Penny Said:

Laws that allow businesses to write enforceable contracts decrease the risk of doing business, true or false ?

We Answered:

False

There is always risk in business. A contract can be breech anytime by any party.

Ricardo Said:

How do i go about writing up a business contract.?

We Answered:

Hi Diane, Julie here.

Just answering a couple of questions you had on here.

To become a registered buyer/trader, it would be helpful to take a look at the foolowing website: http://www.hmrc.gov.uk - it explains what steps you should take in becoming self-employed, for example, you do not need to be registered for VAT if your expected income from being self-employed is less less than £60,000 (which it probably will be the 1st year at least) - this could either be beneficial to you, as this means you do not have to charge your customers VAT, which means you can sell cheaper - but also on the negative side - if you buy from your wholesalers, you cannot claim the VAT they charge you, unless you become VAT registered. You probably already know this anyway!

You can find more from this particular link: http://www.hmrc.gov.uk/businesses/index.…

Opening a business bank account I found can be problematic. when I tried to set up a business bank account, they needed a registered business address where you trade from, which I didn't have as I was working from home, and also I think registering a business you need some kind of business account or office.

If you say you work from home, they will want to know whether you have deliberately set up a room, such as a small office, to set about your business. If you have, then you will probably have to pay some kind of business rate and tax as it will be classed as a professional office - so it's better to say you have a computer/makeshift office in a part of a room or something.

The other thing about wholesalers - whether they advise you, or if you choose what you like: wholesaler can tell you what sells well and what their top ten products are, but also think about who the other buyers are who have bought the products, and obviously what country they are in, what kind of shop they have, and what kind of shop you hope to have, etc.

I personally think you should go for products that you personally like and take interest in, but also take into consideration your market audience and who you want to target - obviously go for the majority, as this is where the money is - niche markets are hit or miss, and unless you know your market and product well then niche market is better left till later.

Here are some useful websites:

http://www.alibaba.com - it is a site with a huge list of wholesalers and distributors from all over the world, selling all sorts of stuff, from bikes to sex toys to designer lightbulbs!

http://www.china.manufacturers.globalsou… - this one is specifically China

I can't think of the other ones - I will get you a list of decent wholesalers and sites when I can.

See you on thursday, I can't make it to the gym on Wednesday!

Ricky Said:

What category of law is involved with business contracts & legal set up?

We Answered:

A contract or business attorney.

Derek Said:

What's involved in writing a business contract?

We Answered:

I found a website that should help YOU answer your questions about creating contracts for business. Its an interactive question/answer process which assumes that you've at least drafted the contract. Read through the questions anyway. They will guide you through the types of information which are needed to write a business contract agreement.

Sample questions =

*Does your contract detail all relevant payment and credit terms?

*Does your contract detail the duties and obligations of all of the parties involved?

*Have you considered the need for representations and warranties?

*Have you determined the need to stipulate which steps must be taken before action is taken through a conditions precedent clause?

*Have you investigated remedies for breach of contract or failure that are particularly useful to your situation, business, industry, region, and/or type of contract?

*Have you investigated the need to limit liability (depending on your legal business entity)?

*Have you included a solid merger clause that ensure there are no previous contracts or oral agreements that could conflict with your written contract?

*Are you including a modification clause if changes to the contract need to be made later on?

Once you have drafted your contract - to include all that you need it to include - find an attorney to review and revise if needed.

Attorneys who handle these types of projects can be found at www.elance.com by posting a "Review and Revise a Contract" project.

Myrtle Said:

business contract writing?

We Answered:

to buy or protect what?

I will guide you when I know more

Mathew Said:

Where can I find some sample business contracts for co-owning a business?

We Answered:

Some of the best contacts are handwritten ones. You sit down and write:

How will everyone get paid and when?
Is there a buyout provision? How much money? What conditions?
Who is going to work what days and what hours?
What is the penalty if one person doesn't do her share?
Who decides when a "penalty" goes into effect?
Is there an upper limit to how much future cash a partner can be liable for? What if one partner has no cash?
Will there be a joint bank account? What will you do if one partner empties the account with no notice?
Will you allow a 3rd partner in the future?
How will votes be held? Do all votes have to be unanimous?
Does the new partner have to put some money into "escrow" to pay for future expenses?
I don't know of any websites that offer this. Only lawyers..