Author Archives: B.F. Godfrey
Sole Proprietorship vs. Corporation: Which Should You Choose?
So you have a business idea and you decided to form your own business. When you create a company, you can choose from two main types of entities: sole proprietorship and corporation. The one you choose will depend on factors such as the number of people in your company and the amount of liability… Read More »
Is Your Company’s Non-Competition Agreement Legal?
Employees are often required to sign various documents when taking on a new job. One of these documents is a non-competition agreement. Also known as a non-compete, this document is similar to a contract. It prohibits an employee from working for a competitor and sharing trade secrets. In exchange for the employee’s loyalty, the… Read More »
Protecting Your Trademark
Nothing is more frustrating than coming up with a great idea—only to have someone steal it. This happens more often than you think. Someone sees a company become a financial success by selling a certain product, and the person creates an imitation of that product—a knockoff—for a much lower price. When someone copies your… Read More »
Costs and Responsibilities of Owning a Franchise
On first glance, owning a franchise may seem like a fun and exciting investment. After all, who wouldn’t want to own a McDonald’s or Baskin-Robbins? Brand name recognition alone will draw customers to your restaurant, bringing in huge revenues—and hopefully profits. While this may seem like an easily attainable goal, a franchise is more… Read More »
Franchises applaud Labor’s rollback of ‘joint employer’ guidance
Paul Brinkmann, Contact Reporter Orlando Sentinel Franchise companies, including many restaurants in the Orlando area, are applauding a move by the Trump Administration’s Department of Labor on Wednesday that could reduce lawsuits against franchisors. It could also mean less money for employees or customers who sue franchise businesses. Franchise companies, such as McDonald’s… Read More »
How do you determine the worth of a business?
Any estimate of a business’s value is more art than science. There is no magic formula that will simply tell you with any degree of certainty the value of your business. Generally, a business’s value is set by negotiations between a willing buyer and a willing seller who have no particular compulsion to buy… Read More »
Is the Handshake Deal Gone or Is It Still Enforceable?
I was talking the other day with a friend about how different our legal culture was in the US regarding contracts when compared to other countries. He said that he felt that handshake contract was all but dead in the US. Unfortunately, there is some truth in this statement, but there is also a… Read More »
Avoiding Property Inspections: An Expensive Mistake
During the last 3 years, I have worked on the acquisition of a number of businesses and reviewed various leases for my clients. Unfortunately, one piece of advice which I always give my clients is too often ignored: hire a commercial building inspector inspection to check out the space being leased and/or the condition… Read More »
Alternatives to Franchising Your Business
Since franchising your business is an expensive undertaking, you should consider other means of expanding your business. We will very briefly look at 5 of the various business expansion vehicles as compared to franchising: 1. Company-owned expansion Advantages: Branch offices with control over all aspects of the business. Disadvantages: Heavy capital outlay, management/employee issues,… Read More »
Primer on Trademarks Vs. Urls and State Corporate Registrations
I often encounter clients that come to me to complain about infringement of their “trademark” based on the assumption that particular actions they have taken constitute a registration of a “trademark”. I have outlined some basic distinctions which will help you determine the status of your “trademark”. A domain name (a/k/a URL) is a… Read More »