Member/Community News

How can you protect your business and yourself? Attorney Katherine E. Missimer, from the Philadelphia law firm Obermayer, Rebmann Maxell & Hippel, took a myriad of questions from members of the Women’s’ Business Forum™ earlier this month in Doylestown, providing advice on “Business Throughout the Corporate Cycle: Answers to Real Questions from Real Business Owners.” Missimer, who represents businesses, nonprofits/for profit corporations and health care entities, defined the corporate life cycle by four categories: Formation; Development; Expansion; and Sales/Transfer. 1. The Formation stage addresses whether to incorporate and the protections it affords your business with regard to taxes, liabilities and ownership. Once the business is formed she suggested performing annual corporate maintenance. She recommended purchasing insurance for general, professional and small business liability plus personal injury. 2. The Development stage encompasses increasing awareness of your business and leaving the home office setting. The unforeseen roadblocks to success can be found in not securing your intellectual property logo, not anticipating customer protections, and not securing leases, subleases and defining shared/common area office space. 3. The Expansion stage involves hiring employees, adding a partner, purchasing or leasing office space or franchising your concept. Missimer said having handbooks and contracts in accord with prevailing labor laws eliminates confusion and allows for an easy transition. Defining a person as an employee or independent/sub-contractor is crucial in establishing whether the work product is yours or the contractor’s. She suggests using a Works for Hire contract. 4. Finally, the Sale/Transfer Termination stage involves dissolving your relationship. Neglecting this can leave you libel even if you have been absent from the business for a discernible period of time, she said.