A proper partnership agreement makes your new venture real. But the success of your business partnership depends on several intangible key factors that you must consider from the outset.
Sure, your partnership may look great on paper. But how well do you and your partners actually work together? Do your values align? Can you trust each other?
Starting a partnership? Welcome to the beginning of an exciting new venture! You and your partners have ideas, dreams, and funding – and you’re ready to hit the ground running.
The first steps you take to establish your partnership and create a partnership agreement are absolutely critical in helping you reach your vision. Whenever you go into business with a partner, you want to make sure you’ve got all your legal ducks in a row before the rubber meets the road. The last thing you want is to hit a snag while you’re going full speed ahead.
Just this month, President Joe Biden signed a major executive order limiting the use of non-compete agreements. Executive Order 14036, “Promoting Competition in the American Economy,” encourages the FTC to crack down on the “unfair use” of such agreements.
The executive order helps workers. But what about businesses that rely on non-competes to keep employees from taking their trade secrets to competitors? Half of private-sector businesses use non-compete agreements for at least some of their employees.
Since the COVID-19 pandemic, remote work has become an undeniable reality for much of the U.S. For over a year, millions of offices stood empty. Zoom and videoconferencing replaced in-person meetings. Even interviews became remote.
The world of remote employment is the new frontier for many companies who previously maintained in-person workplaces – with pros and cons.
For many medium-to-small-sized companies, managing the myriad of federal and state compliance regulations is a top challenge. With limited resources, keeping up with the many changes that continue to impact the current business landscape is a daunting task.
Here are five things that every business owner needs to understand when hiring employees.
Plus: Employee Vaccination Policy Template for Employers
Businesses and offices are opening up now that vaccinations have become widely available across the United States. Still, the U.S. population is yet to reach herd immunity – and the risk of contracting or spreading COVID-19 remains. If you're an employer, you want to make sure that your employees, customers, and their families are protected against the coronavirus before you start to reopen your workplace with fewer pandemic restrictions.
So what options do you have if an employee refuses to get vaccinated?
If you want your small business to succeed, a crucial step is to establish business credit. Good business credit will benefit your business in several ways, including:
The following are eight steps you need to take to establish business credit.
The Difference Is Extremely Important Under the Law!
If you live in the United States you’ve probably seen the TM (™) and R (®) symbols used in everything from advertisements to product packaging. But what do these symbols mean? And which one can you use for your own branding?
Both TM and R protect your intellectual property rights in the American marketplace. If you’ve built a strong company reputation or cultivated a market of loyal customers, your IP or brand name could be the most important or valuable part of your business. Both the TM and R symbols signify that the brand name or logo has some level of legal protection.
As a business owner, you know how critical it is to build up your brand’s reputation and market recognition. You work hard to cultivate an image that will appeal to your customers. So what happens if someone starts selling products or services under your brand name or logo? What if a competitor copies your product designs or marketing materials?
Trademarks and copyrights work to legally stop these nightmare scenarios from happening by protecting your intellectual property rights in different ways. Your intellectual property or brand could be your most valuable asset. We’ve already discussed how important trademarks are to businesses operating on Amazon and beyond. If you don't take steps to protect your IP, your hard-built business faces danger from copycats looking to cheat their way up.
Depending on the type of business you have, you may need a trademark, copyright, or both to protect your most important IP assets. But the laws around IP protection are not always straightforward. That’s where a knowledgeable business trademark and copyright lawyer comes in to help simplify and streamline the process.
By working with an experienced attorney, you can avoid losing hundreds of dollars and months of time to an incorrect trademark application or copyright registration. Plus, you get to rest assured that you’re taking the right steps to secure the future of your business.
At some point, it's probably inevitable that your small business will need financing in order to grow. One option is to investigate the Small Business Administration (SBA) programs, including the 504 Loan Program. Whether you need startup funding or capital to run and grow your already established business, this program might be just what you need.
Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way. When you're looking for a business lawyer in Philadelphia, the Main Line or New Jersey, we can help.