The Law (in Plain English) for Small Business (Sixth Edition)

by Leonard D. DuBoff, Rudolph Lopez III

Overview

“Well written and logically organized.” —Booklist. This handbook makes planning and problem-solving easy with its clear explanations of complex issues.

In The Law (in Plain English)® for Small Business, Sixth Edition, Leonard DuBoff guides entrepreneurs and small business owners through the maze of legal obligations and protections they need to understand. Chapters cover important topics such as:
 

• Licenses
• Trademarks
• Insurance plans
• Franchising
• Incorporating
• Advertising
• eBusiness considerations
• Taxes
• Succession planning

Whether one is just about to open a small business, reassessing an existing business, or simply have a few questions, The Law (in Plain English)® for Small Business, Sixth Edition, is the go-to resource for small business owners and entrepreneurs.

Product Details

ISBN-13:	9781621538219
Publisher:	Allworth
Publication date:	11/08/2022
Edition description:	6th Edition
Pages:	312
Product dimensions:	6.00(w) x 9.00(h) x 0.90(d)

About the Author

Leonard D. DuBoff is the founder of the DuBoff Law Group, PC, and an internationally recognized expert who has lectured on legal issues throughout the world. He graduated magna cum laude from Hofstra University with a degree in engineering and summa cum laude from Brooklyn Law School, where he was the research editor of the Brooklyn Law Review. He was a professor of law for almost a quarter of a century, teaching first at Stanford Law School and then at Lewis & Clark Law School. He lives in Portland, Oregon.

Rudolph Lopez III is an attorney working at the DuBoff Law Group, PC. He has worked for nearly ten years in the field of Intellectual Property. A graduate of Northwestern College of Law at Lewis and Clark University, Rudolph Lopez III has experience with International Intellectual Property issues as well as with a variety of business law in general.

Table of Contents

Preface xv

Chapter 1 Organizing Your Business 1

Sole Proprietorships 2

Partnerships and Joint Ventures 3

Limited Partnerships 6

Corporations 8

Taxes 12

Chapter 2 Business Organization Checklist 17

Accountant 17

Business Structure 17

Naming Your Business 18

Chapter 3 Developing Your Business Plan 27

Executive Summary 27

History of the Business 28

Products and Services 28

The Market 28

The Competition 29

Source of Work 29

Management 30

Financial Data 30

The Business Plan Team 31

Chapter 4 Borrowing from Banks 33

Loan Proposal 34

Creditworthiness 34

Good Character 35

Cushion 35

Purpose 35

Term of Loan 36

Repayment 36

Amount Needed 37

Collateral 37

Business Outlook 40

Financial Evidence 40

Analyzing Your Business Potential 40

Application 43

Lenders Rules and Limitations 44

Details of the Agreement 46

Communication When Problems Arise 46

Venture Capital 48

Chapter 5 Going Public 49

Advantages of Going Public 49

Disadvantages of Going Public 50

Federal and State Securities Laws 51

Initial Public Offering 52

Crowdfunding 54

Going Private 55

Chapter 6 Contracts 57

Contract Basics 57

Types of Contracts 58

Understanding Contract Principles 59

Proving an Agreement 60

When Written Contracts Are Necessary 61

Essentials to Put in Writing 63

No-Cost Written Agreements 64

Confirming Memorandum 64

Additional Terms 66

Contracting Online 67

Consumer Protection Laws 68

Online and Mail-Order Sales 69

Consignment 69

Chapter 7 Consignment 71

Advantages 71

Disadvantages 72

Bankruptcy 72

Special Laws for Artists 74

Definitions 75

Chapter 8 Collections 77

Point-of-Sale Payments 77

Consignment 80

Bankruptcies 84

Chapter 9 Expanding Your Market with Franchises and MLM Companies 89

Franchising 89

Multilevel Marketing 93

Chapter 10 Patents and Trade Secrets 97

Patents 97

Trade Secrets 103

Patent or Padlock Dilemma 104

Chapter 11 Trademarks 107

Definition 108

Prohibited Trademarks 109

Protecting a Trademark 110

Infringement 116

International Protection 116

State Registration 117

Using an Attorney 117

Chapter 12 Copyrights 119

Copyright Law Foundation 119

Publication 120

Copyrightable Material 120

Scope of Protection 121

Ownership 122

Copyright Protection for Utilitarian Objects 125

Notice Requirement 126

Application Process 126

Period of Protection 128

Infringement 128

Noninfringing Uses 129

International Protection 131

Chapter 13 Advertising 133

Government Regulation 133

Comparative Advertising 134

Publicity and Privacy 135

Unauthorized Use of Trademark 136

Geographic Locations 136

Trade Dress 137

Conclusion 138

Chapter 14 Licensing 139

What Is a License? 139

Licensing Your Intellectual Property 140

Licensing Hazards 140

Chapter 15 The Internet 147

Protecting Consumer Information 147

Laws and Obligations 148

Domain Names 148

Copyright 150

Internet Advertising 151

Disclosures 151

Audits 152

Liability Insurance 152

International Concerns 152

Copyright Concerns 153

Peer-to-Peer Problems 154

Server Protection 154

Email 155

Cyberterrorism 156

Security for Online Commerce 157

Chapter 16 Warranties 159

Express Warranties 159

Implied Warranties 161

Disclaimers 164

Magnuson-Moss Warranty Act 165

Remedies 166

Using an Attorney 166

Online Sales 166

Chapter 17 Product Liability 167

Defective Products 167

Federal Laws 171

Product Liability 171

Liability Insurance 172

Chapter 18 Business Insurance 175

Basics of Insurance Law 175

Ascertaining Risk 176

Additional State Regulations 177

Expectations vs. Reality 177

Overinsuring and Underinsuring 178

Unintentional Undervaluing 179

Property Covered 180

Scheduling Property 180

When and How to Insure 181

Keeping the Cost Down 182

Chapter 19 People Who Work for You 183

Independent Contractors 183

Employees 184

Hazards in the Workplace 189

Discrimination 190

Harassment 191

Age Discrimination 192

Disabilities Discrimination 192

Employee Handbooks 193

Zero Tolerance Policies 194

The Family Medical Leave Act 194

Termination of Employment 195

Chapter 20 Keeping Taxes Low 199

Income Spreading 199

Qualifying for Business Deductions 205

Other Professional Expenses 210

Chapter 21 Zoning 217

Local Zoning Restrictions 217

Federal Regulations 218

Telecommuting and Web-Based Businesses 219

Chapter 22 Renting Commercial Space 221

Premises 221

Cost 222

Term 222

Restrictions 222

Remodeling 223

Americans with Disabilities Act 223

Environmental Laws 224

Utilities 224

Security and Zoning 225

Written Document 225

Chapter 23 Retirement and Pension Plans 227

Defined Benefit Plans 228

Defined Contribution Plans 228

Profit-Sharing Plans 229

Salary Savings/Reduction Plans 229

Simplified Employee Pension Plans 230

Simple IRAs 231

Money-Purchase Plans 231

Employee Stock Ownership Plans 231

Hybrid Plans 231

Designing and Documenting a Plan 232

Employer-Sponsored Plans 232

Investments in a Qualified Plan 234

Chapter 24 Estate Planning 235

The Will 235

Intestate Succession 238

Elective Share 239

Estate Taxes 239

Distributing Property Outside the Will 242

Trusts 244

Probate 245

Preparing for Incapacity 246

Digital Assets 246

Chapter 25 Finding a Lawyer and an Accountant 249

Finding a Lawyer 250

Evaluating a Lawyer 250

Using a Lawyer 251

Finding an Accountant 252

Glossary 253

Acknowledgments 277

About the Authors 279

Index 281

Editorial Reviews

The Law (in Plain English)® for Small Business is well written and logically organized, covering an adequate range of topics. The guide is most effective in introducing basic, high-level considerations such as whether to incorporate, how to borrow money, and how to develop a business plan.” —Booklist

“Straightforward, simple explanation is the exclusive realm of the highly competent and intelligent. My community college physics teacher liked to cite Einstein as her favorite example of a clear thinker. Leonard DuBoff has the unique talent to expose the simplicity in what might seem complicated and intimidating. I can give no higher praise.” —Kelvin Scribner, CEO, Sagetech Corporation.

“Concise and simple explanation of complex issues. Leonard and Amanda provide an understandable business road map to help navigate pitfalls and to be successful.” —Cork Cieslinksi, president, C2F, Inc.

“Successful small business owners all have one thing in common—they are chameleons who wear the hat of a marketer one moment, an engineer the next, then an accountant, a human resources director, an innovator, a leader, and a negotiator. With every new role, different legal issues loom large and can impose an incomprehensible layer of complexity. The Law (in Plain English)® for Small Business is the perfect tool to help business owners decipher legal complexity, manage risk, and move forward with confidence. No small business owners, be they serial entrepreneurs or established executives, will want to be without this book.” —Dr. James Hardt, founder, Biocybernaut Institute

“An invaluable resource, The Law (in Plain English)® for Small Business is, as the title indicates, an easy-to-understand explanation of legal issues commonly faced by small business owners. I recommend this comprehensive guide to everyone involved in business whether they are just starting out or are seasoned business people.” —Marvin Aaron, president, Coilhose Pneumatics

“Leonard has a unique way of getting to the point quickly . . . and clearly. I have worked with him for over twenty years, and he speaks from ‘feet on the ground’ experience. Most importantly he has a rare common sense that is refreshing!” —Paul Lubitz, cofounder, Holly Yashi, Inc.

From the Publisher