2006
DOI: 10.1111/j.1540-627x.2006.00190.x
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Differentiating Legal Issues by Business Type

Abstract: Developing legal strategies is a fundamental part of business formation and strategic operation. The ability to incorporate legal planning into the business planning process allows entrepreneurs to strategically plan their operations to minimize risks arising from legal and regulatory regimes and better protect the assets of the business and entrepreneur. Research regarding the legal issues encountered in nascent business ventures is just beginning. Conducting a content analysis of 292 legal information letter… Show more

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Cited by 9 publications
(10 citation statements)
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“…Although four of the factors—potential risk, number of owners, start‐up costs, and appreciable assets—are mentioned in the literature (Khandekar and Young ; Malach, Robinson, and Radcliffe ; Schanz ), the level of sophistication of the client is not mentioned in the literature that lawyers are likely to use to educate themselves on these issues. This suggests they may be giving legal advice based on the characteristics of the owners, not their ventures.…”
Section: Discussionmentioning
confidence: 99%
See 1 more Smart Citation
“…Although four of the factors—potential risk, number of owners, start‐up costs, and appreciable assets—are mentioned in the literature (Khandekar and Young ; Malach, Robinson, and Radcliffe ; Schanz ), the level of sophistication of the client is not mentioned in the literature that lawyers are likely to use to educate themselves on these issues. This suggests they may be giving legal advice based on the characteristics of the owners, not their ventures.…”
Section: Discussionmentioning
confidence: 99%
“…We argue that this scenario is appropriate for this study because the optimal time to seek professional advice for the small business owner is often in the entity formation stage (Schanz 2007). Out of all the legal decisions to be made regarding the organizational structure of the venture-agreements between founders and owners, financing, contracts, risk management, intellectual property, management and control of business entities, ease of transferring interests, and labor relations (Mann, O'Sullivan, Robbins, and Roberts 2004;Schanz 2007)-one of the most common legal issues in this phase is entity formation (Malach, Robinson, and Radcliffe 2006). Selecting the best entity for the particular small business client is a high priority (Mann et al 2004), and small business owners need to utilize their advisers early in the start-up process to derive the best benefits (Marcum and Blair 2011).…”
Section: Introductionmentioning
confidence: 99%
“…The small and family business literatures have considered contracts in a relatively general way. For example, May () and Malach, Robinson, and Radcliffe () suggest that contracts are one of the most important legal issues small businesses face; however, little information is available regarding what types of firms implement such measures and what factors may serve as driving forces in doing so. Within the family business literature, Steier () conceptualized the use of contracts in family financing of other family members' ventures.…”
Section: Theory and Hypothesesmentioning
confidence: 99%
“…Steier () contends that every firm encounters agency problems and that both written and social contracts are often the means through which such problems are managed. The importance of contracts to small businesses in general has been established in the literature (Malach, Robinson, and Radcliffe ). May () found that both attorneys and small business owners ranked agency contracts as one of the top 10 legal issues for small businesses.…”
Section: Introductionmentioning
confidence: 99%
“…It does not only affect the decision to set up a business, it also affects the choice of the legal structure of the venture, which is an important decision for all entrepreneurs at inception (Malach et al 2006). Each legal structure is characterized by its own legal rights and obligations according to the mercantile law.…”
Section: Introductionmentioning
confidence: 99%