|
If you want to Protect your Assets, Virtual In-House Counsel can help you:
 Keep trade secrets secret
Set up a family trust
Intervene when regulatory agencies exercise controls
Determine if bankruptcy is an option
… Keep trade secrets secret
Businesses often rely on confidential information—inventions, strategies, and processes to keep their competitive edge. A trade secret may include any information not generally known to or readily ascertainable by competitors, such as information about customers, prices, production methods, and marketing plans.
Nondisclosure agreements are a business's first line of defense. Requiring employees who have access to trade secrets to sign nondisclosure agreements is one important step that employers can take to
guard the secrecy of the information.
Another is to include a policy statement regarding confidential information in the employee handbook as
an additional layer of protection. A signed acknowledgment form stating that the employee received, read, and understood the handbook should be kept in each employee's personnel file.
You may also want to conduct exit interviews with departing employees. An exit interview gives the
employer the opportunity to review with the employee the terms of the nondisclosure agreement (as well as any non-compete and non-solicitation agreements) and to emphasize the employee's obligations.
… Set up a family trust (return to top)
A trust is an estate planning device which permits one person to hold legal title to an asset while the equitable title rests with a beneficiary. Trusts are major tools in family estate planning because of tax
considerations and because of their management benefits. An individual may establish a trust for the
benefit of his/her family, or for his/her own benefit. The trustee can be any person or institution in which
the grantor has faith and trust, or the grantor may serve as trustee. A trustee is usually entitled to reasonable compensation for administering trust property.
… When regulatory agencies exercise controls (return to top)
An agency is a governmental unit charged with responsibility to implement and administer statutes
adopted by a legislative body. Regulatory agencies operate under complex rules regarding such concerns as due process, freedom of information, and privacy. Each agency's decisions are subject to
rules regarding review and appeal.
Regulatory agencies have authority to oversee a wide variety of activities within a given industry, such as
licensing, rates, and acceptable business practices.
Non-regulatory agencies,
on the other hand, typically dispense money in the form of government insurance and pensions.
Virtual In House Counsel is experienced working with a variety of agencies such as:
- Federal Communications Commission - licenses
- Washington Utilities and Transportation Commission – operating authority
- Washington Department of Ecology – water rights
- Personnel Appeals Board - employment
- Human Rights Commission – discrimination
- Social Security Administration – appeals for benefits
… Determine if bankruptcy is an option (return to top)
When you are moving from one emergency to another, it is easy to lose track of the road ahead. If your business is struggling, take positive steps now to plan ahead. Common mistakes include ignorance of
financial matters, failing to make appropriate plans, misleading creditors, and alienating employees. Good advice for any business includes:
- Keep informed; stay close to your accounting staff and ensure your ability to get timely, accurate
financial information.
- Avoid doing anything that gives rise to graver problems than just being broke; this is no time for
'creative bookkeeping' or failing to pay taxes when due.
- Look for assets that can reasonably be converted to cash; you can expect creditors to want cash
for any deliveries. (Also, stash some cash to cover deposits to keep utilities going and potential bankruptcy costs, such as trustees, attorneys, and appraisers fees.)
- Turn a careful eye to overhead; examine each segment of the company to see what can be
changed or eliminated in order to better the odds of surviving.
- Be honest with your creditors; lack of information merely leads to speculation. Giving accurate
financial information is crucial to keeping a good relationship with creditors.
- Employees should be treated with no less respect than creditors.
By avoiding common mistakes, debtors have a fighting chance of avoiding bankruptcy. Virtual In-House Counsel can help your business determine if bankruptcy is the right option or not.
|
