By On Sep 11, 2019 Templates
If you do not get paid by the due date and invoices remain unpaid for more than 30 days then you have the legal right to charge interest on the money for Late Payment. Make sure you address any late payment concerns early, because they can often signal that the client is having cash flow problems, which could lead to non-payment, which is far more expensive to you than just being paid late! It is important to follow the correct late payment process if invoices have not been paid. Do not simply down tools and march off the client site demanding payment. This could result in the client claiming a breach of contract. The first step is to speak to the client, before then following up with more formal and legal action. This will involve a formal warning, Letter Before Action, debt collection agency, and finally litigation via the courts.
Many business owners choose to form an LLC because they are unfamiliar with the many legal nuances between different entity choices, and they simply assume that an LLC offers the most protection from risk because it has limited liability in its name. In reality, a properly formed and operated LLC does indeed limit the personal liability of the owners, as much as U.S. law allows, by affording the owners no personal risk above and beyond their investment in the company-but, in many instances, so do corporations and certain partnerships. Of course if a small business owner of any entity form fails to respect the separate and distinct identity of the business or observe statutorily required corporate formalities (such as co-mingling personal and business funds, paying owners instead of creditors, or failing to maintain a registered agent), the integrity of the corporate shield provided by law will be compromised and potentially expose the owners to personal liability. Generally speaking, though, the basic requirements to operate an LLC within the confines of the corporate statutes are not particularly onerous.
A freelance invoice is often different from the standard time-and-materials invoice format because of how charges are itemized. Freelancers such as artists or programmers who charge by the project can use any general service invoice or template but for others, the service invoice format falls short. That is because freelancers often bill in unique ways. The way a sole proprietor or sole trader freelancer bids and then charges for work will vary depending on the work that he or she does. Other than photography, most kinds of freelance changes will be covered by our free invoice templates at the bottom of this page.
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