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The Law (in Plain English) for Small Business
Is a clear, commonsense guide to creating and running a company of less than 500 employees.
- GenresBusiness
288 pages, Paperback
First published January 1, 1987
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Displaying 1 - 1 of 1 review
April 16, 2021
This book provides a general overview of various legal and business issues that small business owners face every day.
PROS:
1) Gives practical advice that every small business owner needs to know. For example, it covers important topics such as choosing a business entity, signing contracts, borrowing money, obtaining a lease for office space or a manufacturing facility, buying business insurance, paying taxes, and the risk of incurring product liability for defective goods.
CONS:
1) Occasionally leaves out important details that might help most readers. For example, this book describes some basic legal concepts without actually naming them (e.g., piercing the corporate veil, privity of contract, and parole evidence rule). If the reader wants to research more about these topics, it would be helpful to know what they are called.
2) Similarly, this book sometimes describes parts of a legal concept while leaving out the rest. For example, the book mentions only 2 of the 5 types of contracts subject to the Statute of Frauds (a common law doctrine requiring certain contracts be in writing and signed by the defendant before such contracts are enforceable in a court of law). Here again, the book only mentions 2 of the 3 types of situations subject to strict product liability (it leaves out defective warnings or instructions).
3) A few of the tax concepts are described in a way that I'd describe as unclear and/or sloppy. For example, the book mentions that an S corporation can be owned by another S corporation. That is actually true, but only if the parent S corporation is a specific type of entity known as a QSSS corporation. The book should have stated this requirement in my opinion. Also, the book describes an IRS Safe Harbor test providing for the treatment of a taxpayer's activities as a business (rather than a hobby) if certain criteria are met. However, this discussion is a bit vague and could be read in a way that might leave readers to mistakenly believe that failing to meet this safe harbor test will automatically mean that the taxpayer's activities will be treated as a hobby (which is not true). In my opinion, the book should have more clearly described this safe harbor treatment to avoid any confusion.
BOTTOM LINE:
This book gives a high-level summary of the real-world business topics covered in a typical business law course offered by your local community college or 4-year university. If you've taken that course within the last decade, skip this book because you probably know most of the contents already. But if you have never taken a business law course or you need a refresher, this book is a good resource. Regardless of how you learn this information, small business owners definitely need to know this stuff before they start doing business.
PROS:
1) Gives practical advice that every small business owner needs to know. For example, it covers important topics such as choosing a business entity, signing contracts, borrowing money, obtaining a lease for office space or a manufacturing facility, buying business insurance, paying taxes, and the risk of incurring product liability for defective goods.
CONS:
1) Occasionally leaves out important details that might help most readers. For example, this book describes some basic legal concepts without actually naming them (e.g., piercing the corporate veil, privity of contract, and parole evidence rule). If the reader wants to research more about these topics, it would be helpful to know what they are called.
2) Similarly, this book sometimes describes parts of a legal concept while leaving out the rest. For example, the book mentions only 2 of the 5 types of contracts subject to the Statute of Frauds (a common law doctrine requiring certain contracts be in writing and signed by the defendant before such contracts are enforceable in a court of law). Here again, the book only mentions 2 of the 3 types of situations subject to strict product liability (it leaves out defective warnings or instructions).
3) A few of the tax concepts are described in a way that I'd describe as unclear and/or sloppy. For example, the book mentions that an S corporation can be owned by another S corporation. That is actually true, but only if the parent S corporation is a specific type of entity known as a QSSS corporation. The book should have stated this requirement in my opinion. Also, the book describes an IRS Safe Harbor test providing for the treatment of a taxpayer's activities as a business (rather than a hobby) if certain criteria are met. However, this discussion is a bit vague and could be read in a way that might leave readers to mistakenly believe that failing to meet this safe harbor test will automatically mean that the taxpayer's activities will be treated as a hobby (which is not true). In my opinion, the book should have more clearly described this safe harbor treatment to avoid any confusion.
BOTTOM LINE:
This book gives a high-level summary of the real-world business topics covered in a typical business law course offered by your local community college or 4-year university. If you've taken that course within the last decade, skip this book because you probably know most of the contents already. But if you have never taken a business law course or you need a refresher, this book is a good resource. Regardless of how you learn this information, small business owners definitely need to know this stuff before they start doing business.
Displaying 1 - 1 of 1 review