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Monthly Archives: April 2017

How to Maintain Your Company’s Reputation

company's reputation

Recently, the importance of a company’s reputation has become increasingly apparent, as companies such as PepsiCo and United Airlines have had to cultivate their responses to crises in order to maintain or in their case, build up their reputations after taking a huge hit. Hopefully, your business or corporation never has to deal with any PR crisis, but it’s always smart to be prepared. Let’s discuss how your business can maintain a positive reputation from the very beginning and avoid corporate crisis management.

Importance of Business Reputation

Whether you own a small business of just five employees or a fortune 500 company, maintaining a solid reputation is vital to its success. Reputation after all, is a combination of what your business does and what people say about you. Here’s how you can help people see your business in the best light possible.

company's reputation

Company Ethics

Make sure your company has strong ethics. Is your company trustworthy and does it keep its promises? Also known as business ethics, it is a form of applied ethics or professional ethics that examines ethical principles and moral that arise in a business environment. It is relevant to the conduct of the entire organization as well as each individual.

Reliable Company

Be a business that people can rely on. What is a reliable business? If you say you always offer free shipping, always offer free shipping. Be a company that stands behind its products and services and that provides consistent service. If a customer reaches out to your company via social media – respond through social media. Not only does that seem like that is what they are comfortable with but it will also show other customers that you are invested in quality customer support. A reliable company continually builds a positive relationship with its customers and maintaining the company’s reputation.

Community Investment

Make sure to invest in your community. It’s 2017, if a company seems like it lacks social responsibility, that company usually doesn’t last very long. People like seeing businesses that support good causes and a great community investment plan can positively impact your company’s reputation. It doesn’t have to be political but invest in your community and the community will invest in you.

Employees

Be a company that is structurally strong. Is your business well managed by high-quality people? You want to be the company that its employees are consistently talking highly of. Making sure you represent your company in a reasonable and approachable way is also beneficial to not only customers but also future employees.

Business Growth

Make sure your business’s financial performance is continuously growing. This is pretty much the ROI of the above steps. If your business has a record of profitability then people will feel more confident in investing in you. When your business offers high quality products and services, your company is innovative and your employees are happy and knowledgeable, the customer service will be excellent and so will your company’s reputation.

Corporate Crisis Management

If you find your business’s reputation under attack and it’s because of something you’ve done the best thing to do is apologize when you screw up. Apologies can’t be rushed, hurried or awkwardly handled.

North Palm Beach Corporate and Business Law

A carefully planned legal strategy is a hallmark of risk and reputation management and an important element of any business or corporate entity. Our North Palm Beach law firm provides skilled legal advice in all aspects of Corporate and Business law. We take the time to learn about your business in order to provide efficient, results-oriented legal services specifically tailored to your company’s specific needs. If you’re in need of legal services for your business, contact us for a corporate attorney immediately. We’re hear to assist you and your company’s reputation.

Give us a call today. 561.627.8100

Sources: http://www.instituteforpr.org/reputation/
http://www.cimaglobal.com/Documents/Thought_leadership_docs/2010-06-11-cid_exrep_corporate_reputation_june07.pdf

Understanding the Differences of C Corporations and S Corporations

corporations

Looking to Start a Corporation?

Corporations differ from other forms of businesses in the sense that they are independent legal entities that are separate from the people who own, control and manage them. Due to this recognition as an individual entity, they are viewed as a legal “person” in the view of tax laws, and can thus be engaged in business and contracts, can initiate lawsuits and itself be sued. They also must pay taxes.

How are Corporations Taxed?

The C and the S refer to IRS Code Sections. C corps feature a double taxation – one tax at the company level and another tax on profits distributed to shareholders. This double tax is why many people consider S corps, which has only one level of tax. But there are restrictions on ownership of S corps, where as there are no such limits on C corps. There are a variety of tax, operational and financing considerations when determining which type of corporation or other entity to form to best suit your business needs.

corporations

C Corporations

A C corporation is a business term that is used to distinguish this type of entity from others, as its profits are taxed separately from its owners under sub chapter C of the Internal Revenue Code. It’s the most common type of corporation in the U.S., as they offer unlimited growth potential through the sale of stocks, there is no limit to the number of shareholders a c corp can have, there are certain tax advantages, and limited liability, meaning they cannot be sued individually for corporate wrongdoings. Keep in mind that c corps comes with double taxation by the IRS, as revenue is taxed at the company level and again as shareholder dividends. This type of corporation is good for businesses that sell products, has employees and a storefront.

S Corporations 

S corporations start out as C corporations but make a special tax election to have income, deductions, etc. taxed directly to shareholders. S corporations are “pass-through” entities for the purpose of taxation, meaning that the business isn’t taxed but profits or losses pass through to the shareholders to include on individual tax returns. That is significant if the business isn’t making a lot of money or incurs a loss because individuals may take that loss against other income on their tax returns. S corporations are limited to 100 or fewer shareholders, but about 97 percent of S corporations have three or fewer shareholders. Also keep in mind that s corps cannot be owned by a c corp, other s corps, LLCs, partnerships, or many trusts.

Of course, we at Haile Shaw & Pfaffenberger believe that consulting with a lawyer is the safest bet when forming a corporation. A carefully planned legal strategy is an important element of any business or corporate entity. Our Corporate & Business law team provides skilled legal advice in all aspects of Corporate and Business law including entity structuring, the sale and purchase of businesses, asset leasing, advice on shareholder and partner concerns, legal audits, e-commerce and more.

Ready to form a corporation or other business entity?

We’ll help you get started.

Give us a call at 561-627-8100.


Source: http://www.businessdictionary.com/article/37/what-is-a-c-corporation/

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