Five Reasons Why a Business Owner May Be Held Personally Liable for the Company’s Financial Obligations When you are the owner of a corporation or another business entity, your personal assets are generally safe from any form of legal action. This is due to the fact that your company is seen as a separate person […]
Category: Business Law Center
Selecting the Best Structure for Your New Business
You’re excited about your start-up idea. But, you don’t know where to start when deciding what kind of business structure, or legal form it should take. Should you go with a proprietorship, a partnership, or some kind of corporate form? And then, how are you supposed to decide between the different types of partnerships and […]
An Overview of How to Start a Small Business
The old American dream of owning and managing one’s own business is alive and well–stronger now than ever before. Latest statistics show that one out of every three Americans is involved in a new or small business. Many of these businesses are small home-based or virtual companies that are revitalizing the U.S. economy and employing […]
The Four Factors of Fair Use in Copyright Law
Copyright is used to protect the person or company who owns the rights to a creation of the mind. Copyright protects a range of works including music, art, writing software, and movies. Intellectual property holders are protected for a specified period of time. This means that during that time, their work cannot be reproduced, either […]
Court’s Reluctance to Enforce Non-Compete Agreements
Employment contracts often contain clauses barring the employee from competing with the employer for a certain period of time after the employment is terminated. An employer who feels that a former employee has violated such a clause can sue under the contract. Courts, however, often are not enthusiastic about enforcing these “noncompete” agreements (also called […]
The Basics of Business Contracts
The Basics At its core, a contract is made up of an offer, acceptance of the offer, and some exchange of what’s called “consideration,” such as money or property, or a promise of money or a promise to do — or not to do — something. A valid, enforceable contract can be consciously intended — […]
Starting a Business: Which Legal Structure Is Right?
One of the first decisions that a business owner faces is what the legal structure of the business should be. There are four basically four types of structures, each with its own advantages and disadvantage. This article details each of the four types of legal business structures. It also lists some of the advantages and […]
Charitable Organizations: Setting Up the 501(c)(3)
Charities are an essential part of American life. Every day new nonprofit organizations are started to benefit a cause. However, there is a series of steps that one needs to follow in order for the charity to be legally established. This article details those steps and the care that must be exercised. IRS codes section […]