At the risk of attempting to sound like a salty veteran, I’ve reviewed a number of commercial lease agreements in my day. While I do my best to control my instincts that turn me into an overprotective mama bear for my clients (usually the tenants), sometimes I just have to stomp my feet and say NO, you’re NOT signing that. Now go to your room. I mean…ahem…nevermind.
Last week a client presented me with an Exclusivity Agreement she received from her prospective landlord. My client wanted to open a nail and skin care salon in a shopping center that already had a hair salon as a tenant. In short, the exclusivity agreement between the landlord and the existing tenant said that the landlord could not lease to another tenant whose
Continue reading Exclusivity Agreements in Commercial Leases
This is audio of an interview I did with Dave Hall, CPA, about the importance of having a lawyer when starting or running a small business.
Gryphon Valuation Consultants, Inc. www.BizVals.com 702-870-VALU (8258)
Buy/Sell Agreements provide a blueprint for the transfer of business interests, allowing business owners to control and protect their investment in an organized and prescribed manner. Think of the Buy/Sell Agreement as a prenuptial between business partners.
Buy/Sell Agreements address certain triggering events such as death, divorce and the departure of business owners and should be an integral part of every business planning process – ideally, very early in the process. A well-constructed Buy/Sell Agreement serves five crucial functions:
Creates a ready-made market for a company’s shares or membership interests upon the occurrence of a triggering event or other predefined transfer scenario; Defines the price (value) at which the shares or membership interests will be transferred and the terms of the facilitating transaction
Continue reading Buy/Sell Agreements: A Business Valuation Perspective
My client had hired LegalZoom to form his LLC last November. When he called me last week for help with getting his local licenses, I discovered the Initial List of Members (which was due 30 days after the Articles of Organization were filed) had never been filed. Therefore, his entity had been in default for almost the entire first year. Luckily, he hadn’t started operating yet so he hadn’t been refused an account by a supplier, merchant services company, or bank.
To make things worse, he had to pay $175 in late fees to the state.
If you’re going to have LegalZoom form your entity, make sure they finish the process, or that you know where their services end.
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Everything you needed to know about patents but were afraid to ask…
By Pin Tan, Patent Attorney and Managing Partner of Lightbulb IP
Protection for New and Useful Inventions
Patents provide broad protection over inventions or discoveries that are both new and useful by giving patent holders the exclusive right to make, use, sell, or offer to sell their patented inventions. This means a patent holder can exclude third parties from making, using, or selling his or her patented invention. Unlike other forms of intellectual property protection, a patent holder’s exclusive rights extend to third parties who independently develop or discover the invention.
Types of Patents and Patent Applications
There are three types of patents and patent applications, namely, utility, design, and plant patents. Utility patents protect the way
Continue reading A Primer on Patents
August 28, 2012
A little birdie just told me that Clark County is cracking down on unlicensed businesses, especially real estate brokers, real estate salespersons, and professional promoters.
To see whether your business is in the county’s jurisdiction, check the Jurisdiction Locater. Look at what appears next to “Jurisdiction.” If it says Clark County, check the status of your business license in their Database.
If your license isn’t in Active status, you can pay your license fees online. However, you need the information from the bill they send you.
If you don’t have the bill, you should probably pay their office a visit or mail in your payment to:
Clark County Business License – Billing and Payments 500 S. Grand Central Pkwy, 3rd
Continue reading Clark County Cracking Down on Unlicensed Businesses
Today I received a call from a potential client who was called before the Nevada Department of Taxation about $60,000 in taxes, penalties, and interest he owes from a business he stopped operating in 2009. Apparently he simply closed the doors of the business and changed his address. Three years later he’s on the hook for this money partly because he failed to request the Department of Taxation cancel his tax permit.
When you’re closing up shop, it involves far more than just closing the doors. Here are just some of the things to consider when shutting down your business in order to avoid personal liability…
Follow any termination or dissolution protocol outlined in an owners’ agreement, Make sure all your debts are paid or that arrangements have
Continue reading Small Business Horror Story #6: Not Properly Closing Your Business
The first step in starting a business is to choose a name. In my article on How to Start a Business in Las Vegas, I say, simply, “make sure no one else has it.” Maybe I need to elaborate.
In addition to ensuring no one else has the entity name by checking with the Secretary of State, making sure no one else has licensed the name with local business license bureaus, and making sure you can reserve a domain with your company name, you want to check the federal trademark database.
Whether you go to all this trouble really depends on the type of company you have and its potential for growth. If you are Joe’s Mobile Detailing, chances are you’ll stick within
Continue reading Small Business Horror Story #5: Trademark Denied
The United States Patent and Trademark Office (USPTO) website is incredibly helpful in educating people about the trademark process. However, there are some pitfalls not covered by the site that I’ve encountered in helping my clients. And because I’m all about warning my clients about pitfalls, I am writing this article. First, you don’t necessarily need to file a formal application for a trademark. Simply by using the mark in commerce, whether it be a name, a logo design, or both, you get some degree of protection as long as you can prove you were using it first. You can even use the little “TM” or “SM” next to your logo without having filed a formal registration with the USPTO. Getting an official trademark from
Continue reading Trademark Basics