Correctly classifying employees and independent contractors is critical to your business. What makes a person an independent contractor rather than an employee is measured, in large part, by the amount of control and direction you have over them. The classification is important for several reasons. Initially, employers do not pay into the Unemployment Insurance or …
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À la Carte Takeover: The Basics of an Asset Acquisition
When tackling most problems, two heads are better than one. The same is often true in business. When one company takes over the business of another company, a sleeker more efficient business model can result. Below is a discussion of the essential terms of an asset acquisition, which we have distinguished from mergers and stock acquisitions. Three Most …
Terms to Include in Employment Contracts
Employment contracts are one of the first important agreements between employers and their employees. These agreements can outline and detail very important aspects of the job, which may come in handy later on. Especially for small businesses, employment contracts are often a great source of information for both parties involved. 1. Job Title and Description This …
Commercial Leases: What is a Letter of Intent?
Creating and agreeing to lease agreements can be a difficult and time-consuming task. Commercial leases in particular present many different obstacles when trying to agree on the specific terms. In order to tackle the issue head on, parties can draft and agree to what is known as a letter of intent. A letter of intent …
FOR IMMEDIATE RELEASE
TWO LOCAL FIRMS TO JOIN FORCES; EXPANSION PLANNED TO ENHANCE A UNIQUE AND NON-TRADITIONAL LEGAL SERVICES MODEL October 7, 2014 (Albany, New York) –The Wagoner Law Firm, PLLC and the Selchick Venture Law Firm PLLC, both headquartered in the Capital Region, are teaming up under Wagoner | Selchick umbrella to provide legal services to start-ups, small businesses, …
Business Entities Part II: Limited Liability Companies
This is the second stop in The Wagoner Firm in-depth look into different business entity options. Limited Liability Companies (“LLC”) are the most contemporary of the common entities in the business world, and are often referred to as the entity of choice. From a general point of view, LLCs have many similar characteristics to corporations, …
BUSINESS ENTITIES: PART I CORPORATIONS
Over the coming weeks, The Wagoner Firm will be taking a deeper look at different entity structures from today’s post on corporations to s-corporations, limited partnerships and limited liability companies. When researching the best entity for your business, corporations are a good place to start. Corporate structures provide centralized governance, in addition to protecting owners from …
Is My Non-Compete Agreement Enforceable?
Enforceability of Non-Compete Clauses — A couple decades ago, non-compete clauses in employment contracts were not very common, only being used in high-level corporate contracts in order to protect confidentiality and secrets of those large companies. Today, however, non-compete clauses are almost a standard in employment contracts, used to protect all kinds of businesses from …
Protecting Customer Lists as Trade Secrets?
What is a Trade Secret? The basic textbook definition for a trade secret is any intellectual property such as know how items including formulas, recipes, processes and confidential information that gives the owner a specific competitive advantage. A very important detail of this definition is that this information is not generally known to the public …
Do I Need to Form a Business Entity?
This question deserves significant consideration of the goals and preferences of your business. Although you don’t need to form a business entity to do business, there are several important reasons why you should consider forming one. At the outset, doing business in your personal capacity – in the form of a sole proprietorship or a partnership …
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