Are you thinking about selling your business? If so, are your business books ready for review and scrutiny? Many owners don’t realize how incomplete their files are until a potential buyer starts sifting through every page, pointing out gaps or inconsistencies. Some issues crop up more often than others in due diligence reviews. They can […]
Common Legal Mistakes Made by Small Business Owners Read More »
The sale of a business is often a starting point for the business owner to gather and organize business records. Until then, record-keeping and document archiving usually take a back seat. As the business expands and contracts, employees come and go, and hundreds of policies, contracts, and agreements are adopted and signed, it is easy
LEGAL HEALTH CHECK FOR YOUR BUSINESS Read More »
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a final rule establishing beneficial ownership information reporting requirements pursuant to the Corporate Transparency Act (CTA) adopted by Congress on January 1, 2021. FinCEN estimates that the final rule implementing these requirements will impact more than 32 million existing entities. The rule takes effect on
WHAT EVERY SMALL BUSINESS NEEDS TO KNOW ABOUT THE CORPORATE TRANSPARENCY ACT Read More »
On January 5, 2023, the Federal Trade Commission (FTC) proposed a new sweeping rule banning employers from imposing non-compete agreements on their employees. If implemented, the proposed rule would nullify most existing non-compete agreements and ban new ones, releasing millions of U.S. workers from the restrictive contracts. Scope of The Proposed Rule The proposed rule
FTC’S PROPOSED NON-COMPETE BAN Read More »
Even though few states (including Delaware) require a written operating agreement for a limited liability company, it is a good business practice to adopt one to avoid being subject to the state’s default (statutory) LLC rules. An operating agreement is a customized document that sets the groundwork for how the business will operate. Thus, the
The Value of Adopting a Custom Operating Agreement Read More »
If you are starting a new company or are concerned about how future events may impact the management and control of your existing business, consider if a buy-sell agreement should be a part of your business plan. A buy-sell agreement is a contract between an entity and its members that establishes an orderly succession plan.
When is a Buy-Sell Agreement Recommended? Read More »
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