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Business owners must consider compliance at the federal, state, county, and local government levels. A blind spot in the law, if missed, can be financially devastating. Click here to schedule a free initial consultation for review your business. 1. Ohio Sales Tax Every company sells goods, services or a combination of both. Some of these sales are subject to sales …
A vesting schedule dictates when a founder (or employee) has full ownership rights in the company. This schedule is typically based on duration with the company. For example, if we use a four year vesting schedule with a one year vesting cliff; if a founder leaves within the first year they receive no shares. After the first year, the shares …
What happens if a founder leaves (or dies) before putting in the hard work necessary for the company to be a success? If that founder has full ownership of his or her stock, then you, as the remaining owner(s), will be required to pay despite the lack of contribution to the success. When should a vesting schedule be considered? Without …
Consumers have protection against false or misleading descriptions of products or services. Goods and services cannot be sold if their sale will confuse consumers or unfairly damage another business. Advertising law is, to an extent, enforced by the Federal Trade Commission (FTC). Before using an advertisement consider if the information is truthful, if you have evidence to support your assertions, …
Employers must also verify an employee’s eligibility to work in the United States; (See: Employment Eligibility Verification Form commonly referred to as an I-9). Employers can confirm the citizenship by requesting the documentation specified on the I-9 form. Note, requesting documents not included could result in discrimination claims by the applicant. The I-9 is not filed with the federal government but is instead …
Why are employee postings important? If you have employees, you must post certain posters at your office. Failure to post the required material can result in citations and fines. We have all seen posters with disclaimers on the wall of an office. The purpose of these posters is to provide notice to employees about certain rights provided by state or federal law. What posters …
Every business with more than one owner or employees must have an Employer Identification Number (EIN). This number is used when opening bank accounts and for identifying the business on any tax filing. It is essentially a social security number for the business. Even if you are a single-member company with no employees, it is best to use an EIN …
Why does a business need to customized its contracts? Since each type of business is unique, the specific needs of every company cannot be addressed in one standard form. Using online forms or document companies such as Legalzoom results in a form that may not protect the interest of your company or conform with Ohio law. Why do I need …
Business owners may use employees or independent contractors to produce websites, software, logos, articles, or other unique creative works for use by the company. It may surprise you to know that, without a Work for Hire Agreement, your company does not own the work created by an independent contractor. Who owns work created by an Independent Contractor? By default, independent …
I am frequently asked what protection “Fair Use” provides under Federal Copyright law. But Fair Use is not a protection or license to use the work of another, it is merely a defense to copyright infringement. What are the Standards for Fair Use? In general, infringement can be defended by showing that proper credits were given to the author of …
