Category Archives: Business Planning

Stay Bonus Agreements: What They Are and How to Use Them

A stay bonus agreement, also referred to as a retention bonus agreement, is a written agreement between a company and a key employee to encourage the employee to stay with the company.

Understanding the definition and purpose of this type of bonus agreement is critical for both business owners and employees.

What is a Stay Bonus?

A stay...
Read more

LLC Members: What You Need to Know about Your Fiduciary Duties

As a member of an LLC, you may owe a fiduciary duty to the company.

The two key fiduciary duties are the duty of loyalty and the duty of care. Whether you have a fiduciary duty will depend on the LLC’s management structure and whether you have management responsibilities. Understanding your duties is essential to avoiding...
Read more

 LLC Operating Agreement: Is a Non-Compete Clause Necessary?

You and several friends start a new business and decide to operate it as a limited liability company (LLC).

Now that you’ve completed the first step—choosing a business entity—it is now important to prepare an operating agreement. The operating agreement is a contract which governs the operations of the LLC and sets forth the arrangements made...
Read more

SBA Economic Disaster Assistance: Express Bridge Pilot Program

What SBA Economic Disaster Assistance is Available in Response to COVID-19 Part II: SBA Express Bridge Pilot Program

Overview

Pursuant to its authority under the Small Business Act, the U.S. Small Business Administration (“SBA” or the “Agency”) provides direct loan assistance to small businesses located in communities impacted by Presidentially-declared disasters and disasters declared by SBA under...
Read more