Hollis & Vance LLP

Small-business law and accounting counsel

Answers

Common questions we hear before a first consultation, answered in plain language. This is general information, not legal advice. Every situation is different, and we’ll talk through yours directly in a consultation.

Browsing all 12 answers.

  • What is an engagement letter?

    An engagement letter is the written agreement that sets out who we represent, the scope of the work, and how fees are structured. We send one before any matter begins so expectations are clear on both sides from day one.

  • How does your retainer work?

    A retainer is an advance deposit held against future work; we draw down against it as hours are billed and let you know well before it needs replenishing. We can walk you through the specific structure during a consultation.

  • Which business entity type is right for my company?

    We help you compare the practical tradeoffs between an LLC, an S-corp election, and a C-corp. Liability protection, tax treatment, and administrative overhead all differ. A consultation lets us look at your specific plans before recommending a structure.

  • What's the difference between a 1099 contractor and a W-2 employee?

    A 1099 contractor is generally responsible for their own taxes and benefits, while a W-2 employee has payroll taxes withheld by the employer. Misclassifying one as the other carries real risk, so we help you review how a role is actually structured before you lock in a classification.

  • What does a contract review actually cover?

    A contract review means we read the agreement clause by clause, flag terms that create outsized risk or unclear obligations, and explain what each section means in plain language before you sign anything.

  • Do I need an NDA before sharing my business plan?

    A non-disclosure agreement can be a reasonable first step before sharing sensitive plans with a partner, investor, or contractor. We help you decide when one is warranted and draft language that matches the actual relationship.

  • Can you help draft an employee handbook?

    Yes. We help small businesses put together a handbook that reflects their actual policies on leave, conduct, and pay practices, written so it's usable day to day rather than boilerplate no one reads.

  • What tax filing deadlines should a small business track?

    Small businesses typically track quarterly estimated payments, annual returns, and information filings like 1099 issuance for contractors. We help you build a calendar so nothing slips past its deadline.

  • Should my LLC elect S-corp tax treatment?

    An S-corp election can change how profit is taxed once a business reaches a certain income level, but it also adds payroll and filing requirements. We help you weigh whether the tradeoff makes sense for where your business is today.

  • What should go into an employment offer letter?

    A solid offer letter states role, compensation, start date, and at-will status clearly, and avoids language that could accidentally read as a guaranteed term of employment. We help you draft one that protects the business without sounding cold.

  • What red flags should I look for in a vendor contract?

    Common red flags include automatic renewal clauses, one-sided indemnification, vague scope language, and limitation-of-liability terms that favor the vendor. We help you spot these before signing, not after a dispute starts.

  • What's the difference between bookkeeping and accounting support?

    Bookkeeping is the day-to-day recording of transactions; accounting support builds on that record to prepare statements, plan for taxes, and advise on decisions. We help clients figure out how much of each they actually need.

Illustrative content: general information, not legal or accounting advice. Every situation differs; specifics are confirmed in a consultation.