Business owners like to keep the business’s financial information secret. This policy can be wise toward outsiders, customers, and even employees. But secrecy becomes a source of frustration and conflict when practiced toward co-owners of the business, and secrecy pursued too far may cross the line into illegality. It’s important...
Five Ways Small Businessowners Can Protect Themselves from Personal Liability and Ensure the Corporate Veil is Strong
Pierce the Veil—It’s not just an emo-rock band touring with Blink 182 this year. It’s a legal term of art that describes an equitable remedy used to bypass the corporate structure and hold business owners personally liable.
Document Retention Practices for Small Businesses
Many small business owners find themselves too busy running their businesses to draft and enforce document retention and organization plans. This practice lends itself to problems down the road if such businesses find themselves engaged in litigation.