So, you are thinking of buying a business? What types of documentation or information should you be seeking from the seller before you agree on a price, sign documents, or pay any money? This list will get you started: Seller entity information Documents necessary to discover the seller’s full financial Information Physical Assets of the… Continue reading Due Diligence Checklist For Purchasing a Business
With challenges to the economy, companies are looking for every way possible to save money. A potential risk for employers is to mischaracterize an employee as an independent contractor, which may save payroll taxes in the short term but may lead to penalties on such taxes as well as other inadvertent violations of worker’s compensation laws,… Continue reading Are They Employees or Independent Contractors?
Officers and directors have a fiduciary duty to protect the interests of the corporation and act in the best interests of its shareholders. Guth v. Loft. fuc., 5 A.2d 503, 510 (Del. 1939). Where a director is charged with breach of his or her fiduciary obligations, the ‘business judgment’ rule is utilized. Horowitz v. Southwest… Continue reading The Business Judgment Rule
Buy-sell agreements can alleviate disputes that can arise between or among owners and can provide for payments to buy out an owner’s interest in the business at an owner’s death or disability without disrupting the ongoing business. It can avoid family fights, fights between surviving owners and the deceased owner’s spouse, while maintaining the integrity… Continue reading The Buy-Sell Agreement is Arguably The Most Important and Most Overlooked Business Agreement
I was at a business networking event this morning and was at the welcome desk helping folks get signed in, get a name tag, etc. A lady turned away from the table and was asked the perfect question–the question we were all there to answer: “Hi, Janice, what kind of work do you do?” The… Continue reading How NOT to Introduce Your Business
What is Disability Insurance? Disability insurance attempts to insure you against any injury, sickness or illness which would prevent you from earning an income. It is designed to replace up to 66% of your gross income on a tax-free basis should you become disabled. It covers both long term and short term disabilities. Don’t think… Continue reading When Should a Business Owner Consider Disability Insurance?
So, you are thinking of buying a business? What types of documentation or information should you be seeking from the seller before you agree on a price, sign documents, or pay any money? This list will get you started: Seller entity information Documents necessary to discover the seller’s full financial Information Physical Assets of the… Continue reading Checklist: When You Are Considering Buying a Business
What is an Umbrella Insurance Policy? “Umbrella” or “excess coverage” insurance is an extension of your home and auto insurance policies. Most often, an insurer will only provide umbrella coverage if both your home and autos are insured with that company. The policy kicks in after all of your homeowner or auto policy coverage has… Continue reading Why Should I Consider Umbrella Insurance?
Six Ways Every Business Can Save Money on Attorney Fees Abraham Lincoln, a man well known for his analytical skills, once said that “a lawyer’s time is his stock in trade.” As usual, Lincoln was correct; every time you contact an attorney, you can expect to be charged for the time the attorney takes to… Continue reading Six Ways Every Business Can Save Money on Attorney Fees
