This article answers common questions asked by people about IRS tax audits. What is an IRS tax audit? An IRS tax audit is a review of a taxpayer’s tax return to verify the accuracy of the information reported. How does the IRS choose who to audit? The IRS uses a variety of methods to select…
This article answers common questions asked by people about severance agreements. What is a severance agreement? A severance agreement is a contract between an employer and an employee that outlines the terms of the employee’s departure from the company. It may include provisions such as the amount of severance pay the employee will receive, any…
This article answers common questions asked by people about employee handbooks & HR policies. What is an employee handbook? An employee handbook is a document that outlines the policies, procedures, and expectations of an organization for its employees. What should be included in an employee handbook? An employee handbook should include information on company culture,…
This article answers common questions asked by people about how to do a trademark search. Why is it important to do a trademark search before choosing a business name or branding? It is important to do a trademark search before choosing a business name or branding because it can help you avoid infringing on the…
This article answers common questions asked by people about 501(c)(3) vs. 501(c)(4). What is the difference between a 501(c)(3) and a 501(c)(4) organization? A 501(c)(3) organization is a type of nonprofit organization that is exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code. These organizations are typically charitable, educational, scientific, or…
This article answers common questions asked by people about how to prevent scams in your company. What are some common types of scams that target businesses? Common types of scams that target businesses include phishing attacks, business email compromise (BEC) scams, invoice and payment scams, supply chain fraud, and intellectual property theft. How can I…
This article answers common questions asked by people about interrogatories. What are interrogatories? Interrogatories are written questions that one party in a legal proceeding may serve on another party. The purpose of interrogatories is to gather information and clarify factual issues in a case. What is the purpose of interrogatories? The purpose of interrogatories is…
This article answers common questions asked by people about being appointed to a board of directors. What is the role of a board of directors? A board of directors is a group of individuals who are responsible for the overall governance and strategic direction of an organization. They are responsible for setting policies and making…
This article answers common questions asked by people about establishing a board of directors. What is a board of directors? A board of directors is a group of individuals elected by the shareholders of a company to oversee the management and direction of the company. The board of directors is responsible for making strategic decisions,…
This article answers common questions asked by people about public benefit corporations. What is a public benefit corporation? A public benefit corporation (PBC) is a type of corporate structure that allows a company to pursue both financial and social or environmental goals. PBCs are required to consider the impact of their decisions on all stakeholders,…
This article answers common questions asked by people about employee stock ownership plans. What is a stock ownership plan? A stock ownership plan, also known as an employee stock ownership plan (ESOP), is a type of retirement plan that gives employees ownership in the company they work for through the purchase of company stock. How…
This article answers common questions asked by people about piercing the corporate veil. What is piercing the corporate veil? Piercing the corporate veil refers to the legal concept of holding the shareholders or owners of a corporation personally liable for the debts or obligations of the corporation. This is typically done when the corporation has…
This article answers common questions asked by people about shareholder derivative lawsuits. What is a shareholder derivative lawsuit? A shareholder derivative lawsuit is a legal action brought by a shareholder on behalf of a company to remedy a wrong or to protect the company’s interests. The shareholder brings the lawsuit in the name of the…
This article answers common questions asked by people about cooperatives. What is a cooperative? A cooperative is a business owned and controlled by a group of people who use its services or products. Cooperatives are based on the principles of democracy, equality, and solidarity, and are organized to meet the common needs and aspirations of…
This article answers common questions asked by people about limited partnerships. What is a limited partnership? A limited partnership is a business structure that consists of one or more general partners and one or more limited partners. The general partners manage the business and have personal liability for the partnership’s debts, while the limited partners…
This article answers common questions asked by people about limited liability companies. What is an LLC? An LLC is a business structure that combines the liability protection of a corporation with the tax benefits of a partnership. LLCs are relatively easy to set up and maintain, and they offer flexibility in terms of management and…
This article answers common questions asked by people about a will for estate planning. What is a will and why do I need one? A will is a legal document that outlines how you want your property and assets to be distributed after your death. It can also appoint a guardian for minor children and…
This article covers common questions asked by people selling domain names followed by answers to those questions. What factors determine the value of a domain name? There are several factors that can impact the value of a domain name: Length: Shorter domain names are generally considered to be more valuable because they are easier to…
The following article provides general information about how to start a lawsuit. But each state has its own laws (e.g. Minnesota), so you should consult with an attorney in your state. What Are the Legal Steps to Start a Lawsuit? The legal steps to start a lawsuit vary depending on the jurisdiction and the type…
What Are Financial Controls in Business? Financial controls are the policies and procedures that a company puts in place to help ensure the accuracy and integrity of its financial statements and to prevent fraud. These controls can include things like segregation of duties, regular reconciliations of accounts, and reviews of financial statements by independent parties….
Going through a lawsuit can be a very emotionally taxing experience. It can be stressful, time-consuming, and expensive, and it can take a toll on your mental and emotional well-being. It is natural to feel a range of emotions during this time, including anger, frustration, anxiety, and sadness. It is important to take care of…
What Are the Steps to Selling a Restaurant? There are several steps involved in selling a restaurant. These include: Determine the value of your restaurant: This is an important step, as it will help you set a realistic asking price for your restaurant. To determine the value of your restaurant, consider factors such as the…
As a business or individual becomes more successful, the likelihood of facing legal challenges increases. Lawsuits can be time-consuming, expensive, and can damage a business’s reputation. Fortunately, there are steps you can take to minimize the risk of getting sued. In this article, we’ll explore some of these steps. Follow the Law The most basic…
If you have ever read the fine print on a product, website, or service, you may have come across a seemingly “stupid” disclaimer. These disclaimers often appear to state the obvious, and it can be difficult to understand why they are necessary. In this article, we’ll explore some of the reasons why these disclaimers are…
A clawback is a contractual provision that allows a company or organization to recover compensation or benefits that have already been paid to an employee or executive. This provision is typically included in employment contracts or bonus plans, and it allows companies to recover compensation if certain conditions are not met. The primary purpose of…
Core values are the guiding principles that shape the identity and culture of an organization. They represent the beliefs, behaviors, and attitudes that define the organization and guide its decisions and actions. However, some people question whether core values are just fluff – superficial statements that have no real impact on the organization’s success or…
Small businesses rely on contracts to establish agreements between themselves and other businesses or individuals. Contracts can help protect your business interests and provide a framework for resolving disputes, but they can also be fraught with risks if not done correctly. In this article, we will discuss some common mistakes small businesses make when drafting…
The success of a business largely depends on its ability to execute its strategies and operations efficiently. A business operating system (BOS) is a set of processes, tools, and methodologies that help organizations optimize their operations and achieve their goals. In this article, we will explore the benefits of having a BOS and whether your…
In this video, you will get answers to these questions: What is an example of a conflict of interest for business owners? Does a conflict of interest include family members? Does a conflict of interest include business partners? Does a conflict of interest include an employee? Does a conflict of interest include an employer? Does…
The cost of a lawsuit can vary depending on a number of factors, including the jurisdiction, the type of case, and the complexity of the issues involved. Some common costs associated with a lawsuit include: Filing fees: These are fees that must be paid to the court or tribunal when the lawsuit is filed. The…