Pasley and Singer Law Firm, L.L.P.


Serving Story County and Central Iowa since 1906

323 6th St.
Ames, IA 50010-0664
USA
 

Phone: (515) 232-4732
 

Frequently Asked Questions
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Q. How can I find investors?
Q. How does my debt-to-equity ratio affect my ability to get financing?
Q. What should I do before choosing a name for my enterprise?
Q. If I start a partnership, should we sign a written agreement?
Q. Do I have to pay individual taxes on business income if I incorporate?
Q. How should I hire new employees?
Q. Do the Federal Equal Employment Laws ban discrimination?
Q. Are employees who receive tips still eligible for the minimum wage?
Q. As a new business owner, what should I look at when deciding on insurance?


Q: How can I find investors?

A: Start with personal and business contacts: friends, relatives, employees, customers or colleagues. You can discuss your proposal with banks and other financial companies. These institutions may also work to connect you with a venture capitalist who invests in new enterprises.


Q: How does my debt-to-equity ratio affect my ability to get financing?

A: Your debt-to-equity ratio measures the money you have borrowed against money you have invested in your business. It is easier to attract financing and new investors if you have put your own money into a business as opposed to borrowed money.


Q: What should I do before choosing a name for my enterprise?

A: You should make sure that the name you select is available and not trademarked by another person or business entity. The secretary of state in your state will have an online database of business names.


Q: If I start a partnership, should we sign a written agreement?

A: Under most state laws, a partnership does not require a written agreement. It is always a good idea, however, to get details about management and other potential points of disagreement in writing. Often, states have default rules to govern partnerships that do not have a written agreement.


Q: Do I have to pay individual taxes on business income if I incorporate?

A: A corporation is a separate entity for legal and tax purposes. The corporation is liable for taxes on its profits, but the owner is not liable for taxes on corporate revenue unless that revenue is given to the owner as wages or other compensation.


Q: How should I hire new employees?  

A: You are able to find new employees in any way you want. Placing job advertisements in newspapers, online services, or other media is the best way to find good candidates and fill a position easily.


Q: Do the Federal Equal Employment Laws ban discrimination?

A: The Federal Equal Employment laws prohibit discrimination in hiring, firing, compensation, and recruitment based on race, skin color, religious belief, sex, national origin, disability, or age.


Q: Are employees who receive tips still eligible for the minimum wage?

A: Business owners do not have to pay an employee minimum wage if they make at least $30.00 in tips monthly. However, tips plus wages must equal at least the minimum wage.


Q: As a new business owner, what should I look at when deciding on insurance?

A: Your insurance should depend on your potential risk. If you are manufacturing products, for example, you should look at product liability insurance.

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DISCLAIMER: The information provided here is a public service and solely for informational and reference purposes. No legal service or advice is hereby provided. No attorney-client relationship is hereby created. This website may contain information addressing certain tax issues; however, it is not intended to constitute a reliance opinion as described in IRS Circular 230; therefore, it cannot be relied upon to avoid any tax penalties. The information provided here is without warranty of any kind whatsoever. Use at your own risk. No endorsement, warranty, or claim is made with respect to the works of others whose work may be referenced. Please seek the advice of an attorney for all legal matters.

Pasley and Singer Law Firm, L.L.P., is an Iowa general practice law firm with practice including, but not limited to  Administrative Law, Adoption Law, Agricultural Law, Alternative Dispute Resolution, Banking Law, Business Law (including business organization, partnerships, limited liability companies (LLCs), incorporations, and sales of businesses and business assets), Civil Rights, Commercial Law, Construction Law, Corporate Law, Criminal Defense, Elder Law, Employment Law, Family Law (including divorce, prenuptial agreements, child support, child custody, dissolution modification), Government, Government Contracts, Litigation, Personal Injury (including Motor Vehicle Accidents and Wrongful Death), Product Liability, Professional Negligence Law, Real Estate (including mortgage loan closings, IRC Section 1031 exchanges, subdivisions, platting, condominiums, and cooperative housing), Municipal Law, Taxation Law and Tax Preparation, Wills, Trusts, Estate Planning & Probate Law (including financial and medical powers of attorney, guardianships and conservatorships, trust administration, and estate administration), Workers Compensation, Zoning, Planning & Land Use

The offices of the Pasley and Singer Law Firm, L.L.P., are located in Ames, Iowa. The lawyers and staff of the Pasley and Singer Law Firm, L.L.P., serve clients throughout Iowa, including the cities of Ames, Nevada, Gilbert, Huxley, Slater, Zearing, Story City, Roland, McCallsburg, Colo, Cambridge, Sheldahl, Des Moines, Cedar Rapids, Fort Dodge, Waterloo, Marshalltown, Boone, Webster City, Eldora, Grundy Center, Newton, Adel, Eldora, Ankeny, Johnston, Indianola, Cedar Falls, Jefferson, Marshalltown, Clarion, Knoxville, and the communities that make up Story, Polk, Linn, Webster, Blackhawk, Marshall, Boone, Hamilton, Jasper, Dallas, Hardin, Warren, Greene, Wright, and Marion counties.