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CHAPTER 7: LAW FOR THE ASPIRING ENTREPRENEUR

CHAPTER 7: LAW FOR THE ASPIRING ENTREPRENEUR. CHAPTER 7: LAW FOR THE ASPIRING ENTREPRENEUR. Learning Objectives: Explore the Role of Law within Entrepreneurial and Small Business Environment Explain the Role of the Attorney Discover Areas of Concern When Leaving a Job

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CHAPTER 7: LAW FOR THE ASPIRING ENTREPRENEUR

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  1. CHAPTER 7: LAW FOR THE ASPIRING ENTREPRENEUR

  2. CHAPTER 7: LAW FOR THE ASPIRING ENTREPRENEUR Learning Objectives: Explore the Role of Law within Entrepreneurial and Small Business Environment Explain the Role of the Attorney Discover Areas of Concern When Leaving a Job Determine Strengths and Weaknesses of Legal Forms of Conducting Business Chapter 7

  3. APPROACH TO THE CHAPTER • “Business-Stage” Approach • Early-stage formation is a dynamic time for any business, with complex challenges in both legal and non-legal realms • Extended exposure to topics elsewhere in the textbook • 3 Chapter 7

  4. LAW AND THE ENTREPRENEUR Knowledge of the Law Serves to: • Minimize Risk • Improve Strategic Planning Process Chapter 7

  5. ENGAGING AN ATTORNEY • Role of the Attorney • Reduce risks and amount of exposure for risks • Provide strategic guidance • Finding Capable Legal Counsel • Importance of Finding an Attorney with a Background in Small Business/Entrepreneurship • Importance of Finding an Attorney with whom the Owner can Create a Solid Working Relationship Chapter 7

  6. ENGAGING AN ATTORNEY • The Attorney-Client Privilege • Nature of the Privilege • Parameters of the Privilege and How it can be Lost • Determining Who is the “Client” Chapter 7

  7. LEAVING EMPLOYMENT • Current Employees • Common Law Duties • General Duty of Loyalty • Duty to Act Reasonably • Duty Not to Solicit Clients and Customers of Current Employer • Contractual Duties • No-moonlighting Clause • Confidentiality Agreement Chapter 7

  8. LEAVING EMPLOYMENT • Former Employees • Common Law: Trade Secrets • Role of Trade Secrets • Definition of a Trade Secret • “Information with Independent Value,” and • “Subject to Reasonable Efforts to Maintain its Secrecy” • Contractual: Agreements Not to Compete • Role of the Agreement Not to Compete • Enforcing an Agreement Not to Compete • Majority of State: Test of Reasonableness • California: Forbids Chapter 7

  9. LEAVING EMPLOYMENT • Hiring Restrictions • Nature • Risks Chapter 7

  10. SELECTING THE APPROPRIATE LEGAL FORM • Preliminary Matters • Types of Legal Forms • Sole Proprietorship • Limited Liability Company • Corporation • Factors • Limited Liability • Income Tax Treatment • Control • Financing Chapter 7

  11. SELECTING THE APPROPRIATE LEGAL FORM • Limited Liability Company • History • Use • Characteristics • Limited Liability of Owners for Debts of Business • Possibility of “Pass-Through” Income Tax Treatment • Attraction of Angel Investors Chapter 7

  12. SELECTING THE APPROPRIATE LEGAL FORM • Corporation • Use • Characteristics • Characteristics • Limited Liability of Owners for Debts of Business • “Entity” Income Tax Treatment • Importance • “Double Taxation” Notion • Attraction of Venture Capital Chapter 7

  13. CHAPTER 7: LAW FOR THE ASPIRING ENTREPRENEUR Chapter 7

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