If you don’t, you definitely should have one! It’s not legally “required” but not having an employee handbook leads to legal risks (like discrimination/harassment lawsuits), inconsistent management (unfairness), poor onboarding, low morale, high turnover, and difficulty proving compliance during audits, creating confusion about policies (pay, leave, conduct) and undermining a company's defense in disputes. It leaves companies vulnerable to claims, damages culture, and signals

That depends. When a business fails to meet its obligations like by breaching a contract or committing a tort (e.g. like injuring someone), injured parties may try to hold the business’ owners personally liable. The most common legal tool to get to the owners’ assets is the doctrine of “alter ego” liability. This doctrine allows courts to pierce the corporate veil and treat the business and its owners as one and the same – “alter egos.” Get it? Piercing the corporate veil, ho

The cyber-threats being directed toward small business entities are increasing on an exponential scale. The time when small businesses were too meager of a target to get attention from cyber criminals and fraudsters is past. An alarming number of businesses are falling to hackers, phishing events and debilitating ransomware attacks. Your data is the target. The following are a series of steps or tips that you should already be undertaking or putting in place as soon as possib

When selling personal property like vehicles or real estate or business interests, owner-carry contracts will often come into the picture. An owner-carry contract (OCC) is a private contract between the buyer and seller setting out the terms of the arrangement. Typically, a financial institution or title company is not involved in the property transfer and in monitoring the payments, etc. OCCs can be a powerful tool, but the risks and rewards of entering into one are substant

The U-Haul company was founded by Leonard Shoen who had thirteen children. Following his death, a vicious power struggle over the company erupted primarily between Samuel W. Shoen (the former president) and Edward “Joe” Shoen (the chairman). It lasted for decades and involved physical altercations, libelous accusations, lawsuits, corporate maneuvering and family drama allegedly including the murder of Samuel W. Shoen’s wife… Eventually, Edward “Joe” Shoen managed to consolida

An FLP is a type of limited partnership formed by family members to hold and manage family assets. Typically, parents or grandparents will form the FLP and serve as general partners, maintaining control over the partnership’s operations. Other family members are brought in as limited partners, receiving ownership interests but having little to no control over day-to-day management and limited liability! Keep it all in the family! For example : Parent forms AnyNameFamily, LP a

Scammers have come up with a new twist on an old scam to collect data and unnecessary payments from owners of state-registered businesses. The scammers hit three or four primary items: 1.) EIN Tax Numbers; 2.) Certification of Existence; 3.) Annual Reports; and 4.) Corporate Transparency Act filings. You need an EIN...but you don't need to pay for one! Employer Identification Numbers One of the standard steps when forming a new business is to obtain a tax identification numbe

Generative AI contract management and drafting tools are increasingly accessible and widespread, and many companies are experimenting with these tools to draft full legal agreements. For start-ups and businesses with limited resources, the appeal is obvious: AI can produce contracts quickly and at a fraction of the cost of traditional legal drafting. What once may have required days of attorney time and high legal fees can now theoretically be generated in minutes with a simp

Operating your business out of state can be an enormous step forward in growth potential. There are some tricks and traps, however, to shifting over to another state. Step One: Determine What Constitutes   “Doing Business” in Another Jurisdiction Generally, conducting business involves: Having a physical presence like an office, store or warehouse whether owning or leasing; Having employees who work in the new jurisdiction; and or Selling or providing services within the stat

When your home is paid for, your investment accounts are pumped up, and your debts are gone, your future is safe, right? Not necessarily… Now, it might be time to think about succession and asset protection. Easy come, Easy go? No! Most property owners have very limited protection in place against even the standard threats. These might include personal injury attorneys, litigants, fraudsters, regulators, taxing authorities, business rivals, and even unprincipled family member

It's an icon! Most closely-held businesses reach a point when selling full or partial ownership becomes a desire or even an absolute necessity. But what are the steps and considerations from “we need to sell” to the closing process…and even beyond? Step One: Getting Your House in Order.  Do you have a company records book and is it up to date? How about your financials? One initial point of consideration is determining exactly what is being sold, whether it includes some or a

An LLC is a legally formed business entity, and there is risk in leaving it just languishing. An “inactive” LLC is a business entity that has ceased its primary business operations. This usually means it is no longer generating revenue, conducting transactions, or engaging in the commercial activities it used to. Though it might be non-functioning, from a legal and regulatory standpoint, the LLC still exists until it is formally dissolved. Why continue to get unnecessary pape

IRC Section 1031 allows sellers of qualifying real estate to exchange  it for like-kind  real estate and defer  payment of taxes. Don't Go It Alone! THE RULES ARE STRICT: 1.      Seller must never take possession of funds from the relinquished property; 2.      Replacement property must be like-kind real estate; 3.      Real estate must be used for investment or business, and not be considered stock in trade or personal property; 4.      Property replaced must be of equal or

Planning ahead is just prudent! Estate planning isn’t only about distributing your house to your heirs. If you own a business, it is also about protecting this most valuable asset. Without proper planning, issues will arise regarding who will take over leadership, whether the business should be sold, or how ownership interests will be managed. Failure to account for these crucial steps can result in the loss of the business or a loss of significant portions of its value. Ther

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