Intellectual Property Explained

If you’re a business owner, you probably hear the buzz phrase “intellectual property” on a regular basis. But what exactly is intellectual property? And how can you protect yours? Understanding intellectual property is critical for business owners. We explain this important aspect of business in this blog post. What counts as intellectual property? Intellectual property (IP) is anything you create or invent. Some Read More

6 Ways a Lawyer Can Help You Start Your Business

It’s easy to gloss over employing a lawyer for your new business because other issues, such as marketing, operations, and hiring employees, seem more urgent. However, there are several legal facets to starting a business, and relying on templated online forms puts you at the risk of sacrificing long-term headaches for immediate efficiency. That’s why it’s so important to have an attorney by your side from day 1. In Read More

4 Reasons Businesses Choose to Incorporate in Delaware

More than half a million businesses have incorporated in Delaware, including half of all American publicly traded companies, nearly two-thirds of Fortune 500 businesses, and most technology start-ups. For 10 years straight, the Chamber Institute for Legal Reform has called Delaware the best legal environment for corporations in America. Here are some of the reasons that businesses choose to incorporate in Read More

Understanding the Difference Between an Asset Sale and Stock Sale

It is complicated to decide whether to structure a business sale as an asset or stock sale, as both structures can benefit the parties involved. Buyers generally prefer asset sales, while sellers prefer stock sales. This article highlights some of the primary differences between the two. Asset Sale In an asset sale, the seller maintains ownership of the entity, while the buyer purchases the company's individual Read More

You Can’t Take It With You: What Happens When an LLC Member Dies

Death sucks. Besides the whole downside of not being alive anymore, it may cause a lot of problems for others after you’re gone. This is especially so if you own a membership interest in a mutli-member limited liability company (LLC).   An LLC is an entity owned by its members.  What happens to the LLC upon the death of a member depends upon a number of factors. Customarily, a deceased Read More

Warning: Covenant Not to Compete Ahead

A Covenant Not to Compete, sometimes called a Non-Compete Clause, is an agreement where one party agrees not to enter into or start a similar business, profession or trade in competition against another party.  These agreements are often found in employment situations, especially when employees are leaving their employment. Here’s the warning:  Be VERY careful whenever signing a document that contains Read More

Piercing the Corporate Veil: 3 Ways Business Owners Expose Their Personal Assets

The worst fear of many business owners is to lose their home, money or other personal assets in a lawsuit. To avoid this, they will often incorporate their businesses to form a limited liability company (LLC). If you are the owner of a corporation or LLC, your personal assets will generally be protected from legal action against your business.  This is because such entities are considered separate legal entities from Read More

Do I Need an Operating Agreement For My Multi-Member LLC (Hint: Yes, You Do!)

Many people form limited liability companies (LLCs) to own and operate their businesses. Much like corporations, LLCs offer limited liability protection without the requisite formalities of a corporation (for example, a board of directors, annual meetings, etc.). The Operating Agreement is the primary document of an LLC, as it describes the framework of the business; financial and operational processes, Read More

Do I Need an Operating Agreement For My Single-Member LLC? (Hint: Yes, You Do!

Many people form limited liability companies (LLCs) to own and operate their businesses. Much like corporations, LLCs offer limited liability protection without the requisite formalities of a corporation (for example, a board of directors, annual meetings, etc.). The Operating Agreement is the primary document of an LLC, as it describes the framework of the business; financial and operational processes, Read More

5 Things to Know About Corporate By-Laws

Every corporation requires by-laws.  They are a necessary document for every corporate entity.   The problem is that most people who form corporations aren’t quite certain what by-laws actually are, nor what they do. Below are five (5) basic concepts regarding corporate by-laws. 1.  They are a Blueprint for Your Corporate Operations By-laws are a written document that contains the rules and Read More