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Business Law

Monday, June 21, 2021

What is the Difference Between an LLC and an LLP?


If you are starting a new business, the type of business entity you decide to establish will have an impact on the extent of personal liability, how the business is taxed, its management, the level of formality required, and many other factors. There are a wide variety of options, which can make this decision quite overwhelming. Limited liability companies (LLCs) and limited liability partnerships (LLPs) are two business forms that share some characteristics, but  also have some important distinctions.

Similarities

  1. Liability

    LLCs protect members and managers from personal liability for the LLC’s debts and obligations, as well as for any wrongdoing or negligence committed by the other owners or the employees of the LLC. However, it will not protect members from their own negligence or wrongdoing committed in relation to the business.
    Read more . . .


Monday, June 14, 2021

The Personal Guarantee: 5 Ways Small Business Owners Can Reduce Their Liability


Small businesses make a huge contribution to the U.S. economy. Nevertheless, starting a new business is risky. Lenders view loans to small businesses, particularly start-ups, as among the riskiest they make, particularly when there is little or no credit history or business revenue on which to base their decision.
Read more . . .


Monday, June 7, 2021

What Counts as “Hours Worked” Under the Fair Labor Standards Act?


If your small business has non-exempt employees covered by the Fair Labor Standards Act (FLSA), you are required to pay those employees in accordance with its minimum wage and overtime requirements for all “hours worked.” This may seem like a simple requirement, but figuring out what is considered “hours worked” may be more complicated than it seems at first glance. There are several activities that the U.S. Department of Labor has determined should be considered as work (and therefore compensable as hours worked) that may surprise you.
Read more . . .


Tuesday, June 1, 2021

PA Ends Pandemic Restrictions, Mostly (June 1, 2021)


 

 

Wolf Administration: Pennsylvania Businesses, Events, Venues Return to 100% Capacity on Memorial Day; Masking Order Remains Until 70% of Adults Fully Vaccinated or June 28

  • The current order requiring masks for unvaccinated and partially vaccinated individuals will remain in place until June 28 or when 70 percent of Pennsylvanians age 18 and older get their second dose of Pfizer or Moderna vaccine, or the single-dose Johnson & Johnson vaccine, whichever comes first. Additionally, individuals are still being required to wear a mask on planes, buses, trains, and other forms of public transportation traveling into, within, or out of the United States, and in U.
    Read more . . .


Monday, May 31, 2021

Business Insurance: Protecting Your Business from Unexpected Losses


As a small business owner, you have invested large amounts of time and money to make your business a success. Business insurance protects this investment in the event of unexpected damage to property or lawsuits, which could otherwise be devastating to your business. There are many types of insurance available depending upon the nature of your business.

Worker’s compensation insurance is required by state law for most employers. It covers the medical expenses and part of the wages of employees who suffer a work-related injury.
Read more . . .


Thursday, May 27, 2021

Liability Protection from COVID Suits? Here's an update


The short answer is no.  Businesses face potential lawsuits for business invitees, employees (WC or family) and others due the risk of transmission arising from business activities.  

Pennsylvania has not advanced legislation to protect business from liability suits.  The only measure has been Governor Wolf's executive order comment, which effectiveness remains uncertain.   

The National Council of State Legislators tracks the legislative efforts of each state.
Read more . . .


Monday, May 24, 2021

8 Important Provisions Small Businesses Should Include in Commercial Leases


Are you considering leasing office or retail space for your small business? The terms of your lease can have a huge impact on whether your business succeeds or fails. There are several important provisions that should be considered before you sign on the dotted line.

Leases of a certain duration (usually one to three years, depending upon the state) are generally required to be in writing and signed by the party against which they are being enforced. In reality, it is advisable for all commercial leases to be in writing, regardless of their duration. They should clearly spell out certain terms that are of crucial importance, including the following:

(1) The leased space.
Read more . . .


Monday, May 17, 2021

Steps to Protect Your Small Business from Non-Paying Customers


Unfortunately, most businesses must deal with non-paying customers at least occasionally. You can safeguard the time and money you have invested in your small business by taking several steps, both to lessen the likelihood of nonpayment and to obtain the amount owed once a customer has failed to make a timely payment.

Be Proactive

  1. Screen potential customers in advance. Particularly if a transaction will require the customer to make a large payment, it is worthwhile to do a little checking before entering into a contract with them. A simple internet search may reveal court records, complaints with the Better Business Bureau, or other warning signs.
    Read more . . .


Monday, May 10, 2021

Does Your Small Business Need a Social Media Policy?


According to 2018 data provided by SCORE, the largest provider of volunteer business mentors in the United States, 77% of U.S. small businesses use social media for their sales, marketing, and customer service. If you plan to use social media to promote your business, a social media policy is essential to protect your business’s reputation and avoid litigation by preventing the dissemination of inaccurate, unflattering, or illegal information.

Here are a few tips for creating a social media policy for your business:

Let employees know that the guidelines are intended to help them understand how to use social media in a positive way to help the business grow.
Read more . . .


Monday, May 3, 2021

Legally Terminating Employees


Most small business owners will occasionally have to face the unpleasant task of firing an employee. Small businesses, in particular, rely heavily on each employee. An underperforming employee may not only lower the morale of other employees who have to pick up the slack, but may also jeopardize the success of the business.  When an employee must be terminated, it is important to ensure that it is done legally.

At-Will Employees

Many businesses hire employees on an at-will basis, that is, the employment contract specifically states that the employee is at-will or does not specify that the employee has been hired for a specific term.
Read more . . .


Monday, April 26, 2021

What You Need to Know about Hiring Virtual Workers for Your Small Business


As a small business owner, you may be considering using virtual workers to expand your workforce. A virtual worker is an employee who uses technology to complete their duties outside of the traditional workplace setting.

 

Many businesses today find this workforce model quite attractive for several reasons. For one, having a virtual business work model allows employers to reduce the cost of housing all their workers in a physical location, thereby drastically reducing overhead. Additionally, employers find that hiring virtual workers allows them to expand their search for talent beyond geographic limitations.
Read more . . .


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