs of the State require emphasis on contractor qualifications over cost. The contractor selection is based on the professional qualifications necessary to perform the contract at a fair and reasonable price. The contractors submit “Statement of Qualifications (SOQ)” which are evaluated on weighted scoring criteria. At least three of the highest ranked contractors are interviewed to discuss their qualifications in greater detail. Once the contractor has been identified that can best meet the needs, cost negotiations begin until a fair and reasonable price is reached.
Q. What is a corporation?
A corporation is a type of business structure created and regulated by state law. What sets the corporation apart from all other types of businesses is that a corporation is an independent legal entity, separate from the people who own, control and manage it. Corporation and tax laws view the corporation as a legal “person”, i.e. the corporation can enter into contracts, incur debts and pay taxes apart from its owners. And there are other important characteristics that result from the corporation’s separate existence: a corporation does not dissolve when its owners (shareholders) change or die, and the owners of a corporation are not personally responsible for the corporation’s debts.
Q. What is “limited liability” and why is it important?
If a business owner has “limited liability”, it means that he or she is not personally responsible for business debts and obligations of the corporation. In other words, if the corporation is sued, only the assets of the business are at risk, not the owners’ personal assets, such as their houses or cars. Corporate owners must comply with certain corporate formalities and keep up with paperwork to maintain this limited liability privilege. Limited liability has traditionally been associated with corporations, and is the main reason that most people consider incorporating. However, other business structures, such as Limited Liability Companies (LLCs) now offer this limited personal liability to business owners. Sole proprietorships and general partnerships do not.
Q. How are corporations different from partnerships, sole proprietorships and LLCs?
Partnerships and sole proprietorships do not provide limited personal liability for business debts. Creditors of those businesses can go after the owners’ personal assets to collect what’s due. A limited liability company (LLC) does offer limited personal liability, like a corporation. And while formal paperwork is required to form an LLC — also like a corporation — running an LLC is less complicated. LLC owners do not have to hold regular ownership and management meetings or follow other corporate formalities. In addition, corporations differ from other business structures in the way they are taxed. The corporation itself must pay corporate income taxes on profits — that is, whatever is left over after paying salaries, bonuses and other deductible expenses. In contrast, partnerships, sole proprietorships and LLCs are not taxed on business profits; instead, the profits “pass through” the business to the owners, who report business income or losses on their personal tax returns.
Q. How do I form a corporation?
There are several steps required to legally create a corporation. The first is filing a short document called “articles of incorporation” with the corporations division of your state government. (Some states refer to this organizational document as a “certificate of incorporation”, “articles of organization”, a “certificate of formation” or a “charter”). To file this document, you’ll have to pay a filing fee.
Q. Does running a corporation involve a lot more paperwork than running other types of businesses?
Corporations must comply with statutory rules that unincorporated businesses, such as limited liability companies (LLCs), partnerships and sole proprietorships, don’t have to comply with, e.g. corporations must observe corporate formalities such as holding annual shareholder and director meetings and documenting important directors’ decisions. Corporations must file and pay taxes on a separate corporate tax return and must set up a double-entry bookkeeping system to record business transactions, complete with daily journals and a general ledger.
Q. What is a professional corporation?
A professional corporation is a special kind of corporation that only members of certain professions, such as lawyers, doctors and other healthcare workers, can create. By forming a professional corporation, professionals can limit their personal liability for the malpractice of their associates.