Buy-Sell Agreements For Multi-Owner Small Businesses

May 17, 2011

A Buy-Sell Agreement Is A “Way Out” Small businesses with two or more owners should have a buy-sell agreement. This is true whether they are organized as corporations, limited liability companies, or in another format. What a Buy-Sell Agreement does: Buy-sell agreements restrict the transfer of owners’ interests in a small business; address the effects [...]

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SCORE: The Best Kept Secret In Small Business?

May 10, 2011

The Secret Is Out, SCORE Can Help Your Small Business SCORE (Service Corps Of Retired Executives) is a spin-off organization of the U.S. Small Business Administration (SBA). SCORE provides numerous services geared towards new and current small businesses. How SCORE works: SCORE, mentors to America’s small business, is a nonprofit association dedicated to educating entrepreneurs [...]

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Small Business and the Digital Millennium Copyright Act

May 3, 2011

The Digital Millennium Copyright Act: The Online Copyright Infringement Liability Limitation Act became law in October of 1998 as Title II of the Digital Millennium Copyright Act (“DMCA”) [117 U.S.C.A. § 512]. The DMCA protects qualifying Internet service providers and websites from liability for all monetary damages for direct, vicarious and contributory infringement. Safe Harbor [...]

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Intellectual Property for Small Business: Patents

April 26, 2011

Patents are granted to individuals who invent new and useful inventions. Patents operate as a specialized form of personal property. The patent owner has the rights, during the limited term of a valid patent, to exclude others from making, using, selling, offering for sale, or importing the patented invention. Authority for the U.S. patent system [...]

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The Small Business Legal “Tune-Up”

April 19, 2011

Get Your Small Business’ Engine Humming. I have a secret. I’m a confirmed gear head. When I have free time (rarely anymore) I love working on vintage muscle cars, especially Chevys. Believe it or not, I’ve assembled a couple of high horsepower (700+ hp) engines from the ground up. After getting it all assembled, engine [...]

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Operating Agreements for Nevada Limited Liability Companies

April 12, 2011

An operating agreement is an agreement between the members of a limited liability company regarding the operation and governance of the company. Usually, the agreement establishes the rights and duties of members and managers and also sets forth the rules for operating the limited liability company. Operating Agreements are Optional (but not really): There is [...]

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Piercing the Corporate Veil: Part 2

April 5, 2011

Part One discussed what piercing the corporate veil was, relevant factors evaluated by the court, and its results. This second part will discuss ways to avoid veil piercing. Adequate Capitalization: A new corporation or limited liability company should have sufficient assets contributed to it at its creation to provide a reasonable chance for success. Undercapitalization [...]

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Piercing the Corporate Veil: Part 1

March 29, 2011

The phrase evokes violent imagery and any person who owns or is involved in a corporation or limited liability company should take heed. It is a legal term that references removing the single greatest benefit of a corporation or limited liability company: its shield or wall against personal liability. Benefits of a corporation or limited [...]

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Micro-Businesses: A (small) Overview

March 22, 2011

Most Small Businesses are Micro-Businesses. “Small is Beautiful.” – Chinese Proverb If you’re reading this you’re probably already familiar with small businesses. But what is a “micro” business? Well, a small business is typically defined as a business with less than 500 employees and earns less than $500 million in revenues (not so small). However, [...]

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Contracts: A Small Business Necessity

March 15, 2011

A lawyer can review and draft contracts to protect your small business. “A verbal contract isn’t worth the paper it’s written on.” – Samuel Goldwyn I’ve had many in an older generation reminisce about how they conducted business “back in the day” with just a handshake and a promise. Unfortunately, anyone who has been doing [...]

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