Law for Small Businesses

When starting a new business, what is one of the legal formalities that is typically required for a sole proprietorship?

What is the primary purpose of a 'retainer' fee arrangement with an attorney for a small business?

According to the 'Average Attorneys’ Fees for Selected Small-Business Transactions' table in Chapter 42, what is the estimated fee range for a trademark application?

In the context of choosing a business form, which of the following provides for 'pass-through' taxation, where profits are taxed at the individual level rather than the business level?

What is a primary legal risk for a small business that establishes an online presence allowing customers to purchase goods or services?

In Mixon v. Iberia Surgical, L.L.C., the court had to interpret a buy-out provision in the LLC's Operating Agreement. What did the court conclude about the term 'Book Value'?

What is a primary advantage for a small business to raise capital through a bank loan instead of seeking venture capital?

What is the primary purpose of a key-person insurance policy for a small business?

In DBL Distributing, Inc. v. 1 Cache, L.L.C., why was the corporate officer, Gary Bracken, potentially held personally liable for the company's debt despite signing in a representative capacity?

What is a primary benefit for a small business to classify a worker as an independent contractor rather than an employee?

What is the primary role of a business plan when a small business is seeking venture capital?

What is a major disadvantage of the corporate business form, particularly for small businesses that distribute profits to owners?

When forming a corporation, what is the purpose of the bylaws?

What does a nondisclosure agreement primarily aim to protect for a business?

Under the 'Venture Capital Issues' table in Chapter 42, what right does 'piggybacking' refer to?

What is the primary legal consequence of misclassifying an employee as an independent contractor if the IRS determines the worker is actually an employee?

Which of the following is a key reason for a small business to create a formal buy-sell agreement?

What is the legal status of a verbal promise of permanent employment if an employee relies on it and is later fired?

Filing a business name with a state official provides what kind of protection?

What does a 'right of first refusal' in a shareholder buy-sell agreement typically do?

When is it especially important for a small business to obtain legal counsel?

What is the primary trade-off for a small business when using independent contractors instead of employees?

According to the 'Average Attorneys’ Fees for Selected Small-Business Transactions' table in Chapter 42, what is the estimated fee range for creating an employee handbook?

What is the key difference between a business's trade name and a trademark?

In the context of an LLC operating agreement, what typically happens if the agreement does not specify how profits will be divided among members?

What is the primary purpose of a noncompete agreement in an employment contract?

What is the Small Corporate Offering Registration (SCOR) process designed for?

According to Chapter 42, which business structure is the default for a new, single-owner business unless another form is affirmatively adopted?

Why might a small business owner be personally liable for a contract even if the business is incorporated?

Which of the following is an example of a federal law from which small businesses with fewer than fifteen employees are exempt?

What is the significance of the symbol ® when used with a name or logo?

According to the 'Insight into the Global Environment' feature in Chapter 42, why might an online business based in the U.S. be in violation of German law?

What is the primary function of a corporate records book for a small corporation?

When hiring a new employee, what is a key reason for a small business to check the applicant's background and driving record?

What is the primary disadvantage for a business that obtains venture capital financing?

In the case of InfoSAGE, Inc. v. Mellon Ventures, L.P., why did the court affirm the summary judgment in favor of the venture capital firm, Mellon?

Why must a small business owner be cautious about offering severance pay to a terminated employee?

What is the primary difference in liability between a general partnership and a corporation?

If you federally register a trademark that you have already been using for two years, and another company then registers the same mark, what rights do you typically retain?

What legal principle allows an LLC's operating agreement to require all member disputes to be resolved by arbitration, thereby disallowing court challenges?

Which of the following is a key step in forming a corporation?

What must a small business do five years after initially registering a trademark with the PTO to maintain its protection?

What is a major risk associated with the federal Small Business Administration (SBA) loan program?

What is a primary reason for a business to choose a Limited Liability Company (LLC) structure?

According to Chapter 42, what is a primary legal concern a business should have when hiring a new employee who previously worked for a competitor?

What is the primary difference in continuity of life between a sole proprietorship and a corporation?

According to the case of InfoSAGE, Inc. v. Mellon Ventures, L.P., what is a prerequisite for finding a breach of fiduciary duty by a venture capitalist's director appointee?

In the case DBL Distributing, Inc. v. 1 Cache, L.L.C., what specific phrase in the updated credit application was central to the court's decision regarding personal liability?

What is the primary role of an accountant for a new small business, beyond bookkeeping?

What is the Statute of Frauds requirement regarding contracts that small businesses should be aware of?