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Business Law Basics: What Every Business Person Should Know

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The basics of Business Law. Concepts every business person should be aware of. Every other slide is a personal photo that I added to make this presentation more palatable. ENJOY

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Business Law Basics: What Every Business Person Should Know

  1. 1. Business Law Basics: What Every Businessperson Should Know By Salene Mazur Kraemer, Esquire, MBA, CTP-D 603 Washington Road, Suite 500 Pittsburgh, PA 15228 Phone: 412.427.7075 Fax:1-888-718-6752 www.mazurkraemer.com salene@mazurkraemer.com 1MAZURKRAEMER LAW GROUP
  2. 2. Overview • Getting Started • Corporate Formation & Formalities • Hiring Employees or Contractors • Regulatory Compliance • Raising Money • Intellectual Property • Corporate Counseling • Contract Drafting & Review • Product Liability, Warranties, Advertising • Business Torts • E-Commerce • Exit Strategies MAZURKRAEMER LAW GROUP 2
  3. 3. MAZURKRAEMER LAW 3 2015- Fall. Me with little people at South Park
  4. 4. A. Getting Started • 1. Leave Current Employment • 2. Startup, Acquisition (stock or assets), Franchise • 3. Business Plan • 4. Location Selection • 5. Hiring Professionals • 6. Choose Business Entity • 7. Forming the Board 4MAZURKRAEMER LAW GROUP
  5. 5. MAZURKRAEMER LAW 5 2015 Year End MazurKraemer Firm Collage
  6. 6. Leave Current Employment • Covenant Not to Compete • Trade Secrets • Invention Assignment Agreement • Misappropriation of Company Resources • Non-Solicitation Agreement MAZURKRAEMER LAW GROUP 6
  7. 7. MAZURKRAEMER LAW 7 Tilt Room Band Photo Shoot Chihuly Museum Mary Beth Green Photo Shoot Deer Valley X Country Skiing
  8. 8. Location Selection MAZURKRAEMER LAW GROUP 8 •Office share •Commercial lease •Buy property •Virtual office •Location visibility
  9. 9. Choose Business Entity • Sole Proprietorship *** • C Corporation • S Corporation *** • Partnership • Limited Partnership (who is the GP and who is the LP) *** • Limited Liability Limited Partnership • Limited Liability Company *** MAZURKRAEMER LAW GROUP 9
  10. 10. MAZURKRAEMER LAW 10 TINY
  11. 11. Considerations • Number of Owners • Type of Owners • Personal Liability Protection • Tax status • Governing Agreement • Flexibility re: management/governance • Flexibility re: profit/loss allocations, as well as cash distribution • Securities concerns- additional investors? • Liquidation of entity MAZURKRAEMER LAW GROUP 11
  12. 12. Halloween 2015 –Keira and Jackson MAZURKRAEMER LAW 12
  13. 13. Hiring Professionals • Accountant • Graphic Design Artist • Website developer/hosting • IT consultant • PR firm/social media consultant • Insurance • Banker • Lawyer (Corporate, IP, FDA, etc. ) • Printer • Benefits Company MAZURKRAEMER LAW GROUP 13
  14. 14. MAZURKRAEMER LAW 14 Play Guitar since age 15
  15. 15. B. Corporate Formation Documents • Articles or Certification of Incorporation or Formation or Partnership • Written Consent of Sole Incorporator • Unanimous Consent of Board of Directors • Corporate Minute Book • Stock Certificates • Docketing Statement • Application for EIN • Name Reservation in State Incorporated and Where Intend to Do Business • Fictitious Name Filing • Certificate of Authority to Do Business in Other States • Publication of Authority to Do Business in State • Voting Agreements, • Necessary Tax Forms • Shareholders Agreement, Partnership Agreement, Operating Agreement • Buy-Sell Agreement 15MAZURKRAEMER LAW GROUP
  16. 16. MAZURKRAEMER LAW 16 Mom and Sister and MIL
  17. 17. C. HR Issues- Hiring Employees & Contractors • Employment Agreements • Consulting Agreements • Covenant Not to Compete • Policy/Handbook • Discrimination Prevention • Pre-employment application/screening • Wrongful discharge v. employee at will • Equity compensation 17MAZURKRAEMER LAW GROUP
  18. 18. MAZURKRAEMER LAW 18 Lawyer Stuff
  19. 19. Employee v. Independent Contractor • TEST IC: 1) control the outcome of a piece of work and the means and manner of achieving the outcome; 2) Offer services to public at large, not just one business • IMP: employer does not have to pay social security or Medicare, unemployment insurance or workers’ comp for employee, no benefits, no retirement • Lower paid, lower skilled often considered employees MAZURKRAEMER LAW GROUP 19
  20. 20. MAZURKRAEMER LAW 20 Brother Nathan Disney 2014
  21. 21. Important Legislation • Civil Rights Act • OSHA • National Labor Relations Act • ADA • Age Discrimination • Family Medical Leave Act • Fair Labor Standards Act • EEOC MAZURKRAEMER LAW GROUP 21
  22. 22. Mom dance MAZURKRAEMER LAW 22
  23. 23. Reduce Litigation Risk • Pre-employment recruiting materials • Careful interview and screening process • Consistent job evaluations during course of employment • Have written employment or independent contractor agreements MAZURKRAEMER LAW GROUP 23
  24. 24. MAZURKRAEMER LAW 24 Dad!! Love of Sports
  25. 25. D. Regulatory Compliance • Local, state (foreign or domestic), federal level • Zoning approval, permits and licenses • Insurance • Government 25MAZURKRAEMER LAW GROUP
  26. 26. MAZURKRAEMER LAW 26 Life Long Friends
  27. 27. E. Raising Money • Business plan • Private placement memo • Stock Purchase Agreement/Subscription Agreement • Securities Compliance (both Federal and States) • Loan agreements (term v. revolver v. secured) • UCC filings, Security Agreements • Guaranty agreements 27MAZURKRAEMER LAW GROUP *Private investors (self, friends, family, angel investors) *Venture capital financing *Credit (term loan or revolver) *Strategic alliances, joint ventures *Loan funds *Issue common stock, preferred stock, bonds Sources:
  28. 28. NYC impromptu MAZURKRAEMER LAW 28
  29. 29. F. Intellectual Property • Basic Forms – Patents – Trademarks – Copyright – Trade Secret 29MAZURKRAEMER LAW GROUP
  30. 30. MAZURKRAEMER LAW 30 St. Paul’s Parish- WEIRTON WV
  31. 31. IP Issues Continued • Trade Secret Proprietary Information Program – Confidentiality or non-disclosure agreements – Non-competition and non-solicitation agreements – Invention Assignment Agreement • Trademark, Service Marks-brands, logos, packaging or designs that are used to distinguish its goods and services • Registered Internet domain name • Copyright for text, graphic, software, audio or film materials, such as manuals or promotional or training materials • Licensing Agreements • International? MAZURKRAEMER LAW GROUP 31
  32. 32. MAZURKRAEMER LAW 32 Weirton Collage for United Way
  33. 33. G. Corporate Counseling • Board Formation – Legally required – Selection, number, frequency of meeting, diversified, outside v. interested, compensation – Synergy, credibility – Fiduciary Duty of Care to corporation and shareholders (BIOTC) • Duty of Loyalty (no self-dealing, no usurp corp opportunity) • Duty of Care (“reasonable man” test) • Business Judgment Rule (disinterested, informed, shifts burden) – D&O Insurance • Indemnity Agreement (officers) 33MAZURKRAEMER LAW GROUP
  34. 34. MAZURKRAEMER LAW 34Weirton-First Photo Project
  35. 35. H. Contract Drafting & Review • Commercial Property Leases • Equipment Leases • Agreements of Sale for Property • Loan Agreements • Sale of Goods (Supply Agreement, Distribution Agreement, Purchase Order) • Engagement letters • Customer Contracts • Consignments • Management Agreement • Requirements and Outputs Contracts 35MAZURKRAEMER LAW GROUP
  36. 36. MAZURKRAEMER LAW 36 Me-Age 11
  37. 37. Contract Law Basics • Basic elements (offer, acceptance, consideration) • UCC v. Common Law • Contract theories (breach of contract, unjust enrichment, promissory estoppel, restitution) • Oral, written, implied • Statute of Frauds (goods over $500, real property, contract longer than 1 years, pre-nup, assumption of debt) • Remedies MAZURKRAEMER LAW GROUP 37
  38. 38. MAZURKRAEMER LAW 38 Entrance Turnstile- Weirton Steel
  39. 39. Remedies • $ or Equitable (specific performance, injunction, recission) • Expectation • Reliance • Restitution • Consequential (foreseeable) • Liquidation • Punitive MAZURKRAEMER LAW GROUP 39
  40. 40. Working parenthood MAZURKRAEMER LAW 40
  41. 41. Material Contract Terms • Who are the parties? • Duties and Obligations • Payment Terms • Duration • Termination • Warranties and Representations • Indemnification • Boilerplate provisions MAZURKRAEMER LAW GROUP 41
  42. 42. MAZURKRAEMER LAW 42 Keira cut her hair off 2 days after this picture
  43. 43. Boilerplate Provisions • Notice provisions • Governing Law • Waiver of Jury Trial • Amendment • Assignment • Attorneys’ Fees • Litigation v. Arbitration or Mediation MAZURKRAEMER LAW GROUP 43
  44. 44. MAZURKRAEMER LAW 44KENNYWOOD
  45. 45. I. Product Liability, Warranties, Advertising • Warranties (express (not puffing), implied warranty of merchantability, implied warranty of fitness for a particular purposes) – Limitation of Liability, AS IS clauses • Products liability for defective products sold in dangerous or defective condition (strict liability, chain of distribution, design defect, warnings) • False or Misleading Advertising • Successor Liability • Defenses (comparative fault, assumption of risk) 45MAZURKRAEMER LAW GROUP
  46. 46. MAZURKRAEMER LAW 46 Lebo Halloween Parade in front of PGH Office for MAZURKRAEMER
  47. 47. J. Business Torts • Negligence (duty of care, breach, cause, damages) • Intentional Torts (false imprisonment, IIEM, defamation, appropriation, trespass, nuisance, fraud/misrep, conversion, interference with K’l relations, unfair competition) • Vicarious Liability/respondeat superior • Strict Liability (ultrahazardous and products) • Toxic Torts (exposure to harmful substances) • Defenses, Damages, J/S Liability, Contribution 47MAZURKRAEMER LAW GROUP
  48. 48. MAZURKRAEMER LAW 48 Plants at PGH Zoo
  49. 49. K. E-Commerce • Basic terms of use (favorable linking, information usage, disclaimers, liability limitation, dispute resolution and forum selection provisions) • Clickwrap agreements • Passive or "brochureware" website vs. selling goods or services online • Cookies Permission • Data security • Illustrations or photos • Restricted territories 49MAZURKRAEMER LAW GROUP
  50. 50. MAZURKRAEMER LAW 50 Sunset Hills, MT LEBO
  51. 51. Exit Strategies • Bankruptcy • Sale- whole or in part • Liquidate and Dissolve • Reorganize MAZURKRAEMER LAW GROUP 51
  52. 52. Phone: 412.427.7075 Fax: 1-888-718-6752 www.mazurkraemer.com salene@mazurkraemer.com 52MAZURKRAEMER LAW

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