As remote offices and hoteling arrangements become the norm, it is important to understand the difference a lease and a license. While a lease and a license may both give you access to a property, they offer very different legal protections and levels of control of the property. Here are the four key differences to…
Have you noticed the shift toward businesses acting as a force for social and environmental good – all while still making a profit? This shift is more than just a passing trend. There are more than 8,000 certified B Corps in 96 countries and 162 industries recognized by B Lab US & Canada, the organization…
If you’re in the process of selling your small business, you’ve probably come across the term “disclosure schedules” in your acquisition agreement. These schedules are crucial, and understanding them can make a big difference in your transaction. Let’s break it down in plain English. What Are Disclosure Schedules? Disclosure schedules are detailed documents that accompany…
Starting a business is not easy, and it is also not something you should do alone. At a minimum, you need 4 different advisors that serve 4 different roles–sometimes referred to as your BAIL team. Each of these advisors plays a specific part to help you succeed. Here’s what to expect from each advisor: B –…
Make the Business Case An existing company which wants to convert to a benefit company will also want to create a business case and undertake additional steps. Complete Due Diligence The company should engage a lawyer to review that there are no impediments to becoming a benefit company. For a corporation, the lawyer should review…
Don’t forget the basics From a legal perspective, a benefit corporation or limited liability company is just another company formed by state law. A new benefit company must also go through the analysis of any start-up, including addressing the following: Based on the answers to these questions, your attorney can counsel on your about the…
Choosing a benefit company structure is much like choosing a c-corp, s-corp, or LLC structure: a business case blending business and legal acumen is developed considering a particular company’s business goals and aspirations. For many private companies, choosing a benefit company structure embeds the company’s aspirations to be a force for good into the company’s…
Over the last decade, businesses, consumers and employees around the world have demanded more focus on the triple bottom line of people, planet, and profit. These shifting expectations have led to the development of benefit companies. A benefit corporation is a for-profit company formed to both (1) generate profits for its equity owners; and (2)…
UPDATED: February 25, 2025 If you have seen anything in the news about the Corporate Transparency Act (“CTA”), it tends to be that it is a scary new law for business owners. We’re here to break it down for you. What is it? The CTA was enacted by Congress on January 1, 2021, with the…
As we start a New Year, the world is abuzz with talk of New Year’s resolutions and new goals for 2024. What are your business goals for this year? If you need some ideas, we have some suggestions: Employee Handbook Review. Every year, your employee handbook should be reviewed because the law changes every year.…
Though often used interchangeably, “exit planning” and “succession planning” have different goals, strategies, and tools. It is beneficial for a company to have both types of planning in place to address a range of wealth, leadership, and business continuity goals. Exit Planning Exit planning refers to the process of developing a strategy for business owners…
Our co-founder, Ginny Bonifacino, had the pleasure of speaking to two different groups of new business owners this fall. For the Independent Museum Professionals network, she co-presented with her law school friend and fellow museum-lover, Heather Hope Kuruvilla, on The Business of Being an Independent Museum Professional. They covered common issues and tips for structuring…