fbpx

Protect Your Business’s Trade Secrets and Confidential Information

There are many ways protect your business’s trade secrets and information, but it is essential to do it in a way that is legally binding.

On this episode, Amit Bindra from The Prinz Law Firm initiates our discussion on non-competes, non-solicitation, and confidentiality agreements. We examine different types of contracts and agreements, and how they could help you as a business owner protect trade secrets, both yours and those of your clients.

Amit practices employment law and does a lot of appellate work. His employment practice is focused towards non-compete agreements, non-solicitation agreements, and trade secrets. The Prinz Law Firm is located in Chicago, Illinois.

Click here to find more information on our website.

Protect Your Business’s Trade Secrets – Key Points

  • Non-compete agreements and what they mean for an employee.
  • Understanding non-solicits and what happens when an employee leaves a company.
  • Confidentiality or non-disclosure agreements.
  • Protecting trade-secrets and the laws that govern protection.
  • The difference between a non-compete and a non-solicit.
  • Overlaps in confidentiality and trade-secret agreements.
  • The case of Jimmy John’s and how it relates to non-competes.
  • About 14% of employees who make less than $40,000, are subject to a non-compete.
  • Not all non-compete agreements are enforceable.
  • What influences the duration of an agreement?
  • Factors that determine whether a court will uphold or modify an agreement.
  • Benefits of making employees sign an agreement.
  • Write clauses in a way that ensures you get a favorable judgment in case of litigation.
  • How long does employment have to be before an agreement becomes enforceable?

Whether you’re an employee or an employer, you will get a lot of information from this episode.

Links

If you have not checked out all of our free resources available to you. Click here for our site.

Here are some of our featured free resources.

Insuring Your Business – General Liability and Other Insurance

Most people overlook insurance when they’re starting their business. Some get a general liability cover and assume that they are sufficiently covered. But what does “general liability” mean, and how do you know if you are insuring your business properly?

Ryan Andrew joins us today to shed light on some of the things you should consider when it comes to insuring your business. Ryan is from The Andrew Agency located in Richmond, Virginia, offering professional insurance services in Virginia, Maryland, and D.C.

Click here to find more information on our website.

Insuring your business – Key Points

  • What does general liability cover?
  • How Hans got into trouble over an insurance policy.
  • As your business grows, and at least once annually, update your insurance agent to help. you determine whether or not you are still adequately insured.
  • Less than 10% of active businesses have cyber liability.
  • When would you need cyber liability insurance?
  • Small businesses are just as susceptible as large corporations to cyber-crime.
  • One in three businesses will get sued.
  • When a breach occurs, the cost of sorting it out and subsequently complying with regulation could shut down a small business.
  • Cyber liability is new territory for insurance companies, but they are developing products to meet your needs.
  • Professional liability and cyber liability are a higher risk to the business than general liability.
  • Your insurance policy is a working document that evolves as your business evolves.
  • When starting a business, take time to set it on a solid foundation.

This is worth listening to!

Links

If you have not checked out all of our free resources available to you. Click here for our site.

Here are some of our featured free resources.

The IRS Says You’re Guilty until You Prove Them Otherwise

Did you know that the IRS says you’re guilty until you prove them otherwise? This is our topic of discussion today and our guest, Derrick Winke from Wink Tax Services, will help us understand what is involved when you receive an IRS notice.

Derrick Winke is an enrolled agent; a federally-authorized tax practitioner empowered to represent people before the IRS in all 50 states. In his line of work, he focuses primarily on tax returns for individuals and small businesses. Wink Tax Services, is located in Troy, just outside of Detroit, Michigan, and has clients on almost every continent as well as from most states.

Click here to find more information on our website.

IRS Says You’re Guilty – Key Points

  • The difference between a CPA and an Enrolled Agent.
  • All IRS correspondence starts out as an inquiry, and their specific concern will be in the notice reference.
  • What do you do next after you get an IRS notice?
  • Why you need to get a professional involved.
  • Handling correspondence between you and your nominated agent.
  • Your presence during an inquiry.
  • The process of getting audited by the IRS.
  • Is there a limitation to how far back the IRS can go to audit you or your business?
  • It is crucial to keep good records.
  • Always keep your personal assets separate from your business.
  • Remember, you are presumed guilty until you prove otherwise.

What Derrick has to say is pure gold, so please stay tuned and enjoy!

Links

If you have not checked out all of our free resources available to you. Click here for our site.

Here are some of our featured free resources.

Setting Up Your Business’s Board of Directors

Today, we’re going to touch on what you need to know when it comes to setting up your business’s Board of Directors.

We are continuing our conversation with Ken Turnipseed who has been in a couple of previous episodes. He has a background in accounting and tax and is now an attorney at Whelchel & Carlton LLP, located in Moultrie, Southern Georgia.

Click here to find more information on our website.

Setting Up Your Business’s Board of Directors – Key Points

  • Do you need a board of directors?
  • Defining board resolutions and why you might need them
  • Regulatory requirements regarding board meetings
  • What are minutes?
  • What details must be in the minutes
  • Some “best practice” advice about keeping and filing minutes
  • Maintaining all corporate formalities for liability purposes
  • Getting a Tax ID for your business
  • How you could lose your business over payroll tax and other obligations
  • When you make a deal with the IRS, better stick to your end of the bargain
  • There’s no one-size-fits-all approach in choosing the right structure for your entity. Get sound advice from a professional.
  • Talk to someone who is licensed in your jurisdiction.

Make the most of this episode and enjoy.

LINKS

Links to Ken Turnipseed’s information can be found at GetGoinginBusiness.com/105

If you have not checked out all of our free resources available to you. Click here for our site.

Here are some of our featured free resources.

Shift Your Business Risk from Yourself to Others

Many businesses establish their online presence by having a website, but do you know what the law says about the information you display and collect? How do you determine whether or not you’re complying with regulation? Learn how to shift your business risk from yourself to others.

Our guest today is Josh Clayton who runs a private practice in Shreveport, Louisiana, and he will discuss some of the things you need to know about collecting information. Josh studied accounting but decided early on that he was cut out for law, so he went back to school for a law degree. He started his career at McKernan Law Firm in Baton Rouge, worked at the Hammond law firm of Anderson & Boutwell, and had a brief stint at an oil and gas outfit in Shreveport. He hung out his shingles in 2008 and has been in private practice ever since.

Click here to find more information on our website.

Shift Your Business Risk – In this episode

  • Collecting customer information via your website
  • Privacy statements
  • Determining just what should be included on your website
  • How do you avoid assuming liability for the risks inherent in data collection?
  • The role of trusted third-party intermediaries
  • Use of non-disclosure language when collecting certain information
  • Storing information on a safe server with firewall protection
  • An LLC is a safe structure for most businesses
  • Sometimes a CPA has better answers to the question of corporate structure
  • Operating agreements and why you need one
  • LLCs, APLCs, APMCs
  • Use iron-clad agreements and corporate structures to prevent piercing of the corporate veil
  • Licensing and reciprocity agreements for attorneys
  • A tip on optimizing your URL for search engines

Let’s dive in and learn.

Links

If you have not checked out all of our free resources available to you. Click here for our site.

Here are some of our featured free resources.

Your Business Structure -Does Your Business Have a Birth Certificate

Today we are going to continue our conversation with Ken Turnipseed of Whelchel & Carlton, LLP. In episode 105, Ken talked about determining the right corporate structure for your business and today we will dive into the nuts and bolts of your business structure. If you are unsure if terms like articles of organization and operating agreements apply to your business, you’ll find this episode especially helpful.

Ken provides representation to both business and individual clients, doing a lot of work in the areas of healthcare and small businesses, so we are happy to tap into his expertise and experience.

Click here to find more information on our website.

Your Business Structure – In this episode

  • A new business has to meet the requirements of the State’s filing agency
  • What are the Articles of Incorporation and how is it structured?
  • What about articles of organization?
  • Why your company needs bylaws
  • The information that goes into company bylaws
  • What is an operating agreement?
  • Election of officials, meetings, and other essentials
  • When starting out, business partners often neglect to prepare for a worst-case scenario
  • Filing documents for a single-owner business
  • Always get help from someone competent to handle requirements of your jurisdiction

Tune in to find out more.

Links

If you have not checked out all of our free resources available to you. Click here for our site.

Here are some of our featured free resources.

Business Insurance – What You Need to Know

Protecting your business against insurable risks starts with ensuring you have the right information from the get-go. When you need to make a claim, the last thing you want to hear is that your business insurance is inadequate.

With us on the show today is Kenny Hollingsworth from Brock & Associates Insurance, to give us insights into the essential pieces of data and factors you should consider for different types of insurance. Kenny has been in the business for over 26 years and specializes in commercial and business insurance. He helps clients mitigate office risks, lessor’s risk, group health insurance, and many more.

Brock & Associates Insurance is located in Hendersonville, North Carolina, and operates in three states: North Carolina, South Carolina, and Georgia.

Click here to find more information on our website.

Business Insurance – Key points

  • Five pieces of data that you have to know to get the right type of insurance for your business
  • Correct identification of your business is the starting point for any business quote
  • Your corporate structure could affect your insurance requirements
  • The majority of commercial insurance situations are rated based on payroll estimates
  • Low-risk and high-risk business classifications
  • North Carolina’s Workers Compensation (Assigned Risk) Insurance Plan
  • General liability and workers compensation
  • When does gross sales revenue become a determining factor?
  • Understanding the rule on minimum of three employees for workers compensation
  • Questions to ask your insurance agency before you get a policy
  • The value of a second opinion
  • Make sure you’re doing business with a company that’s A rated or higher

Links

If you have not checked out all of our free resources available to you. Click here for our site.

Here are some of our featured free resources.

Determining the Right Corporate Structure for Your Business

Have you ever wondered whether or not you can get sued in the course of doing your business? Then you need to make sure you have the right corporate structure for your business. It is important to know which structure is best for your business’s particular situation and will protect you against personal liability.

We are joined by Ken Turnipseed from Whelchel & Carlton, LLP a firm located in Moultrie, Southern Georgia. Ken worked with Ernst and Young as a CPA and Tax consultant before going to law school. He then practiced with a large regional firm in Birmingham, Alabama until moving to South Georgia. He provides representation to both business and individual clients and does a lot of work in the areas of healthcare and small businesses.

Click here to find more information on our website.

We discuss the Right Corporate Structure for Your Business

  • Natural persons and legal persons.
  • Minutes, resolutions, and other business records.
  • Setting up a corporation.
  • The difference between an S Corp and a C Corp.
  • Which type of business is best suited to an LLC structure?
  • The extent of liability protection depends on the corporate structure of your business.
  • How the law determines if an individual is liable when there is a case against a business.
  • What to consider when using business accounts to settle personal bills?
  • Choosing which tax rules should apply to your business.
  • Laws are different in every state, and you must seek competent counsel.

Invest the next 20 minutes in this episode, and you will get a lot out of it.

Links

If you have not checked out all of our free resources available to you. Click here for our site.

Here are some of our featured free resources.

Business Insurance: Are You Running Your Business Naked?

Today, with all the resources available online, it is easy to set up or start a business. More people are indeed getting started, but many overlook essential foundational details that could make or break the business. Business insurance is one of those details.

In this episode, we are joined by Ryan Andrew of The Andrew Agency in Richmond, Virginia.

Ryan has been in insurance all his career; he has worked for several large companies and now runs his independent general agency.
He explains why insurance is the engine and foundation that allows you to do business properly.

Click here to find more information on our website.

We discuss:

  • The meaning of captive agencies and proprietary insurance products.
  • The difference between working with a captive agency and working with an independent agency when you’re looking for coverage.
  • General liability and other policies: most businesses choose general liability as their first policy, but that isn’t necessarily the best option.
  • What questions you should ask your agent.
  • How failing to get the right insurance can give rise to legal problems.
  • Getting to know what is covered and what is not, when you take out a policy.
  • Why your agent needs to know immediately of a change in your business operating model.
  • How Hans once ended up with the wrong insurance.

Join us as we unpack different types of insurance.

Links

If you have not checked out all of our free resources available to you. Click here for our site.

Here are some of our featured free resources.

Business Valuations And Determining The Fair Value

People seek business valuations for a variety of reasons. Often, triggered by a court order in divorce proceedings or to settle a dispute. Valuations can also be obtained in anticipation of buying or selling your business to a third party.

In today’s podcast, Ryan Moore, a manager at Riney Hancock CPAs, tells us about the methods used to determine the fair value of your business. Someone with the right expertise and competence such as a CVA or ABV should conduct your valuations.

Click here to find more information on our website.

Two well-known professionals in this field are:

  • Certified valuation analyst (CVA), accredited by the National Association of National Association of Certified Valuators and Analysts;
  • Accredited in business valuations (ABV), a designation awarded by the American Institute of Certified Public Accountants (AICPA).

Business Valuations Methods:

  1. The income approach, which assumes the value of your business, is a function of the economic benefit of the business. Commonly used for service based businesses.
  2. The asset approach, which assumes the value of your business, is calculated by the assets owned by your business. Commonly used for businesses that are investment oriented.
  3. The market approach, which assumes the value of your business, influenced by historical sales of comparable businesses.
  4. A combination of the first three methods may be used to come up with an average value of your business.

Tune in for more.

If you have not checked out all of our free resources available to you. Click here for our site.

Here are some of our featured free resources.