As union membership continues to fall nationwide, the NLRB seems to be more closely monitoring company employment practices and policies. The Board is on the lookout for policies that could deter non-union employees from engaging in activities protected by Section 7 of the National Labor Relations Act. What is Section 7? Section 7 protects employee…
What’s the deal with Year- End Bonuses? This time of year, it’s a big question for all employers. Where do year-end bonuses for team members fit into the business? You may be facing a year-end cash slump or big expenses. Or, you may have a bunch of cash on hand and be facing a big…
One of the most valuable assets owned by a business is the concept or idea that sets them apart from their competitors. Whether it is a new product or a unique service, it can be worth a small fortune, especially if it meets a need that is not being met by anyone else. Thus, it…
A Successful Start to Your New Business Most entrepreneurs feel overwhelmed by all of the decisions that must be made when they are first starting a business. Many of the initial decisions you make can have long-lasting consequences and impact on your ability to grow, so you want to get it right! Below are a…
It is a common misconception that oral contracts are not enforceable. It is true that certain agreements must be in writing to be enforceable. For example, the statute of frauds requires agreements involving real property, marriage, performance over multiple years and the sale of goods over $500 to be in writing. If an oral agreement…
What to Know Business owners who take out loans for equipment, property or working capital need to understand how liens can affect their business in terms of the potential problems they can cause and what should be avoided. Lenders usually file liens on business loans; these liens are filed in succession and a lender always…
Legally Binding Contract Basics The Internet has changed the way businesses negotiate, review and revise their contracts. Sending emails back and forth can make the process faster and more convenient, but you should be aware that it can also lead to inadvertent liability. The use of electronic evidence or digital data has drastically increased in…
Benefits of an Operating LLC System Many business owners make the choice to operate as a limited liability company (LLC) for the personal liability protection this business entity provides. Beyond that, they may not give much thought to creating an LLC operating agreement since most states have LLC laws with default provisions that dictate how…
How to Avoid Legal Business Risks While there is no such thing as a business with no risk, most savvy business owners look for ways to mitigate risk as much as possible. Being aware of these three legal risks will create an understanding of the future of your business. Trusting a verbal or handshake agreement….
When To Hire a Personal Lawyer: Every business owner at one time or another needs legal advice. While it may be tempting to turn to the Internet for your legal needs, there are three important instances when you will want to have a lawyer on a payroll. Entity Formation When you are ready to start…
When you hear the name “Oprah,” you think of one person. Not only because the name itself is so unique, but also because billionaire entrepreneur and media mogul Oprah Winfrey has done such an outstanding job of protecting and promoting her brand. Oprah Winfrey’s Legal Strategies to Follow A recent article at Entrepreneur.com examined the…
One of the biggest risks small business owners take is not properly protecting their personal assets from business liabilities or judgments. In a recent Entrepreneur.com article, Mark Kohler, author of The Tax & Legal Playbook, offered these 8 asset protection strategies for business owners: The Strategies to Protect Your Business Choose the right business structure….
It’s pretty amazing to think of all the things we do online today that would have been unthinkable just a few years ago. But just because you can do something online doesn’t necessarily mean you should. And that certainly applies to fulfilling your company’s legal needs. Here’s What To Look Out For Here are three…
If you are starting a new company or have an unincorporated entity that has grown to the point where protection of your personal assets may be desired, the selection of the proper business entity can be critical to the future success of your business. There are 10 essential questions you need to ask as part…
While many people consider email to be an informal way of communicating, courts have generally held that emails can be considered enforceable contracts even if the intended purpose was for casual negotiation. The Reality of Email Communication In emails or in correspondence, anyone seeking to make an agreement should do the following: If you are…
Before you consider in a new startup, you should understand that there is quite some distance between a great idea and a great company. As part of your due diligence, perform these reality checks before you spend your savings on starting something new: What to Consider Before Starting Your Business Are you ready for the…
Maybe you have dreamed of leaving the business you have built to your heirs, but if you do not have a buy-sell agreement, a business succession plan, a business transition plan or a business preservation plan in place, that dream may not be realized. Any number of factors can work against your dreams if you…
One of the most impactful decisions business owners will make is their selection of business entity – sole proprietorship, partnership, limited liability company (LLC) or corporation – for their company. This decision has important tax, legal and operational implications, so choosing the right entity is vital. Business owners have several choices when it comes to…
Terri Kelly, a mother of six who started her “second life” as an entrepreneur designing comfortable flip-flops, did everything right when she launched her company. First, she designed a great product that addressed a market need. She worked tirelessly to get her product into shops, boutiques, and local stores. And she trademarked her unique branding…
Maintaining Your Business During Divorce Whether it is due to the high unemployment rates that hit several years ago or the entrepreneurial itch, Baby Boomers are now, instead of retiring, married people who are starting their own businesses. If you own a business, it is probably your largest single financial asset. If you divorce, your ex…
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