What is a confidentiality agreement?
A confidentiality agreement, also known as a nondisclosure agreement, is a contract that requires that a party agree not to disclose certain information made available to the party. In most instances, the information that a business wants to keep confidential is either sensitive information, personal information, or information that affords the business a competitive edge. The latter type of information is often categorized as a trade secret. Trade secrets are proprietary processes, systems, technology, vendors, and other types of information that enable a business to maintain a competitive advantage. Confidentiality agreements are often used by employers when hiring employees and independent contractors to maintain the confidential nature of the information available to the employees and contractors.
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What was the most interesting piece of property or item listed in a living trust? Almost everyone has heard of Napoleon Bonaparte, but you may not know about an odd bequest in his will. When he died in 1821, his will directed that his head be shaved and his hair be distributed among his friends.
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Yes, it is a great way to avoid probate! However, owners should be advised that doing so could potentially decrease their asset protection.
Why? Because of the unknown. The Florida Supreme Court has been silent and the Florida's lower courts are unsettled as to whether this tranfer of title to a trust effects your homestead protection. At least one case states it WILL decrease your homestead protection, while at least 5 say it WILL NOT. Side note, recent Florida legislation also allows a homestead to be afforded full protection if held in a Florida land trust. That being said, it is important to to understand the spousal rules around the Florida homestead in order to plan accordingly.
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People have no idea they are named executor or trustee in the decedent's estate plan. They have no idea if the decedent had an estate plan and if they did where it can be found. 1- create an estate plan and 2- make sure you tell the key players about it.
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What is an average day like for a litigation attorney?
Do you need an attorney to handle your litigation matters? Contact us today for more information or to schedule your free consultation.
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One of the most tragic days in American history. Today we honor those who lost their lives and those who made the ultimate sacrifice for our country. May they never be forgotten. #Neverforget 🇺🇸
With early voting already underway in some states and November 3 just around the corner, you may be wondering about your obligations as an employer to provide your employees the opportunity to vote. These questions are particularly important in light of the current pandemic and the high political tensions at play during this election. Here is one out of the three steps you can take to prepare your business and workforce.
1.) Understand your state’s laws: Many states have jurisdiction-specific laws regarding employer obligations to employees. These laws typically address
● providing time off to vote,
● requiring notice to take time off,
● illegally influencing votes, and
● illegally firing employees for participation in the civic process.
These laws may provide for time off for regular election days and individuals submitting absentee ballots. The scope of coverage depends on the jurisdiction in question. In some cases, employers are obligated to provide paid time off for employees who would like to vote. Other states mandate time off, but the time is unpaid. Keep in mind that many of these laws have notice requirements. Some states require employees to provide notice of their intent to vote within a particular time frame. Employees may also be required to provide their employers with proof of the fact that they voted.
Litigation Risk: The risk of litigation is significant in today’s litigious society. Litigation risk overlaps with many, if not all, of the other types of risk described above. When a risk becomes a reality, litigation is often proposed as a solution. Litigation is a time-intensive and resource-heavy process, however. In fact, the cost of litigation can rival the cost of the initial problem. In addition to depleting resources, litigation may also impact the reputation of a company, particularly if it does not prevail in the lawsuit. Consequently, business owners should exercise care to minimize the opportunity for litigation to arise.
Compliance and Regulatory Risk. Managing compliance and regulatory risk is critical when a business is subject to government rules, laws, or regulations. Compliance risk arises when there is the potential to violate rules and regulations. Regulatory risk (a related term that is sometimes used interchangeably) involves the creation of rules applicable to the business. For example, a business can reduce its regulatory risk by ensuring that it complies with rules promulgated by the Internal Revenue Service. Failure to pay taxes on time or use the correct procedure results in negative consequences. Another example of a regulatory risk involves changes in the law applicable to a company—for example, a law increasing the minimum wage it must pay its employees. Noncompliance with such laws will likely result in substantial civil penalties. One important recent example is the General Data Protection Regulation, which mandates several changes to the way companies interact on a global level in order to avoid hefty fines. A business’s compliance risks vary depending on time, location, industry, and a host of other factors. Nevertheless, every business should take steps to ensure that it complies with the applicable laws, rules, and regulations applicable.
Operational Risk: Operational risk involves the day-to-day activities and ongoing management of resources within a business. Operational risk has the potential to compound over time. In other words, a business’s failure to perform essential daily tasks like maintaining accurate books and records can eventually create a very significant risk. Solving operational risks can be very expensive and time-consuming. Moreover, this type of risk has a higher chance of negatively impacting the business on various levels. Another example of an operational risk is the failure to properly identify and protect intellectual property belonging to the business. Carefully considered plans and procedures should be implemented to ensure that the business’s day-to-day operations are carried out in a way that mitigates its risk.
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Structural Risk: Structural risk arises from problems with how a business is structured. For example, selecting the wrong legal entity for a business—or never establishing a separate legal entity—creates a structural risk. It is common for business owners to start a business as a sole proprietorship. However, business owners often fail to timely transition to a separate legal entity that provides limited liability. Another structural risk arises when the business fails to properly identify and clarify ownership and management issues, such as how the business is managed, how ownership interests are transferred, and the degree to which owners are exposed to personal liability. Putting the proper legal structure in place is crucial to minimize the risk of disputes, lawsuits, and the personal liability of the business owners for claims against the business.
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The Dangers of DIY Contracts
3/3 You could create an accidental legal obligation:
Contract drafting involves very deliberate language. The inclusion or exclusion of various terms can unintentionally create legal obligations and make your business legally liable. This is especially true given the complexity of boilerplate language often found in contract templates. The details hidden within boilerplate language may create obligations that you are not legally required to take on.
These various risks could culminate in increased liability, decreased protection, and expensive legal fees to remedy these mistakes. The limited savings of a DIY contract are easily outweighed by the time and money that will be spent if any of these risks become reality in your business. As the well-known adage goes, “Prevention is better than cure.”
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The Dangers of DIY Contracts
1/3: The contract may leave out key provisions:
Creating your own contract in an attempt to save money can run the risk of unintentionally leaving out key legal terms and clauses that protect your interests as a business owner. Contracts created with online templates are often overly broad or vague, resulting in agreements that, when analyzed, fail to provide the specific protections that make the contract valuable. Attorneys have the experience and resources to craft contracts that include the most important provisions to protect your business.
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3/3: Provide neutral and fair treatment regarding voting. To the extent that you choose to provide time off, accommodations, and a generally supportive work environment, ensure that all of your employees receive fair and consistent treatment. Some states statutorily prohibit employers from influencing how employees vote, with criminal or civil liability imposed for any violation. Moreover, in instances where an employer treats an employee differently based on the employee’s political views, the employer may be exposing itself to litigation if its activity is found to have violated employment laws regarding equal treatment.
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Do you conduct business in more than one country? Do you have customers overseas? If you conduct business overseas, a US trademark provides you with zero protection. A United States, federal trademark will not help you. It is only enforceable in the United States and its territories. Depending on the region or the area you can file for an international trademark. Contact us today to learn more!
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Did you know.... If you include your pet in your will, the person receiving your pet is under no obligation to keep or care for your pet. But with a pet trust, the trustee has a legal duty to carry out your instructions. Therefore, you can ensure that your pet's future will be safe and secure by preparing a pet trust.
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Some people use their Will to cut certain loved ones out of their estate some want something fairly simple while others want one that is out of this world - regardless of your goal - there are certain items you cannot include:
Joint accounts: Any funds in your joint account will go automatically to the surviving account holder
Joint tenancy property: Again, your half will go to the surviving tenant
Pension benefits: These typically go to your spouse according to the conditions of the scheme
Life insurance: Unless you have written your life insurance into your ‘estate’, it will automatically be paid to the beneficiary upon your death
Business ownership: It’s unlikely you’ll be able to transfer your share in a business to someone else without the consent of the surviving partner(s)
Anything you don’t own: Obviously you cannot gift anything that is not entirely yours, so leased vehicles, hire purchased items etc. cannot be included
Here are some items you may want to think twice about before including in your will: pet gifts, funeral arrangements and conditional gifts.
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Why every business should have "Core Values"?
Core Values are an integral part to building any organization - they are the heart and soul of your company. Today - people care about what is behind the company. Having a clear set of core values helps you create a company culture and environment where your staff are more likely to make the right decisions. Core values help you recruit top staff and compete for top customers. People are more willing to support you when they understand what your business stands for - the vision and goals behind the company. You will attract the customers you desire and deter ones that do not align with your vision. It is important to educate your staff and customers about the identity of your company - Core Values are your reputation.
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What is a Non-Disclosure Agreement and when are they typically used?
A Non-Disclosure Agreement (NDA) is a contract to prevent others from learning about certain confidential or sensitive information. Companies and startups use these documents to ensure that their good ideas and information won't be stolen by the people with who they are negotiating. NDA's can be both mutual and unilateral agreements and are commonly used in business transactions, real estate deals and employee relationships.
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What are my goals? Who do I trust? What will they be responsible for and for how long? Where are they located? Will they survive me? Can you afford to compensate them? The main consideration when selecting a trustee is picking someone who is trustworthy. The trustee has a duty to manage the trust in the beneficiary's best interest. The trustee does not need legal or financial expertise, but he or she must have good judgment. If you don't have anyone you trust then the best option may be to seek a bank or trust company.
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