Today’s post highlights some of the key issues you should be aware of as you begin preparing your business for Seattle’s minimum wage ordinance.

First Phase: April 1, 2015

The increase to the $15.00 minimum wage will be phased in beginning April 1, 2015. Here’s how Seattle’s minimum wage laws apply to your business:

Larger Companies (more than 500 employees)

If your business employs more than 500 people in the US, then your business must pay each employee working in Seattle a minimum hourly wage of $11.00 by April 1, 2015.

Small Companies (500 or fewer employees)

If your business employs 500 or fewer employees in the US, then your business must pay each employee a minimum hourly wage of $11.00 by April 1, 2015. However,…

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There will inevitably come a time when you’re ready to move on from owning and operating your small business. When that time comes, you’ll need to determine your best option for exiting your business. In many (if not most cases), that will mean preparing for someone to acquire your business. Today’s post details some of the considerations and steps you can take to better position your business for a successful acquisition.

The Bigger Your Company, The Less Options You May Have

I know, it seems counterintuitive. But if you think about how many people are willing or able to pay $1M versus $10M for your “small” business, it’s easier to see that the larger your company, the fewer potential buyers there may…

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It is no surprise that the LLC has become the most popular limited liability entity to form in the U.S. The flexibility afforded by the LLC structure is attractive to many entrepreneurs, especially small businesses. There’s one important step that owners of an LLC should not overlook: drafting the operating agreement. Today’s post highlights some of the main benefits of drafting an operating agreement for your LLC.

What is an Operating Agreement?

It’s a contract between the owners of the LLC (referred to commonly as “members”) and the LLC itself. The operating agreement includes terms that detail (among other things) the management rights, distribution of cash, allocation of profits of losses, and how members can join and exit the company.

Setting Clear Management…

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When purchasing a small business, many buyers overlook one important aspect of the deal: transferring intellectual property rights. Typically, IP rights include copyrights, trademarks, patents, and other non-disclosure rights. I’ve highlighted three basic questions you should always ask before you purchase a small business.

Can you and do you want to transfer the business’ trademarks?

In some situations even if the trademarks are transferable, you may not want to transfer them. For example, the business’ logo may infringe on rights of another business. You obviously wouldn’t want to transfer ownership and risk being held liable for trademark infringement once you own the logo.

In other instances, the trademarks may not be transferable if the seller does not have the right to transfer…

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