Business Law

EIN Number Application – How to Get an EIN Number

Business Law

An EIN number is a nine-digit number assigned by the IRS to all operating business in the United States. The number assigned will be unique to your business, similar to how a Social Security number is assigned to a person. If you have a business operating in the United States, chances are you have heard of an EIN number (also known as a FEIN). Determining whether you need an EIN number in addition to applying for an EIN number are important considerations any business should make. 

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The Choice of Law Clause in Contracts – What Does Having a Choice of Law Provision in an Agreement Mean?

Business Law, Contracts

A choice of law clause is a provision found in many different types of agreements. In modern contracts, choice of law clauses are considered standard boilerplate that is found in virtually all contracts. However, choice of law provisions should not be taken lightly as they have very important ramifications. 

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Contract Review Lawyer: How Hiring An Attorney to Review Your Contracts Can Be Invaluable

Business Law, Contracts

Having a contract lawyer review your agreement can be one of, if not the, most important step in the overall contracting process. When you hire a lawyer to review an agreement, you are doing more than hiring someone to read over a document, you are purchasing years of experience, knowledge, and training to guide you. This experience, knowledge, and training can help you to ensure you get the best deal possible in your contract – and more importantly, to avoid getting stuck with a not so favorable one. 

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Asset Purchase vs Stock Purchase: Exploring the Ways to Buy a Business

Business Law, Business: Resources

When you are looking at buying an existing business you need to understand your options. To purchase a business, generally you are given two options, an asset purchase sale or a stock sale. Whether you sign a asset purchase agreement or a stock purchase agreement, each one has it’s own benefits and disadvantages. Therefore, it is important to understand the difference between the two. We will go over asset purchase vs stock purchase sales and the implications of both. 

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S Corporation Pros and Cons: Learning the Basics of an S Corp

Business Law, Business: Resources

“Should we form an S corporation (frequently referred to as an “S Corp”) or a limited liability company (“LLC”)?” I am asked at least once a week – and to be perfectly honest… it is a fantastic question that I wish I were asked more often. When entrepreneurs look to form a small business, the decisions of these future business owners can have long lasting effects. One of these decisions is the decision of how to best structure a new business.

An S corporation is a corporation that has received a special designation from the IRS. When making the consideration to start a new business, the S Corp is one of the most common types of business entities. While an S Corporation is a fantastic choice for many new businesses, understanding the pros and cons of forming an S Corp will help you determine if it is the right entity for you.

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Making an Informative Decision: Pros and Cons of Having an Arbitration Clause in a Contract

Business Law

Arbitration is a popular mechanism often used in place of litigation. When a dispute occurs between respective parties that decide to handle their disputes in an arbitration proceeding, instead of bringing the dispute to a courtroom, it is brought before an arbitrator whom will solely hand down a resolution to that particular dispute. There are many pros and cons of having an arbitration clause in a contract and both should be looked at carefully to ensure you are behaving in your best interests. Deciding whether arbitration is right for you can be a difficult and complicated decision. While arbitration may be appropriate in some cases, it may not be the best decision in others. The decision to arbitrate should not be a “one size fits all” type of decision. To find out if arbitration is for you, it is often recommended that you speak to an attorney familiar with the arbitration process in order to advise you accordingly.

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Franchising 101: An Introduction to Franchising a Business

Business Law

Franchising a business is the process where business owners license the rights to operate their business to third-party operators. Depending on whether you find yourself as either a buyer or seller in a franchise, there are many differences as to how you would normally approach a franchising situation. Whether you are a franchisee or a franchisor, contacting a business lawyer with expertise in franchising is essential. There are many considerations and bodies of law that are apparent in the franchising world and taking the right steps to handle franchising could be the difference between success and failure. 

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An Intro to Trademark Licensing – How Can a Trademark License Agreement Help Your Business Generate Income?

Business Law, Intellectual Property, Trademarks

Trademark licensing is the process where a trademark owner agrees to give another person or company permission to use its trademark, in a commercial setting, in exchange for a fee. There are many reasons why licensing a trademark can be very advantageous. Trademark licenses are complex with several points to be negotiated. An attorney who is well acquainted with trademark licensing is invaluable in providing information regarding licensing requirements and advice in creating and negotiating a trademark license.

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Cease and Desist Letters: What Are They, and What Should You Do?

Business Law, Copyright, Intellectual Property, Trademarks

Receiving a sternly worded letter from a law firm on behalf of another person or company ordering you to stop doing something can be stressful, especially if you are not familiar with “cease and desist” letters. Although they can be unsettling, cease and desist letters are fairly common.

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Social Media Giveaways: A Few Legalities You Need to Know Before Starting Your Next Sweepstakes or Contest

Business Law, Contracts

People love free stuff. Thus, it only makes sense that a company trying to drum up some business would use its social media platform to start a giveaway with the hopes of entising new customers. However, before a business decides to start a giveaway, it is important to be aware of the legalities that surround it.

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