An operating agreement for a limited liability company (LLC) is essentially a “business pre-nup.” The owners are deciding in their own contract, in advance, how they will handle money and decisions during the business relationship and what happens when they break up. Yes, “when” not “if.” Business breakups are inevitable because life happens. A strong…
Our co-founder and partner, Ginny Bonifacino, has been included on the D.C. Super Lawyers Rising Stars 2022 list in the Corporate and Business category. Super Lawyers recognizes attorneys that have excelled in peer recognition and professional achievement. No more than 2.5 percent of attorneys in each state are named to the Rising Stars list. Ginny…
Think you don’t have intangible assets? Think again. In today’s world, virtually every business has intellectual property and other intangible assets which add value to the business. In our practice, we see that almost all business relationships—B2B, B2C, employment, and vendor—present opportunities to protect, grow, and possibly monetize a company’s intellectual property and other intangible…
Deadlock occurs when the owners of a business cannot agree and, as a result, the business and affairs of the company cannot be conducted to the advantage of the owners generally. The discord can be over major decisions or a broader breakdown of the relationship. Either way, there is an extreme risk of business grinding…
All too common are stories of successful business owners forgetting to plan for an important part of the business plan – the Exit. Do you want to sell your business? Transfer it to a key employee or family member? Step back from the day-to-day operations but still have a sustaining income? Discussing your personal and…
Buying an established small business can be an attractive proposition. Often times, the seller is a seasoned and successful owner who has personal reasons to cash out. Rather than taking a risk on an unproven concept, the buyer can quantify the track record of earnings and the pipeline of sales which will bring near-term revenue. Could…
There is a general trend in the United States disfavoring non-compete provisions in NDAs and employment agreements. The laws are not retroactive but any agreements entered into after the effective date may be invalid if they contain a non-compete. In the DMV area, the current status of the law are: District of Columbia Starting October 1,…
A business’s most valuable assets are its trade secrets. Trade secrets make the business different and give it the competitive edge. To ensure that trade secrets maintain their value though, they must be kept SECRET. How does a business keep secrets? Some of the most important steps are: Use an NDA tailored to your business…
In a tight market, businesses want to protect their confidential information and trade secrets from walking out the door with a departing employee. It is essential to have a non-disclosure agreement in place to protect your business. Commonly referred to as NDAs, a strong agreement usually contains four restrictive covenants: 1. Protection and Non-Disclosure of…