Congratulations! After turning down opportunities for additional work and/or spreading yourself too think – it is now time for you to bring on anther person. Transitioning from an entrepreneur to an employee may seem simple enough, but before signing that first paycheck there are several matters you must handle: legal obligations, liabilities, expenses, and paperwork.
Read moreCompeting with Non-Competes
Earlier this month, Jimmy John’s was in the news and not for their sandwiches, but for their questionable business practices. Namely, the non-compete agreements (NCA), employees sign prior to making their first Turkey Tom, is the basis of a proposed class-action lawsuit against the restaurant. It was revealed that Jimmy John’s NCAs contained language, that would make it difficult for a current employee to go work for another deli, regardless if it were a national chain or a local establishment. More specifically, the NCA stated:
Read moreThe Best Entity for You - Pt.II →
In the previous post, we discussed two entities that are available to Michigan businesses. In this post we discuss the final three entity types - corporations, limited liability corporation, and non-profit corporation:
Read moreThe Best Entity for You →
For novice business owners, choosing a business structure typically comes down to answering four questions:
- How many people will own the business?
- How much personal liability protection will be needed?
- How do you want your business to be taxed?
- Would your business benefit from being able to sell stock?