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Northern Virginia Real Estate And Business Law Blog

Government contracts for minority business owners

Our proximity to the capital puts us in a unique position in the business world. Many businesses in Northern Virginia and Maryland provide services to the U.S. government in some form or another. These often lucrative contracts give businesses a steady workflow and a placeholder in the local market. While servicing a government contract can make business interesting, earning the contract is a feat in itself. How do businesses obtain government contracts?

When looking at who is awarded government contracts, a study published in Small Business Economics shows that business owners who are among a social, racial or ethnic minority group are less represented than their white counterparts. According to the 2010 U.S. Census, 52 percent of people in the Washington D.C. metropolitan area fall into one of four minority groups. Why are minority business owners underrepresented in the world of government contracts?

The Importance of a Will

What is a Last Will and Testament?

This is a legal document; It communicates a person's last wishes to their dependents, and the handling of personal assets. This also provides the opportunity to make specific bequeaths to individuals and charities, to make unequal bequeaths and to provide for particular circumstances or concerns (e.g. a child with disabilities). The testator (the deceased) has the ability to select a personal representative of their choosing to work with the Probate Court to carry out the terms of the Will.

Business structure determines tax liability

Business and taxes go hand-in-hand for entrepreneurs in the first few months of the year. This consideration is important because the structure of a business has future tax implications for the life of the company. Entrepreneurs must make this legal decision early on in a company's history, and due to future considerations, should do everything possible to get it right the first time.

Entrepreneurs can rely on the help of a business law attorney in the formation of their company. However, because the steps taken early in the formation process can often determine future success, it is important to understand the basics of business law at the outset of an idea.

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