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Business Law Archives

Small Business Owners Need to Plan an Exit Strategy

The United States Small Business Administration defines a "Small Business" as generally one with less than 500 employees. Of the approximately 29 million businesses in the United States, 99% are, by definition, a small business. Ohio has approximately 927,000 small businesses representing 98% of all companies in Ohio, and those companies employ 46% of the Ohio workforce. A recent study published by Babson College estimates that more than 50% of America's small business owners are over the age of 50. Do they all have an exit strategy?

The Defend Trade Secrets Act - A Brief Overview

On May 11, 2016, the Defend Trade Secrets Act ("DTSA") became federal law. The DTSA is intended to promote uniform protection for trade secrets, not unlike federal protections afforded to trademarks, copyrights, and patents. Before the DTSA was enacted, the law of trade secrets was primarily governed by state law (many states adopted a version of the Uniform Trade Secrets Act, but standards vary from state to state). The DTSA applies to trade secret misappropriation occurring on or after May 11, 2016 provided the trade secrets are related to a product or service used in or intended for use in interstate or foreign commerce.

Motor Vehicle Repair Shops: Consumer Laws That Should be Reflected in the Way You do Business

Developing best practices for your business is essential to avoiding unnecessary liability and consumer initiated claims against you. As part of that process, repair and service shop owners need to become familiar with the Ohio Consumer Sales Practices Act ("CSPA"). The CSPA requires motor vehicle repair and service providers to comply with specific and detailed requirements.

Does an "S corporation" fit your business?

The "S Corporation" has been popular with business owners since its inception back in 1958 to present day. Each year, there are over 4.5 million tax returns filed by S corporations, which is more than any other business entity. Why is the S corporation election so popular?

How do I know which business organization type is right for me?

Just as no one pair of shoes fits everyone properly, so too is there a need for more than one type of business organization in Ohio. Different ways of organizing your new business have their own advantages and disadvantages. Which one is right for you depends in large part on what type of business you are creating, and your goals and plans for the business.

So You Just Started Your Own Business - Now What?

The opportunities and advantages associated with being your own boss and operating your own business are endless. However, with great opportunity comes great risk. Although getting out of the red and into the black is understandably your top priority, equally as important is avoiding legal pitfalls that can compromise your business assets, and possibly your personal ones.

Putting the Money Where Its Mouth Is: DOL Funds 19 States' Independent Contractor Misclassification Crackdown

On September 15, the U.S. Department of Labor announced its award of $10.2 million in grants to 19 states to aid in their worker misclassification detection and enforcement efforts in unemployment insurance programs. Ohio is not a grant recipient, but our next door neighbor, Indiana, is receiving a hefty sum of $500,000.

Recent Ruling May Allow for Unionization Among NCAA Athletes

The board of directors of the National Collegiate Athletic Association (NCAA) has granted the largest college athletic programs in the country with partial autonomy. The move, approved by the board in a 16-2 vote, could allow members of the NCAA's five wealthiest conferences to provide benefits to student-athletes beyond scholarships and increased health care coverage.

If We Only had "WWW.OURNAME.COM"

Internet domain names are a critical aspect of your company's overall brand identity, image, and marketing portfolio. Your website is a gateway for your customers to learn about your business and contact you in an efficient way. The trading in domain names can be a lucrative business with some domain names trading for $20,000 or more on the secondary market.