An MSA is a Master Service Agreement used by your business that creates a legal relationship between the parties by setting forth the legal terms agreed to by both parties. A SOW is a Statement of Work. SOWs are specific to a job or a client. The SOW establishes the payment terms and project-specific terms for that particular client. The SOW is attached to and governed by the terms of your standard MSA.
Sometimes, individuals confuse a fractional general counsel with in-house counsel because they receive many of the same services from a fractional general counsel as they do from in-house counsel, but the attorney is not an employee of the business nor does the attorney work full time for the company. A fractional general counsel is a part-time attorney who provides on-going legal services for your company at a flat-rate or fixed pricing structure.
Whether you are a new startup, or you have years of business experience, there are easy ways you can screw up your business if you are not careful. Below is a list of the top 10 ways you can cause yourself a lot of grief and potential liability compiled by a trusted Maryland Business Attorney.
If you have an estate plan, resolve to review the plan with your Maryland estate-planning attorney. If you have no estate plan, resolve to devise an estate plan in 2019 that reflects your wishes and desires for your future and your family.
There are things that you cannot control such as the economy, natural disasters, and the changing needs and desires of consumers. However, you can prepare for some events by purchasing insurance, developing a disaster plan, preparing a business succession plan, and working with professionals such as a Maryland business attorney, accountants, and others to ensure you have adequate plans in place should the unthinkable occur.
An LLC may elect how it wants to be taxed: as a sole proprietorship, partnership, S-Corp, or C-Corp. Depending on the situation, electing one income tax structure over another income tax structure for an LLC can provide important tax benefits for the company and the owner. Because tax law can be complicated, it's beneficial to discuss your concerns and needs with a Maryland business tax attorney before electing how your LLC should be treated for tax purposes.
Are you interested in purchasing a franchise? Purchasing a franchise offers several benefits, such as name recognition and an established reputation. However, deciding whether a franchise is a good investment for you can be complicated. Below are seven considerations that you may want to discuss further with a Maryland business attorney before entering a franchise agreement.
Are you ready to start a new company? If so, there are several steps you should take as you prepare to begin a new business. The steps you take now to build a strong foundation for your business can greatly impact whether your business is successful. As a Maryland business attorney, I regularly guide clients through the steps of starting a company.
The Maryland Healthy Working Families Act became effective as of February 11, 2018. Many employers continue to have questions regarding the Act’s requirement for employers to provide employees with ESS time (earned sick and safe leave) to care for themselves or their family members, in accordance withthe requirements of the Act. Consulting with a Maryland business attorney can help ensure you are complying with all provisions of the Act.
Starting a business can be an exciting but nerve-wracking process. Every one of today’s biggest companies started out on the ground floor, and they were often led by people who were unsure about their future prospects.
Are you searching for a way to lower your taxes for 2018 and beyond? If you are married, you might be able to create a partnership with your spouse to put more money in your pocket instead of Uncle Sam’s pockets. Don’t worry if you and your spouse do not work well together because your spouse can be more of a silent investor than a participating partner.
A corporation may be formed in any state while conducting business and being physically located in the business owner’s state of residence. A DC business attorney guides business owners in choosing the state for the formation of a business that offers the business the best advantages of incorporation.
There are many different structures your business can have in Virginia, and each form has advantages and disadvantages. One of the factors people consider when deciding which type of business entity to form is the amount of protection they will have from creditors. With that in mind, when are you liable for your Virginia business debts?
Although corporations and LLCs are similar, they have some critical differences. Choosing the right entity can mean a significant difference in tax treatment, for example. The membership structure is comparable, but there may be some restrictions that apply to corporations that do not apply to LLCs, and vice versa. Learning about the major differences between these two business structures is vital to choosing the right business structure for your company.
Choosing the right business entity is an important phase in business formation. Each type of business entity has certain advantages and disadvantages for the partners. The type of business, the partners’ goals, and state laws factor into your decision whether to form an LLP or an LP. An experienced business formation attorney can help you determine whether an LP or an LLP is best for your needs and goals.
The decisions made during the formation and registration of a business can have a substantial and long-term impact on the success of the business, including the ease of operation. A business formation attorney provides advice and guidance during each phase of a business startup, including selecting your business structure, assessing liability, and drafting necessary business documents.
If you accumulate a lot of business expenses to earn a living, your filing status can make the difference between getting to deduct those costs on your tax return or not. If you cannot offset your earnings by the costs required to generate that income, you will have to pay higher income taxes. The dust is just beginning to settle on the new Tax Cuts and Jobs Act ("TCJA"), and taxpayers are trying to wrap their heads around how the tax changes will affect their bottom line.
Businesses use non-compete clauses in order to protect themselves from having employees leave or quit to work at a rival company. The rising value of trade secrets has prompted employers to issue more non-compete contracts. Estimates are that about 20% of the American workforce is subject to a non-compete contract and that 37% have signed one at some point in their career. If you have been approached to sign a non-compete agreement or are contemplating making non-compete clauses a part of your employment practice, you may want to talk with an experienced business transaction lawyer before you move forward.
For anyone looking to start a business, one of the first steps involves choosing the business entity form. Popular options include sole proprietorships, limited liability companies (LLC), and corporations. Each entity type has different benefits and drawbacks, and there is no one “correct” choice. The best option is dependent on the business owner’s plans and appetite for risk and liability.