Purchasing business insurance is like paying for licenses and permits for your business. It is something you know you need. It is also a cost of doing business, but it is an expense you would rather do without. Without insurance coverage, a natural disaster, personal injury lawsuit, theft, workplace injury, or other catastrophe could cause devastating losses for the company. Many companies, especially small businesses, do not have the liquid assets to cover such losses. Insurance is the safety net that can help a business survive certain events and legal issues.
Are you ready to sell your business? You have worked hard to build your company, but it may be time to let it go. Whether you are retiring or moving on to another venture, there are many things to consider before you begin the process of marketing and selling your business. Preparing in advance is the key to maximizing the value you receive when you sell your company.
One of the most important considerations you will have as a start-up is choosing a business entity. This choice affects your tax liability, your ability to sell shares, and may even impact your ability to receive funding.
According to the 2019 Data Breach Investigations Report by Verizon, no business is too small or too large to be a victim of hackers and data breaches. Information of all types has a value. Your business need not have access to millions of dollars to be an attractive target for hackers. That you store personal information gathered from your customers can make you attractive to a hacker who wants to sell that data to identity thieves. Therefore, all business should assume they are attractive to a hacker.
Businesses and companies use NDAs or Non-Disclosure Agreements to protect confidential information. However, if an NDA does not contain certain elements, it may not be legally enforceable. A Maryland business attorney can help you ensure that you include all key elements in your company’s NDA to make the agreement effective and enforceable. Below are five key elements that a business should include in its NDAs.
The Fractional General Counsel Model utilizes an up-front fee structure customized to meet the needs of your particular business. This model is particularly beneficial for start-ups, who may not have the budget to hire a full-time counsel, but want to ensure their investment is protected. Check out our latest video on why more start-ups are using fractional general counsel.
Non-solicitation and non-compete agreements are used by many employers to protect an employer from an employee actively competing for business after the employee leaves the company. Even though the agreements may be similar, the agreements cover different aspects of an employee’s actions after terminating the employment relationship. Non-solicitation and non-compete agreements are typically included in an employment contract and remain in force after the employment relationship ends.
If you are a new startup, you may realize a small profit at the end of the year, buton paperyou report a loss. Reporting a loss on paper is common for some new startups during the first two or three years. Thisis especially true when someone is turning a hobby into a profitable business venture. Depending on the type of business entity you choose after speaking with a Maryland business attorney, you could benefit from those losses while you are building and growing your business.
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.
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.
Health insurance premiums can be very expensive for a small business. To offset some of that expense for small businesses, The Affordable Care Act provides a small business health care tax credit. The tax credit can reduce the cost of employee health coverage for a small business. If you need assistance with this small business tax deduction or other tax deductions to reduce your tax liability, you can get more information from a Maryland business attorney.
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.
Crowdfunding has become a popular way to raise money for a new product or business idea. Investors see crowdfunding as a way to support small businesses while earning money on their investment. However, there are rules and regulations that entrepreneurs and investors should know before participating in crowdfunding. A Maryland business attorney can help you ensure that you comply with the JOBS Act and the subsequent Regulation Crowdfundingadopted by the SEC.
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.
Is your company complying with Maryland’s new minimum wage laws? If not, you could face significant penalties from the Maryland Department of Labor, Licensing and Regulation. If you have questions about the minimum wage increase, a Maryland business attorney can review your company’s policies to ensure compliance with the new minimum wage laws in Maryland.
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.
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.
When determining what benefits packages you wish to offer your employees, you may have questions about how to economize your business expenditures while still attracting and retaining the best possible people to your organization. You may have heard about qualified and non-qualified pension plans, but may not understand the differences between the two. This is where talking with an experienced business and taxation lawyer can be advantageous.