Law for small businesses ppt @ bec doms

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Law for small businesses ppt @ bec doms

Law for small businesses ppt @ bec doms

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  • 1. Law for Small Businesses
  • 2. § 1: The Importance of Legal Counsel
    • 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:
      • Finding an Attorney.
      • Selecting the Appropriate Business Form.
      • Creating the Business Entity.
      • Intellectual Property Assets.
      • Raising Financial Capital.
      • Buy-Sell Agreements and Key-Person Insurance.
      • Contract Law.
      • Credit and Payment Issues.
      • Employment Issues.
  • 3. Finding an Attorney
    • The process should be methodical and include:
      • Interviewing and evaluating attorneys.
      • Retaining an attorney.
  • 4. § 2: Selecting an Appropriate Business Form
    • Factors to consider:
      • Limitation on Liability.
      • Tax Consideration.
      • Continuity of Life.
      • Legal Formalities and Expense.
  • 5. § 3: Creating the Business Entity
    • The creation of a business entity must be done with caution, with attention to:
      • Choosing a Corporate Name.
      • Creating the articles of incorporation, bylaws, and holding initial meetings.
      • Creating and maintaining corporate records.
  • 6. § 4: Intellectual Property
    • 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.
    • Register your trademark at the U.S. Patent and Trademark Office.
    • Case 54.1: Royal Appliance Mfg. Co. v. Minuteman International, Inc. (2002).
  • 7. § 5: Raising Financial Capital
    • Capital can be raised through:
      • Loans.
      • Venture Capital.
      • Sale of Securities via public or private offerings.
  • 8. § 6: Buy-Sell Agreements and Key-Person Insurance
    • Buy-Sell Agreements allow the owners of a business to have the right of first refusal
    • 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.
    • Key-Person Insurance protects against the risk that these key persons may become disabled or die.
  • 9. § 7: Contract Law and Small Business
    • Contract law is complex, especially in the area of sales of goods.
    • An attorney should be consulted for creating contract forms for specific purposes and transactions involving a significant investment or dealings in unfamiliar areas.
    • Case 54.2: Instant Print Centers, Inc. v. Crowley (2002).
  • 10. § 8: Credit and Payment
    • 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).
  • 11. § 9: Employment Issues
    • A knowledge of employment law is crucial, to avoid common mistakes in:
      • Hiring Employees.
      • Employee Compensation.
      • Workers’ Compensation.
  • 12. Employment Issues [2]
      • Unemployment Compensation.
      • Firing Employees.
        • Case 54.3: Roberts v. Dudley (2000).
      • Covenants not to Compete.
      • Using Independent Contractors.