Business Growth - Legal Articles
Nothing can take a company down faster than your company not being legal. You need to know everything is done by the books.April 1, 2019
If you run your business as an entity (an LLC, a C Corporation, or a Sub Chapter S Corporation), you must abide by certain federal and state regulations. In fact, the type of business entity you operate dictates the types of documents you must keep, the fees you must pay, and the taxes for which you are liable. Therefore, if you are working to grow a best-in-class business, then you must do everything possible to stay compliant with state and federal regulations. Doing so will protect your business entity and protect you in case of litigation.
April 5, 2019
Many employers use contracts with employees to protect their business interests and their trade secrets. Yet, more than that is at stake with these agreements. Employee contracts also protect the value of your business if you want to sell it in the future.
April 8, 2019
Since I’ve been talking about how to protect your business in the last few blogs, it’s time to mention contracts – the most essential protective measures you can put in place in your business. Specifically, I want to talk about what makes a contract enforceable. Every day, you enter into some type of contract. Whether you’re making an online purchase or buying a hamburger, you are essentially agreeing to a contract. Contracts exist everywhere! And when implemented properly, contracts can protect your secrets, your reputation, your property, your equipment, and more.
April 12, 2019
If you own a business, you own some type of intellectual property. At the very least, you have a copyrighted brand or a trademarked product. Perhaps you’ve invented the cure for cancer, or you’ve developed a secret formula for the world’s best barbeque sauce. No matter what you’ve invented or created, you need to take certain steps to protect your business’s intellectual property. The more proactive you are about securing your intellectual property, the better chance you have of keeping it from your competitors.
April 16, 2019
The word ‘lawsuit’ can make the mightiest of business owners, shrink to the fetal position in a dark corner. Whether you are being sued for breach of contract, wrongful termination, discrimination, malpractice, harassment, misappropriation of funds, or any other reason, lawsuits can wreak havoc on your business. Therefore, let me walk you through ways you can mitigate your lawsuit risks.
April 18, 2019
We all know you and your business must have protection through insurance. What happens if you can’t operate your business due to circumstances beyond your control? Are you ready if you or your business is sued (as discussed in our previous article)? You must have the right business insurance policies in place. You need to work with an insurance agent to be sure you not only have the common policies, but there are several other insurance policies business owners don’t know they need.
November 1, 2021
Recently, I’ve been taking a new approach to teaching some of the subject matter that I’ve discussed in the past. Although some of the concepts may be familiar, we’re looking at them through real-world application by interviewing some of the experts in each respective field. Each of the interviews in this series deals with a different aspect of your business’s legal department, specifically, as it pertains to your exit. Due to the detail and length of the discussion, today’s article serves as a review. If you’re just joining this series, I encourage you to follow along with the podcast. That’s where you will find my full interview about investment banking and business transition with James Pugh.
November 8, 2021
There really is no substitute for experience and that’s been the focus of this series. We’re taking time to speak with experts who are actively involved in the business sales process. I recently had the pleasure of speaking with Dr. Grace Yum, a business owner who has just gone through the sale process. In this interview, Dr. Yum shares valuable insights gained from selling her business independently. Therefore, I really encourage you to listen to the full podcast so you’ll hear all she has to say. But until then, you can follow along as I review what selling your business independently is really like.
November 15, 2021
Selling your business is a big deal. There are so many things you have to do to prepare it for a transfer that it can easily become overwhelming. Beyond simply finding a buyer and making a transaction, there are several contracts and agreements that need to be drawn up. Additionally, you must determine the type of sale, what will be included in the sale, and what your role will be once the sale has taken place. To help gain a better understanding of the legalities of selling a business, I sat down with Mital Patel, founder and managing partner of TriAmicus Law, PLLC. As with all entries in this series, I really encourage you to listen to the podcast to get the full extent of our discussion.
November 22, 2021
For the past six or seven weeks, we’ve been discussing the question, “Should you sell your business?” This is such an interesting time to be a business owner because Covid has created a massive cash surplus for so many businesses. The abundance of cash has created greater business valuations. As a result, so many of you are being approached about selling your business. But how do you know if it’s the right time to sell? That’s the question I’m going to answer with today’s entry.