As we all well know, leadership trickles down. If you want the rank-and-file workers in your company to be transparent and accountable, the leadership must model it. Even the most inconsequential practice in the boardroom, if carried out long enough, will naturally trickle down to the rest of the company and to the front end to the customer base. Here are a few board governance best practices to help keep your business legally and financially sound:
Like any model law, the Uniform Commercial Code (UCC) seeks to be a template for states to make commerce increasingly seamless throughout the United States. This is good for business owners and consumers alike. Article 2 of the UCC regulates the sale of goods. Fourteen states have implemented Article 2 in full, however all states except Louisiana have adopted some version or part of it.
Imagine if every business decision you made was the best one you could possibly make. Profits maximized every single time. Where would that land your company? Fortune 50? Better? The difficulty with achieving a perfect record of decision making is that the best strategy to optimize your business outcome is frequently unobvious and may even be counter-intuitive.
A business should consider purchasing insurance coverage to protect the business from unforeseen liability, loss, and litigation. There are numerous types of insurance policies available to a business, and it is wise to consult an insurance agent or broker about the options of coverage which would apply to your business.
In business, a security is something issued by a business entity, generally being an interest in or an obligation of that business entity. Typical examples include corporate stock, interests in a limited partnership, and corporate bonds and debentures.
In Minnesota, any individual or partnership which conducts or transacts business under a name that is different from the full, true name of each business owner must register this name with the Secretary of State.
Choosing the organizational form a business will take is a fundamental decision for every entrepreneur. Choosing the right entity can empower the business to yield returns to the owners, offer liability protection, and run efficiently at the highest capacity.
An employee handbook is a basic and efficient tool in the presentation and enforcement of an employer’s workplace rules. A well-written handbook can save an employer considerable effort in training and educating an employee as pertains to workplace regulations and work operations.
A worker’s status as either an employee or an independent contractor is of utmost legal significance, affecting various areas of liability, and it is therefore crucial for an employer to understand the distinctions.