By On Oct 13, 2019 Templates
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.
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.
Every project manager and team member knows there are a slew of forms used throughout the life cycle of a project-that is, if the project is managed right. From the beginning scope statement to the final closing documents, forms are a big part of effective project management. They act as a method to keep everyone involved, literally, on the same page. At BrightHub, our project management writers have been working diligently to provide you, our readers, with standard form templates that you can download and customize to your own individual projects. One of our most popular articles is Eric Stallsworths How to Write a Scope Statement. Beyond giving the reader a link to a downloadable free scope statement project management form, Eric talks in detail about the importance of an effective scope statement, the sections of a scope statement and gives you some great hints for minimizing scope creep. Writer Natasha Baker continues the theme of getting a project charter with her Project Charter Example for Every Project Manager article. Like Eric, Natasha offers up a link to a related, free project management template that you can download for your own personal use. Once you have a defined scope statement and or project charter, agreed upon by project stakeholders and team members, alike, you are ready to begin building your WBS. And, while that often seems like a simple task on the surface, building a successful work breakdown structure is an art form. Ann Gordon has penned a great three-part series aptly titled, What is a Work Breakdown Structure?. Throughout this article, Ann offers of a plethora of examples and how-to tips for building your own WBS. After you have built your WBS, what do you do with it? The answer for many project managers often points to tracking your WBS using a Gantt Chart. Toward that end, we have a couple of targeted articles. In Michele McDonoughs article, How to Make a Gantt Chart in Excel, the author details the steps involved in creating a Gantt Chart using Microsoft Excel.
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