Blog: Small Business Law

No matter the size, scope or age of an organization, it is wise for business owners to have a solid succession plan in place. While some natural succession might occur – assistant managers becoming managers, for example – it is important that business owners take a careful look at staff and the future needs of the company. There are certain mistakes that managers make, however, that can completely derail a well-developed succession plan, including: Don’t...

Business owners often work day and night to ensure the growth and success of their organizations. However, when it is time to design an exit strategy, many professionals hesitate to develop a comprehensive succession plan. Often, this crucial step is avoided based on commonly held beliefs that have no foundation in data. Here are five common myths that can influence a business owner’s decision to create a succession plan: Succession planning is focused squarely on...

For New Jersey business owners who are just starting out, choosing a business structure can be a difficult decision. Each type of business structure has its pros and cons, so it may be beneficial to speak with a small business law attorney to help determine which structure is best for you. What are the main types of business structures? There are a few business structures for business owners to choose from. Most businesses in the...

Contracts are often the backbone of most business dealings in New Jersey. Therefore, it can help for business owners in the Haddonfield area to have a basic understanding of what constitutes a legally binding contract. The following elements must be met for a contract to be enforceable. Elements of an enforceable contract First, one party to the contract must make a specific offer to the other party, and second, the other party must accept that...

Some budding entrepreneurs in the Haddonfield area may wish to own a business but starting a business from the ground up is not their only option. Sometimes a person would rather buy an existing business or even purchase a franchise. The following is a brief introduction to buying an existing business versus franchising. Essentially, buying an existing business versus franchising boils down to how much control one can exercise regarding their business. Franchising offers a...

A celebrity chef, Richard Hales, is suing his former hotel employer after being let go. The hotel claims that they fired the chef from their in-house restaurant, Bird & Bone, for poor performance. Mr. Hales disagrees, and claims that he was shocked by the firing because Bird & Bone was having a lucrative year. As a result, he filed a $30,000 breach of contract lawsuit against the hotel company in late April. The hotel, on...

The only way companies can stay competitive these days is by introducing exciting new products, creating new ideas and working on projects surreptitiously. The element of secrecy is often of the utmost importance to remain competitive in their field, for fear that someone else might launch their idea first. Similarly, startups based on a new idea need to keep their plans a secret as well. Non-disclosure agreements are one aspect of small business law that...

Closing a business can be a massive undertaking, regardless of whether it was planned or unexpected. When a New Jersey business owner is unable or unwilling to follow the plan of succession that they have put into place they may need to work quickly and efficiently to ensure that all loose ends are tied up as they plan to permanently shut their business’s doors. Before undertaking a business closure and liquidation, consultation with a trusted...

If you are a small business owner or looking to work for one, you may be interested in the subject of noncompete agreements. A noncompete agreement is a clause as a condition of employment that does not take effect until after the employment agreement between employee and employer has concluded. According to Findlaw, sometimes these agreements become the subject of legal disputes depending on what they stipulate. Essentially, a noncompete agreement will put some level...

With such a shortage in the trucking industry, now may be an ideal time for entrepreneurs who want to launch their own trucking company. Here are some of the considerations people may face as they enter this potentially lucrative field. Business plan The typical business plan includes an executive summary, a description of the company, an analysis of the market, a sales and marketing plan and financial projections. Creation of the plan should be among...