For business leaders and new business owners, succession planning is an important part of creating and preserving the legacy of your company. Your plan should be enforceable and binding, and it should protect you from any potential lawsuits. A strong succession plan will prevent others from attempting to disenfranchise your intended successors. There are several complications that can potentially alter the integrity of your business upon transfer including: The unintentional revealing of confidential information Liabilities involving the communication of your departure, or lack thereof Restructuring of the entity’s organization Sudden death that enacts state inheritance laws (which may not match […]
The Defend Trade Secrets Act was passed in 2016. It provides businesses with additional trade secrets protection in the form of the power to file a civil lawsuit in a federal court so long as their confidential information was stolen through either interstate or foreign commerce. The law provides businesses with more “teeth” to their confidentiality agreements. After all, they now have one more avenue to pursue protection, and federal courts have a number of advantages compared to their state-level counterparts. For example, federal courts have broader discovery tools, meaning that businesses might be able to secure more information that […]
Of all the agreements your company signs, few carry more potential, or more risk, than a merger or acquisition purchase agreement. Fusing your company with another gives you access to new resources, clientele, and skills, but it also connects you to the other firm’s scandals and liabilities. You should thus never sign a purchase contract without a satisfactory answer to the following questions: What is the state of this company’s finances? After you merge with or acquire another company, its financial health will be linked to your own, so make sure it is solvent, or at least salvageable. Obtain financial statements for […]
While contract management may seem like a clear and logical task for business leaders entering the tech startup world, it’s easy to overlook the complex contractual details in this specialized area of law. Here are a few contract negotiation and management tips to help you prioritize your needs and meet your business goals. Know what you own. As a developer, copyright laws grant you ownership of your product from the moment you hit the ‘save’ button. Any design and creative content that went into the work also falls into this category. When you allow someone else (whether a client, an […]
Douglas Park Law proudly sponsored the Atlanta Mobile Awards again this year. The Atlanta Mobile Awards brings together leaders on the forefront of mobile technology. Developed by the Atlanta Mobile Marketing Organization (AMMO), the Atlanta Mobile Awards “brings brands and technology companies of all sizes together to celebrate the best in mobile marketing, products and experiences. This summer, Nerd Wallet Inc. named Atlanta the “Most Mobile Friendly City in the US.” AMMO’s mission is to bring overdue national recognition for Atlanta as one of the top cities in the world for mobile mobile development and mobile marketing. This year, the […]
In January 2016, Goldman Sachs issued a detailed report that estimated that the total addressable market for virtual reality and augmented reality combined will reach as high as $182 billion by 2025. This incredible figure is their “accelerate uptake” estimate, which assumes that head-mounted displays (HDM) will “evolve from a niche market device to a generic computing platform by 2025.”
Managing your human resources is perhaps the hardest part of a growing business. When you only had a handful of employees, it was easy to meet with each of them face to face to discuss performance and expectations. Once you expand beyond a handful, the situation becomes trickier. Different departments have different salary structures and expectations. At this moment, your company is at a tipping point, where a business lawyer and employee agreements become essential.
As a business owner, there are four agreements of particular importance.
Make Sure Your Company Complies with the Defense of Trade Secrets Act This spring, Congress passed and President Obama signed into law the Defense of Trade Secrets Act (the “DTSA”), a piece of legislation that has been called the most important federal intellectual property law passed since the Lanham Act was enacted 70 years ago to provide federal protection to trademarks. Substantively, the DTSA tracks the Uniform Trade Secrets Act in large part, which has been previously enacted in every state other than New York and Massachusetts.
If you’re a leader in your tech startup company, you have undoubtedly invested ample amounts of time, research, and money to ensure that you're offering the very best product you can deliver. Your intellectual property is probably your most valuable asset and provides you with a competitive advantage in the marketplace, and that fact alone can embolden any technology venture.
Some businesses are born of the heart, others by chance. If you’re lucky, you’re entering an industry that’s seeing great interest rates, a surplus of starting capital, and investors that are willing to take a chance. These lower barriers to entry are exciting, and they can help small and medium-sized businesses hit a nice stride right out of the gate. If you’re entering a more difficult industry, you’re squeezing your pockets from the jump.