We are here to help you deal with legal issues
involving your family or your business.
We are here to help you deal with legal issues
involving your family or your business.
Buy-Sell Agreements and Company Partnerships
Buy-Sell Agreements and Company Partnerships No matter the business, it’s important that every business owner have a plan in place for how their interest in the business will be dealt with in regards to allocation or selling in the event of retirement, divorce, dispute, disability, death, or simply in the event that they don’t want to be a part of the business anymore. This is where buy-sell agreements come in. A buy-sell agreement is one that clearly states exactly how a business owner’s control, ownership, and assets will be divided if one of the aforementioned events occurs, and is especially [...]
FLSA Claims and High-Level Employees
FLSA Claims and High-Level Employees The Fair Labor Standard Act (FLSA) primarily sees claims regarding unpaid wages, overtime, and improper exemption status of an employee, and managers, directors, or officers may be held personally accountable by an employee making these claims. Discharging an individual from a business is no pleasant task, but it may particularly spell trouble if the proper steps in discharging the employee aren’t taken, or if the discharge of the employee can be deemed as retaliatory in nature–as in, occurring after said employee blew the whistle on wrongful acts by the company or employer, or if said [...]
Common Lawsuits That Can Have An Affect on Directors
Common Lawsuits That Can Have An Affect on Directors You may be under the impression that only corporations that are large and public will face Director & Officer lawsuits (also known as “D&O lawsuits”), but you need to know that any business or non-profit organization that has an advisory committee or a corporate board–whether they’re a large or small one–can face one of these common lawsuits. Anyone who is in the position of a director or corporate officer is very much at risk of being sued for actions that are taken or performed while they are in this position, and [...]
How An Employee Handbook Helps Your Business
How An Employee Handbook Helps Your Business An employee handbook is a vital foundation document that every company should have, whether they’re a large one or a small one. These documents not only help the employees, but are equally as important for management, too. A business has rules, regulations, benefits, and expectations like any well-organized system, and should therefore have written documents that explain them clearly. Employee handbooks also commonly address “what if” scenarios and can be essential for safety. They help to protect both a business owner and a business employee legally, and should be kept as up-to-date as [...]
Moving your Company to Florida
Moving your Company to Florida Are you thinking about moving your company to Florida? It’s always had an appeal to both people and businesses alike. Lately, it’s become especially appealing to business owners from all over the united states–for several reasons, including that Florida has no personal income tax requirements for its residents and is very pro-business within its government. We’ll be getting into the nitty-gritty of how to move to Florida from another state below. Become a Foreign Entity A “foreign entity” is a business that was established elsewhere and transferred some or all of its activities into Florida. [...]
Hiring your Children at the Family Business
Hiring your Children at the Family Business Have you been thinking about hiring your children for the family business? It can be a win-win situation for both of you, with the potential tax savings and your child being able to save money for their next big steps in life–like college or a wedding. We’ll be going over the benefits of having your children working for you in this article–as well as some of the laws you may want to keep in mind when hiring your child or children to work for your small business. Work Experience Starting working young can [...]
Tools to Protect your New E-Commerce Business from Liability
Tools to Protect your New E-Commerce Business from Liability Are you looking to start up a new e-commerce business? They are a perfect opportunity for entrepreneurs looking to work from home. These types of businesses, like every other kind, come with their own unique set of complications. Like moving products through multiple starts or internationally– then it’s not just the United States laws you need to worry about but international ones. All of these issues are important from the way you handle personal information to how you pack the boxes. It may seem overwhelming– but here are some ways you [...]
Common Business Mistakes made during Start-Up
Common Business Mistakes made during Start-Up Getting ready to start your own business? Only a few things can ruin the excitement that comes with starting your own business, like making a big money mistake. Here at Thompson Law, we’re entrepreneurs as well, and we know just how much goes into launching a business. We understand how frustrating it is to feel like it all has gone to waste–we’re hoping this article helps to prevent you from making these money-wasting common business mistakes mistakes while forming your small business. Mixing Up Your Assets A simple–and catastrophic mistake a new business owner [...]
Business Trends for the Coming Future
Business Trends for the Coming Future Concerts and tours, which often serve as a source of income and exposure for an artist, are disrupted by the rise of new technology which allows listeners to access music in any place and at any time. Other up-and-coming entrepreneurs are now creating non-fungible digital assets (NFTs), essentially unique tokens with intrinsic value that can be bought or sold on the blockchain. So, with these odd instances and other opportunities arising in the modern world, where does your business fit in? What should you be looking into? This article can inform you of some [...]
Implementing Benchmarking Within Your Creative Firm
Implementing Benchmarking Within Your Creative Firm If you don’t clearly understand how your business performs financially and each unit performs individually, it’s like driving down the road without your headlights. At most companies, the only people who know the exact numbers are members of top management. This information is not easily accessible to employees, who rely on their managers to report back accurately. Benchmarking might be something worth implementing if you're feeling the strain. Knowing that you are investing in the right areas, using your resources wisely, and identifying and eliminating waste helps you make sound business decisions. So, benchmarking [...]
ESG Strategies and Your Business
ESG Strategies and Your Business Companies have recently begun acknowledging the importance of environmental, social, and governance (ESG) matters. These include climate change, social justice movements, and investor pressure. As the popularity of ESG causes and activities increases, more and more companies are making ESG practices part of company policy. Over the past few decades, it’s become evident that the environment is changing, and not for the better - changes that could make life in some parts of the world impossible. The COVID-19 pandemic has spurred investors and businesses to address the issue of ESG proactively. Today, ESG is an [...]
Moving your Business or Nonprofit to Cloud Services
Moving your Business or Nonprofit to Cloud Services In response to the COVID virus, many businesses had to create quick solutions for working remotely with cloud services. Conferences are showing a growing interest in remote work. As tech and collaboration tools advance, it is clear that this method of work will only become increasingly popular. Now that remote work is here to stay, organizations are taking the time to research cloud-based software that will upgrade their current processes and support their efforts over the long run. If you're a business that's considering moving your business to the cloud, you may [...]
Digital Payment Processors for Landlords and Small Businesses
Digital Payment Processors for Landlords and Small Businesses With the rise of modern technology, digital payment accessibility is evolving faster than ever. It’s easy to pay a friend for dinner or split the cost of this month’s bills using new electronic payment options such as Venmo, PayPal, and Zelle… But are they something your business should consider? For a lot of people, cash isn't king anymore. With more and more people using digital payment systems to make purchases and pay rent, the question of whether to accept these payments is arising regularly for small businesses and landlords. And it makes [...]
Independent Contractors and Noncompete Clauses
Independent Contractors and Noncompete Clauses It's simple. Noncompete clauses in employment contracts have nothing to do with your freedom to work or travel and everything to do with protecting your business. Noncompete clauses don't just help keep workers from jumping to a direct competitor—they also can help protect your trade secrets and customers. While noncompete clauses can be helpful, using them carefully is essential. An overly restrictive contract might end up backfiring on you. Some noncompete clauses are written so broadly that they include anyone who might have even the slightest amount of company-specific knowledge, which can be problematic… Especially [...]
Crowdfunding Concerns for Small Businesses
Crowdfunding Concerns for Small Businesses Imagine if you could raise money for your idea through the combined effort of interested friends and strangers. Now, imagine that it was easy and fun. That's the story of crowdfunding. Crowdfunding sites provide a platform for anyone to ask the general public for money in return for a reward. You have an excellent idea for a business but don't have the funds to make it happen. Crowdfunding can help you reach your goal using sites like Kickstarter and IndieGoGo. Should you be worried? Yes, potentially. If you're unsure about crowdfunding your project, do some [...]
Going Cash-Free as a Small Business
Going Cash-Free as a Small Business Although cash remains king in America, consumers increasingly use credit and debit cards to pay for purchases. With this taken into consideration, some businesses have decided to ditch cash altogether and only accept credit and debit cards… Why? Those pennies add up. And for business owners, the shift comes down to numbers - security and cost savings are critical. Some businesses that accept credit cards don't consider the hassle and cost when their invoicing system breaks. One big downside of accepting credit cards at your business is paying a fee for each transaction. And [...]
Small Businesses and Collection Agency Contracts
Small Businesses and Collection Agency Contracts Payment integrity is a major concern for any business owner, particularly when considering the impact of late payments. If you are running any type of business, you will have clients that are late in paying their bills or, in the worst case, attempt never to pay at all. In a perfect world, customer payments would come in on or before the due date, and no one would delay payments to you. But we all know that's not how things work. In the unfortunate case that you find your business regularly requests errant customers to [...]
Ensuring Trade Secret Safety With Remote Workers
Ensuring Trade Secret Safety With Remote Workers A trade secret can take many forms, including formulas, drawings, patterns, and compilations, including customer lists, programs, devices, methods, and techniques. All of these things are unique to your business, an identity for your company. As a result, such information is easily exploitable by malicious parties and could spell doom for any business to have them exploited. In the face of a growing trend of businesses allowing workers to remain at home, companies are increasingly concerned with protecting trade secrets and confidential information. The law requires that a company take “reasonable measures” to [...]
Securing E-Commerce Businesses Against Legal Disputes
Securing E-Commerce Businesses Against Legal Disputes It can be relatively easy to make a website and start a few e-commerce businesses, or to start selling online the same products you already sell in a brick-and-mortar shop. Since citizens can operate many types of online businesses from home, they are enticing, we understand. Starting an online business offers you the opportunity to avoid paying for a storefront and having a vast reach across the nation. But, as with any venture, there are risks involved. Before you get started, it's best to be aware that there are several legal pitfalls anyone could [...]
Protecting Your Home Business From Litigation
Protecting Your Home Business From Litigation When a business is sued, a number of factors come into play. This can include money, time, reputation and stress. Lawsuits can also end with one party paying damages and/or court fees. So, is a home business also at risk? Currently, the Small Business Administration (SBA) notes that there are nearly thirty million small businesses operating within the country. Most of them are home-based, equating to nearly 50 percent of the U.S. economy. But, with the ever-troublesome woes of life that follow, how can these businesses protect themselves? Always Maintain a Positive Reputation. As [...]
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Call 813-699-4103 for a Free Initial Consultation.
Talk To An Attorney Today.
Call 813-699-4103 for a Free Initial Consultation.
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