General

Even in favorable climate no business is immune to legal disputes

According to a recent study, individuals considering going into business for themselves who reside in the Orlando, Florida, area are well positioned. The study, conducted by NerdWallet, determined that the city ranks in the top 20 nationwide for young entrepreneurs.

The factors taken into consideration in making this designation include:

• Access to funds.
• Networking.
• Mentorship.
• Affordability.
• Local economy.

The fact that the University of Central Florida Business Incubator program as well as the National Entrepreneur Center, are both based in Orlando likely contribute to that finding. In addition, Orlando ranked high when it comes to per capital rates of small business loans—at $386.85 per loan.

The age and education level of residents appears to have played a role as well. A total of 19.4 percent of the area’s population consists of young professionals between the ages of 25 and 34. Close to 35 percent of Orlando residents have obtained, at minimum, a bachelor’s degree.

Despite the positives individuals who start businesses in the Orlando area have on their side, no one who starts a business is immune to legal issues. Among other things, depending on the circumstances, these issues could encompass contract issues, real estate or construction. The resolution of any of these situations most likely involves the assistance of a lawyer who handles business matters.

The way in which legal business matters will be resolved depends on a variety of factors. While litigation in a court of law is always a possibility, in other situations alternative dispute resolutions such as arbitration or mediation is more effective. In addition to usually being less expensive, these methods often take much less time than going to court.

Source: Orlando Business Journal, “Orlando among top 20 cities for entrepreneurs,” Megan Ribbens, Nov. 18, 2014

Mon Aug 27, 2:09pm