Information is instantaneously available due to the rise of the internet. Additionally, many services that were not available in the past, including do-it-yourself (DIY) legal forms also exist. As a result, it is tempting to think that the forms provided by these DIY services can be a low-cost substitute for the services of an attorney. The reality is business owners …
Cybersecurity is a growing concern for businesses, and small businesses are not immune from the threats posed by cybercriminals. Don’t be complacent because your business is small: Almost half of all cyberattacks in the U.S. are directed at small businesses. In recognition of this serious problem, in August 2018, President Trump signed into law the NIST Small Business Cybersecurity Act, …
Every business with at least one employee should have an employee handbook, sometimes also called an employee manual or code of conduct, setting out the company’s policies and rules and the laws applicable to the employment relationship. It establishes the expectations in the relationship and enables employers to deal with similar situations consistently. Typically, employers do not intend for the …
If your business made or received payments to independent contractors and entities (other than compensation to your employees) during the calendar year, it’s likely you must file an information return called a Form 1099 with the IRS. You may also need to send a copy of the form directly to the recipient of the payments. Being aware of and meeting …
The LLC is a popular way to structure a business because it provides personal liability protection to the members– like a corporation does to its shareholders–but without as many administrative formalities. But if you’re an LLC member, don’t let this lull you into complacency. As a business owner, you’re responsible for the proper governance of the LLC. If a conflict …
If you are starting a new business, it is important not to overlook federal, state, and local business license and permit requirements. Almost every business, even one that is home-based, is required to obtain some form of license or permit in order to operate legally. Failure to do so can lead to fines, and in some cases, the closure of …
Almost everyone wants to be the good guy. Engaging your business in the local community through volunteerism and charitable giving can have a positive impact both on your business and in your community. The more public-facing your business is and the larger your staff grows, the more opportunities your business will have to be the good guy as employees and …
The marijuana industry is huge and growing. In 2017, legal marijuana was a $1.5 billion industry in Colorado alone according to data from the Colorado Department of Revenue, and it has been identified by many analysts as one of the fastest growing industries in the United States. To date, 33 states and the District of Columbia have legalized either medical …
Determining who will manage the day-to-day affairs of your business is an important decision. You need to know, at the outset, who will manage operations, both for the success of your business and because the Limited Liability Company (LLC) operating agreement demands it. Luckily, LLC operating agreements are very flexible and the management structure can be tailored for your business. …
As a member of an LLC, you may owe a fiduciary duty to the company. The two key fiduciary duties are the duty of loyalty and the duty of care. Whether you have a fiduciary duty will depend on the LLC’s management structure and whether you have management responsibilities. Understanding your duties is essential to avoiding liability. What is a …
You’ve likely protected your business with general liability coverage, property insurance, commercial automobile coverage, and workers’ compensation insurance. But for some businesses, operations would come to a grinding halt without certain essential contributors—key persons as we call them. If your business includes any key persons, key-person insurance should be a part of your business insurance planning. What is a key …