Law for small businesses ppt @ bec doms

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Law for small businesses ppt @ bec doms

  1. 1. Law for Small Businesses
  2. 2. § 1: The Importance of Legal Counsel <ul><li>Those with the desire to start their own business need to be sure to cover the options and legal requirements thoroughly with respect to issues such as: </li></ul><ul><ul><li>Finding an Attorney. </li></ul></ul><ul><ul><li>Selecting the Appropriate Business Form. </li></ul></ul><ul><ul><li>Creating the Business Entity. </li></ul></ul><ul><ul><li>Intellectual Property Assets. </li></ul></ul><ul><ul><li>Raising Financial Capital. </li></ul></ul><ul><ul><li>Buy-Sell Agreements and Key-Person Insurance. </li></ul></ul><ul><ul><li>Contract Law. </li></ul></ul><ul><ul><li>Credit and Payment Issues. </li></ul></ul><ul><ul><li>Employment Issues. </li></ul></ul>
  3. 3. Finding an Attorney <ul><li>The process should be methodical and include: </li></ul><ul><ul><li>Interviewing and evaluating attorneys. </li></ul></ul><ul><ul><li>Retaining an attorney. </li></ul></ul>
  4. 4. § 2: Selecting an Appropriate Business Form <ul><li>Factors to consider: </li></ul><ul><ul><li>Limitation on Liability. </li></ul></ul><ul><ul><li>Tax Consideration. </li></ul></ul><ul><ul><li>Continuity of Life. </li></ul></ul><ul><ul><li>Legal Formalities and Expense. </li></ul></ul>
  5. 5. § 3: Creating the Business Entity <ul><li>The creation of a business entity must be done with caution, with attention to: </li></ul><ul><ul><li>Choosing a Corporate Name. </li></ul></ul><ul><ul><li>Creating the articles of incorporation, bylaws, and holding initial meetings. </li></ul></ul><ul><ul><li>Creating and maintaining corporate records. </li></ul></ul>
  6. 6. § 4: Intellectual Property <ul><li>Trademarks, patents, and trade secrets are protected by intellectual property laws to protect the value of the investment in their creation and their economic potential into the future. </li></ul><ul><li>Register your trademark at the U.S. Patent and Trademark Office. </li></ul><ul><li>Case 54.1: Royal Appliance Mfg. Co. v. Minuteman International, Inc. (2002). </li></ul>
  7. 7. § 5: Raising Financial Capital <ul><li>Capital can be raised through: </li></ul><ul><ul><li>Loans. </li></ul></ul><ul><ul><li>Venture Capital. </li></ul></ul><ul><ul><li>Sale of Securities via public or private offerings. </li></ul></ul>
  8. 8. § 6: Buy-Sell Agreements and Key-Person Insurance <ul><li>Buy-Sell Agreements allow the owners of a business to have the right of first refusal </li></ul><ul><li>This is done to protect passive investors from the possibility that managing shareholders may “bail out” of corporation by selling their shares to third parties. </li></ul><ul><li>Key-Person Insurance protects against the risk that these key persons may become disabled or die. </li></ul>
  9. 9. § 7: Contract Law and Small Business <ul><li>Contract law is complex, especially in the area of sales of goods. </li></ul><ul><li>An attorney should be consulted for creating contract forms for specific purposes and transactions involving a significant investment or dealings in unfamiliar areas. </li></ul><ul><li>Case 54.2: Instant Print Centers, Inc. v. Crowley (2002). </li></ul>
  10. 10. § 8: Credit and Payment <ul><li>The offering of early payment incentives and the imposition of late payment penalties on one’s buyers may be subject to the terms of the Truth in Lending Act (TILA). </li></ul>
  11. 11. § 9: Employment Issues <ul><li>A knowledge of employment law is crucial, to avoid common mistakes in: </li></ul><ul><ul><li>Hiring Employees. </li></ul></ul><ul><ul><li>Employee Compensation. </li></ul></ul><ul><ul><li>Workers’ Compensation. </li></ul></ul>
  12. 12. Employment Issues [2] <ul><ul><li>Unemployment Compensation. </li></ul></ul><ul><ul><li>Firing Employees. </li></ul></ul><ul><ul><ul><li>Case 54.3: Roberts v. Dudley (2000). </li></ul></ul></ul><ul><ul><li>Covenants not to Compete. </li></ul></ul><ul><ul><li>Using Independent Contractors. </li></ul></ul>

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