Business Succession Planning Business succession planning is important for business owners as you and your business mature. It can mean doing nothing – disasterous – working with your family and estate lawyer to transfer ownership to a family member on your death; or coming to […]
This week’s Insight discusses the control of a business – who makes the corporate decisions. The answer is dependent on the business form (sole proprietorship, partnership, Corporation, LLC) and how it was set up in the first place. The worst decision-making setup (and the best […]
“Nonprofit” and 501(c)(3) seem to go hand in hand. But something interesting popped up on my radar the other day, it turns out that not every “not for profit” needs to qualify for tax exempt status under the Internal Revenue Code section 501(c)(3) in order […]
LLC decision making: LLCs are unique in that “ownership” has two different meanings. First, it means the right to make decisions about how the business is operated. That’s called “Membership” and “Management”. Second is a right to receive profits from the LLC, that’s called an […]
The jargon of the trade calls them “inventions assignment” or even more technically “employee proprietary information and inventions agreements”. In layman’s terms, it means if you “invent” something using your employer’s tools or facilities, information provided to you, contacts, proprietary information, or related to its […]
I might do a few of these posts about share terminology in the corporate structure. Today I’m talking about authorized, issued, and outstanding shares. There’s three states a share can be in within the corporate structure: authorized (sometimes called “available”), “issued”, and “outstanding”. First Up […]
Business succession plan: I’ve been hearing a lot about business succession planning since I’ve moved to Asheville. Let’s talk about what it means to make a succession plan for your exit from your business, whether through retirement, death or disability. First of all, succession planning […]
In this unfortunate day of the “consultant” and the independent contractor, many businesses see an opportunity to add to their work force or cut expenses with “temp” workers or independent contractors. However, there is a mish-mash of employment laws that need to be considered by […]
Liability protection. It’s something all business owners worry about, but in my experience the worry is often misplaced. Good insurance will cover most injury-type claims (slip and falls, car accidents). This article will outline when you should call your business lawyer to set up liability […]
Regulated professions. It’s a geeky hobby of mine, browsing through the statutes to see what interesting topics the legislature was thinking about. Like in Illinois where one needs to be licensed to engage in the business of removing eggs from their shells. Seriously. Here’s just […]