The Federal Trade Commission (FTC) implemented a new final rule prohibiting employers from enforcing non-compete agreements against employees. A non-compete agreement essentially bans a worker from moving to another employer within the same industry for a set period of time, citing the employer’s privacy and competition concerns. Non-compete agreements have traditionally restricted employee mobility by preventing workers from joining competing …
The risk of suffering a data breach has never been higher. Small businesses are three times more likely than larger businesses to be targeted by cybercriminals.[1] The costs of a cyberattack, both in terms of financial and reputational damage, can be devastating to small businesses. Although many business owners are aware of the risks of a cyberattack, they have not …
You have spent years building your business, but at some point, the time will come for you to sell the company and exit. While many business owners choose to keep the company in the family, that is not always realistic. Family members may not have the interest or skills needed to run the business. In such cases, selling the company …
Small businesses have been rushing to better understand the implications of the newly enacted Corporate Transparency Act (“CTA”), which entered into effect on January 1, 2024. The CTA applies to over 32 million businesses in the United States, including many companies that filed a document with any secretary of state office. The CTA includes a new reporting requirement for small …
Small business owners are no strangers to government regulations. There are many requirements that businesses must be aware of and comply with, including business license and permit rules. Most businesses must obtain licenses or permits, so it is important for each business to know which ones it needs. Business operations are regulated at the federal, state, and local levels. Each …
Small business owners often wear many hats. On any given day, they might dabble in customer service, human resources, accounting, bookkeeping, and legal matters. Resilient, confident, and flexible by nature, entrepreneurs often welcome the challenge to learn new skills by working outside of their core competencies. But for some matters, not working with an experienced professional can be counterproductive. Contracts …
Assets, liabilities, and equity are accounting terms that every small business owner should be familiar with. They are included on a business’s balance sheet, providing a snapshot of financial health. A balance sheet shows a company’s assets and liabilities at a given time and how money is flowing in and out of the business. This information is useful to owners, …
The series limited liability company (LLC) is a type of business structure that allows a group of subunits called series to be owned in a tiered structure. At the top level is the “parent” or “umbrella” LLC. Below this are one or more “series.” Not all states allow series LLCs. In states that permit them, the laws vary on how …
What was your path to law school? Did you always want to be a lawyer? When I was a very little girl, I wanted to be a lawyer but the truth was, I didn’t know many lawyers and I didn’t understand what they did. It wasn’t until I lived in Washington D.C. and interned in Capitol Hill in agriculture and …
Cash flow measures how much cash is flowing in and out of a business. A positive cash flow is one of the strongest determinants of a business’s success. It shows that a company can fund its debts and pay for immediate needs such as equipment and staffing, and also that it has enough money in reserve to invest or survive …
Some activities are inherently risky. Visitors of certain types of businesses such as ski resorts, gyms, and amusement parks know there is a chance they could get injured when they engage in the activities those businesses offer. To protect themselves against potentially costly lawsuits, businesses can use a liability waiver to shift the risk from themselves to their customers. Liability …
The internet has been a game changer for small businesses, allowing them to reach new markets, hire nonlocal talent, and compete with larger companies. Not having an online presence where customers can discover and interact with your business is now almost unthinkable. You may also have remote team members and vendor partners that are vital to your success. But the …