The decision to close a business is not to be taken lightly. Although most business owners hope that the process of closing their business will be quick and easy, that is often not the case. Business closures involve complex procedures that require time, energy, and organization. Failure to carefully adhere to these procedures could result in additional expenses and extensive …
Contracts are an essential component of effective business management and development. Savvy business owners recognize the value of contracts but often explore ways to reduce the cost of obtaining them. In some instances, business owners attempt to create their own contracts by using templates available online. However, creating your own contract is fraught with risks. What you do not know …
Today’s topic is for fellow entrepreneurs on how to get your corporate formality “ducks in a row” — or what I call becoming too legit to quit! While in quarantine, with extra time available, it’s a great opportunity to assess and improve areas of your operations. Get started by first conducting a corporate formalities check-up: Operating agreement: Do you have …
Businesses across the globe have experienced unprecedented interruptions and closures because of the COVID-19 pandemic. As a result, many businesses are finding it difficult to perform their contractual obligations. Consequently, a common but often overlooked contractual clause is in the limelight: the force majeure clause. Contrary to popular belief, the mere existence of a force majeure clause does not invalidate …
Almost all business owners eventually must make the difficult decision to terminate an employee. Whether that decision arises from failure on the employee’s part or economic turbulence, one thing is clear: How a business handles this delicate situation can either increase or decrease the risk of negative consequences like lawsuits and unfavorable public attention. Here are the best practices to …
In today’s data-driven world, small businesses often find themselves in possession of sensitive customer data. As the collection of data increases, customers grow more suspicious of the means and methods used to collect and store data. In response to this growing concern, we are seeing increased legislation pertaining to the collection, storage, and distribution of data. Laws like the California …
Conversations about data privacy policies and website terms of use have become more common in recent months. Large companies like Facebook,[1] Expedia,[2] and Dick’s Sporting Goods[3] have been involved in litigation involving agreements that address these very issues. The questions on most business owners’ minds are “What are these agreements?” and “Do I need them on my website?” Privacy policies …
A skilled attorney is a critical part of any business owner’s advisory team. Business attorneys are equipped to assist you in handling a variety of tasks that can protect you from potential legal and business pitfalls, in addition to solving existing legal issues. As important as they are to your team, finding the right business attorney may be challenging if …
In a matter of weeks, the COVID-19 pandemic has impacted the world and forced communities to reevaluate everything. Despite the unpredictability that has accompanied this global crisis, it is not too late to implement changes to protect you, your employees, and your business. Here are some tips and strategies to help you navigate these challenges and the ones to come. …
As small business owners grapple with the economic realities of nationwide stay-home orders and social distancing mandates, legislatures have been updating laws and developing new programs to keep the economy afloat. The latest and most groundbreaking is the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2.2 trillion stimulus package aimed at supporting individuals, businesses, and governments now and …
As we watch the Nation shut down major events, restaurants, and bars as well as limit social gatherings to a small amount of people, what happens to contracts that may not be able to be fulfilled because of the rippling effect of COVID-19, the “Coronavirus”? The answer lies in whether the parties have a written contract. And, if the terms …
You are a new business owner and have decided to organize your business as a limited liability company (LLC). You are its sole owner and work for the company. How do you pay yourself? Are there guidelines regarding how often and how much you are entitled to? How do self-employment taxes come into play? The answers to these questions depend …