Legal Solutions for Small Businesses
Law Office of E.C. Lewis, P.C.
October 2010 - Vol 1, Issue 3
In This Issue
Upcoming Events
Updates from the Law Office of E.C. Lewis, P.C.
Business Identity Theft
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Contact Information
Law Office of E.C. Lewis, P.C.
44 Cook Street, Suite 100
Denver, CO 80206

Elizabeth.Lewis@eclewis.com

www.eclewis.com

720-258-6647


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Greetings!

Welcome to the third edition of the Legal Solutions for Small Businesses newsletter! In this issue, upcoming events that Elizabeth Lewis will be presenting at, updates from the Law Office of E.C. Lewis, P.C., and the 1099 nightmare created by the health care reform legislation.

As always, you can get the latest news by following the Law Office of E.C. Lewis, P.C. reading the Legal Solutions for Small Businesses Blog and on Facebook.

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Upcoming Events

October 20th - Contract Law Basics
  • I will be presenting on contract law basics at the North Metro SBDC center
  • Included topics include the most common contracts small businesses use, what the boiler plate language in a contract means, and when contracts should be in writing
  • RSVP is required
  • No fee to attend
November 17th - Employment Law Basics
  • I will be presenting on employment law basics at the North Metro SBDC center
  • Included topics include investigation of potential employees online, employment agreements, and independent contractor/employee classifications
  • RSVP is required
  • No fee to attend
Updates from the Law Office of E.C. Lewis, P.C.
Check the Legal Solutions for Small Business blog at www.eclewis.com for Today's Legal Minute for Small Businesses.

The end of the year is right around the corner. Are you prepared financially? It is a good idea to touch base with your accountant to ensure that all IRS documents required have been filed and that you have paid enough in estimated tax payments. Are you prepared legally? It is a good idea to review any contracts you have signed to see if there is an automatic renewal provision you need to be aware of (or the need to contact someone to renew it) and to contact your attorney to see if there are any legal documents your business is missing.

As always, if you have any questions, please call or email me!

1099s and the Health Care Reform Act
When the health care reform bill passed earlier this year, the talk on most major new outlets was about how the bill affected people's insurance and medical care. What wasn't talked about, except for further back on the finance and business sections of websites, was the hidden paperwork nightmare that the health care bill contained for business owners.

As part of the provisions of the bill, businesses will be required to send an IRS Form 1099 to every business and individual with which it spend over $600.00. So for instance, if you use your cell phone for business and spend over $600.00 a year with ATT, you will be required to send a 1099 to ATT starting in 2012.

In addition to being a paperwork nightmare as most small businesses would be required to send out tens if not hundreds of 1099s, it could also create an identity theft nightmare. As each company that sells more than $600.00 worth of services would have to give out their EIN to the businesses they work with, the chances for that information to fall into the wrong hands increases. As discussed in the last issue of the Legal Solutions for Small Business Newsletter, the Colorado Secretary of State has issued an alert that businesses' information is being used to open up accounts by identity thieves. With the release of a business's EIN to an even larger amount of people because of the 1099 issue, identity theft will also rise.

Recent proposals to reduce the requirements were defeated in the Senate earlier last month. Luckily, the 1099 requirements are not set to go into effect until 2012 giving legislators a year to fix this problem. If you believe the new requirements will drastically affect your business, I encourage you to contact your Representatives and Senators to tell them to repeal this requirement. You can find your Representative here and your Senators here.

The information and materials in this newsletter are provided by the Law Office of E.C. Lewis, P.C. for general informational purposes only and not for the purpose of providing legal advice or giving a legal opinion on any specific facts or circumstances. The receipt of this newsletter, or the use of the information contained therein, does not create an attorney-client relationship between you and the Law Office of E.C. Lewis, P.C. or between you and Elizabeth Lewis. The submission of information to the Law Office of E.C. Lewis, P.C. by e-mail does not create an attorney-client relationship between you and the Law Office of E.C. Lewis, P.C. If you email information or materials to the Law Office of E.C. Lewis, P.C. for a matter for which the Law Office of E.C. Lewis, P.C. does not already represent you, that information and material may not be privileged or confidential, may be disclosed to other parties, and may not be secure.