“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 basics 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 […]
Inventions Assignment: What Are They 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 […]
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 […]
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 […]
Wage Regulations in North Carolina. North Carolina is a bit of a gem in its business regulations in that it leaves the pay relationship between the employer and employee for the most part. The NC Legislature has enacted some common sense regulations, however, to keep the employer […]
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 […]
Limited Liability Companies. One of the things I find fascinating about limited liability companies – called LLC – is that the traditional concept of “ownership” of a business is split into three separate parts. Traditionally, especially in smaller or closely held corporations, “ownership” comes with […]
Congratulations on starting your new business! Hopefully you’ve worked with a good business attorney such as myself and an accountant to find and set up the proper legal entity. So now what? Here’s a new business checklist. One thing I’ve seen with small business owners […]
Business lawyer. Okay, an actual hug may cross the lines of professionalism. But here’s five solid reasons why your business attorney and his legal advice make you a better owner, with confidence that your business is running legally and efficiently. Let Your Business Lawyer Help […]