by eclewis | Jan 6, 2015 | Business News
Previously, we have discussed how to find a mentor in your industry, but with the start of the new year and beginning of January, which is National Mentoring Month, we are going to take another, more in-depth look at mentoring, starting off with how to be a great mentor.
If you already have a mentor, then you already know about the many benefits. Mentors are someone that you can talk to about your problems, your goals, and your successes. A mentor can lend you their wisdom and insight that they have gained from their experiences, so that you learn from them. Getting knowledgeable and candid feedback from a mentor is a priceless resource for you and your business matters.
One of the most important things about mentorship is that it is almost never too early to begin mentoring someone else, even if you yourself have never had a mentor. The key to being a great mentor is not about there being a big age difference between the mentor and mentee; it really just comes down to having experiences that the mentee does not have. Perhaps you have started a business before and whether or not it was successful, that is a unique experience that many people do not have and you probably learned a lot from it. This alone could make you a great mentor to someone considering being an entrepreneur. You can talk about what went wrong and what went right, discuss what you would have done different now that you have the luxury of hindsight.
In order to be a great mentor, be sure that you make yourself available to your mentee. If you are too difficult to get ahold of or to schedule with, it is going to be hard to develop a good relationship. Make sure you let your mentee know that their questions are welcome and always try to provide thorough feedback that is constructive. Do not be overly negative and remember that while you do want to help your mentee avoid making mistakes and overcoming them, mistakes should not be pointed out all the time and they can even be an important learning tool for your mentee.
There are many benefits to being a mentor too. As many tutors and teachers can attest to, teaching is one of the best ways to learn. By imparting your knowledge on someone else, you are giving yourself an opportunity to think through something again from a new perspective of being a mentor/teacher. This is greater understanding is tested and ultimately strengthened by the questions and fresh perspective that will come from your mentee. Your mentee may be able to teach you a thing or two about something they have more knowledge or experience in, giving you a chance to grow. Perhaps even by virtue of their youth, they may be well-versed in the newest aspects of your field or how technology can be used in it, giving you some new skills.
Overall, mentorship is a powerful tool for mutual personal development that you should consider sooner rather than later to improve yourself and in turn improve your ability to reach your business goals.
If you need legal assistance with your next business goal, do not hesitate to reach out to the Law Office of E.C. Lewis, PC, home of your Denver Business Attorney, Elizabeth Lewis, at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
by eclewis | Dec 22, 2014 | Business News
A recent audit of Denver’s program, the Minority/Women Business Enterprise (M/WBE) has shown that it has not been meeting its goals. You can take a look at the complete audit here. The program is operated by the Division of Small Business Opportunity, part of the Office of Economic Development, and it is designed to help get minority and women owned businesses a share of the large number of city and county construction jobs and related work like landscaping, trucking and engineering.
In order to be certified for the M/WBE, at least 51% of the business must be owned by women and minorities. However, the audit brought to light concerns that businesses that should not be eligible to participate in the program are finding ways to game the system and are nevertheless getting certified and receiving work.
The audit found that of the 720 businesses that are certified and part of the M/WBE, only about 70% of them have actually received work from the city, and only 31% are getting repeat work from the city. Additionally, over the course of the program’s 8 year life, only 9 firms have graduated from the program, meaning they are now too large or are making too much money to continue being eligible. In short, Dennis Gallagher, the Denver City & County Auditor, called the program “broken.” The audit found an array of other issues with the program including not only ineffective or inaccurate reporting by the Division, but also a lack of required reporting. For example, the ordinance creating the program requires issuance of quarterly reports, which are not being produced currently. The audit was not all bad news though, as it did find that some certified sub-contractors were not being counted toward the program’s goals.
The Division defended itself in saying that the program has no control over whether the city awards contracts to a participating business or not. Further, the Division is planning to consider the audit’s recommendations to try and improve the program, but this is not the first time the program has been under fire. In 2011, the program was audited criticized. That audit generated 16 recommendations of which only 6 were later implemented. So we will have to wait and see if the program will adopt more recommendations to try and improve itself this time around.
If you have questions about applying to become a minority/women-owned business, contact the Law Office of E.C. Lewis, P.C., home of your Denver Business Lawyer, Elizabeth Lewis, 720-258-6647 or email her at Elizabeth.Lewis@eclewis.com.
by eclewis | Sep 29, 2014 | Business News
If you are thinking about starting a new business, or just thought of an idea for a business, many people think someone out there is already doing it and that they should not bother. Instead of stopping there, why not spend just a few moments putting this idea to the test? By taking some simple steps, you can get a basic answer to the question of whether or not someone is doing the idea that you thought of. Be sure and also take a look at How to Research Your Business Name.
Step one is easy enough, run a few searches online, with your preferred search engine, of your business idea, to see if there is someone out there using it already. If you do find something similar or related to what you had in mind, it is important to take note of just how alike these findings are to your idea. Also look at whether or not they are actively using the idea and what areas of the country they are located in. If you do not find anything using broad terms or find too many results to manage, consider narrowing your search with more specific terms or with geographical terms, to give you more precise results.
Step two is a little more tedious, but it can give you some of the most important information of all. Visit the U.S. Patent Office website to search trademarks and patents, to see if anyone has any federal protections on ideas for slogans, symbols, inventions, and others.
To search through the trademark database, go to http://tmsearch.uspto.gov and run some Basic Word Mark searches. If you find something similar to your idea, follow this up with a normal online search to see if they are still an active company. You want to look and see whether or not they are actually selling or doing whatever it is they claimed is associated with the trademark. This is only the federal registry, so you will also want to take a look at your state’s registry too. Colorado’s can be found at http://www.sos.state.co.us/biz/BusinessEntityCriteriaExt.do, and this will search business names and trademarks. Remember that when it comes to trademarks, there are federal, state, and common law protections available to be considered.
To search the federal patent register, go to http://appft.uspto.gov/netahtml/PTO/ and click on Quick Search under Patents. Now try running different terms based on your business idea to see if someone has already patented what you had in mind. Remember that in order to be patentable, the idea must be an invention or improvement to an existing invention that is useful, novel, non-obvious, adequately described or enabled, and claimed by the inventor in clear and definite terms.
Copyrighted works can also be useful things to search through if your business idea involves any creative works. You can visit http://copyright.gov/eco/ and search their database. This database will only search the national registry, meaning someone must have registered their copyright for it to be here (which is not required), so it is important to note that this search is not exhaustive. However, this is still an important place to check regardless.
If you do not turn up any results that are similar using the various search engines and techniques described here, this is good news, but keep in mind that these are basic searches and it is recommended that you speak with an attorney to discuss if more thorough searching is necessary. Nevertheless, the information you obtained will still be helpful in determining what your next step should be.
On the other hand, if you did find someone is already doing what you had in mind, do not give up! Start thinking about a different approach to whatever the existing business is selling or doing, so you can continue refining your entrepreneurial ideas. Keep in mind that you can always consider sitting down with an attorney to explore the level of differences necessary to move forward with your business and protect you against related businesses already operating.
If you have any questions about your findings or you are ready to take the next step in starting your business or protecting your business idea, contact the Law Office of E.C. Lewis PC, home of your Denver Business Lawyer, Elizabeth Lewis, 720-258-6647 or email her at Elizabeth.Lewis@eclewis.com.
by eclewis | Sep 23, 2014 | Business News
Last year, Colorado, with the passage of HB 13-1138, the “Public Benefit Corporation Act of Colorado,” joined a growing minority of states that have passed legislation enabling the incorporation of “benefit corporations.” Benefit corporations are a corporation that can be structured as a C-corporation or S-corporation but are specifically committed to benefitting the public, in addition to making profits. Directors of benefit corporations are charged with balancing the interests of shareholders with the interests associated with supporting public benefits. This legislation allows both new and existing corporations to become benefit corporations.
These public benefits can include educational, environmental, charitable, religious, cultural, scientific, and other types of publicly beneficial causes. However, benefit corporations are able to state more than one cause that they wish to support. This can allow for some flexibility within the company in the kinds of goals they will support.
Some well-known examples of benefit corporations include Patagonia, Etsy, and Warby Parker. Here in Colorado, GoLite, a Boulder-based outdoor apparel and equipment company, New Belgium, the Fort Collins-based brewery, and others have decided to become benefit corporations.
While many corporations feel that charitable giving is part of their social responsibility and choose to give to such causes without being a benefit corporation, shareholders of benefit corporations are given the unique power to take legal action against the management of the benefit corporation if they are not producing public benefits. Conversely, it is rare, if not impossible, for shareholders of regular corporations to be able to take such legal action over charitable or public benefits foregone by a regular corporation.
Some see the development of benefit corporations as an exciting new era that demonstrates a commitment to corporate social responsibility. Others view them as potentially tying the hands of corporate management, especially if the company hits hard times, since regular corporations can still choose to give charitably. As a result, it will be interesting to see how these benefit corporations change the corporate world and how it will effect how companies try to generate both profits and public benefits.
If you have questions about setting up a corporation of any kind, be sure to contact the Law Office of E.C. Lewis P.C., home of your Denver Business Lawyer, Elizabeth Lewis, 720-258-6647 or email her at Elizabeth.Lewis@eclewis.com.
by eclewis | Aug 14, 2014 | Business News
New businesses and entrepreneurship are on the rise in the Centennial State. The Quarterly Business and Economic Indicators Report from the Secretary of State’s office, covering the second quarter of this year, has shown that new business entity filings have increased 4 percent compared to second quarter of 2013. This also represents a 4.8 percent increase overall for the past 12 months, when compared to the previous 12 month period.
Other positive trends for the second quarter include higher employment levels in Colorado and nationwide, as well as an increased rate of renewal filings of existing entities. Renewal filings increased 3.9 percent in the second quarter from the first quarter of this year. These and other economic indicators led to the predictions within the report for continued employment and economic growth for the next two quarters of this year thanks to new jobs from startups and growing businesses.
The report specifically projected more increases in filings over the third quarter of this year as well. While these filings are projected to slow down some during the fourth quarter of the year, as they typically do, they are nevertheless expected to be higher this year than last year’s final quarter.
Business Insider also recently ranked all 50 state economies growth rate by comparing them across eight economic indicators like unemployment, gross domestic product, average wages, and size of the working age population. Colorado earned the top spot on their list at #1 due to being within the top fifteen states in all eight of their metrics, as well as having a highly diversified economy. This further signals a growing economy for Colorado.
On June 9th, the Secretary of State announced a filing fee holiday for new business entity filings, which reduces the fees from $50 to $1. The holiday was prompted by budgetary surpluses with the Secretary of State’s Office and it will continue through the rest of the summer. After the summer, the fee will be reevaluated on a monthly basis. This holiday, when combined with the already positive economic trends that are being forecasted for the state, may help spark additional business formation and growth here in Colorado.
Now is a great time to consider starting or expanding your own business with the positive outlook of Colorado’s economy behind you, as well as reduced new business filing fees. In order to get started, be sure to reach out to the Law Office of E.C. Lewis PC, home of your Denver Business Lawyer, Elizabeth Lewis, 720-258-6647 or email her at Elizabeth.Lewis@eclewis.com.
by eclewis | Aug 7, 2014 | Business News
Colorado was actually one of the first states to pioneer economic competition through the use of tax credits by being the second state to adopt a tax credit program for historic preservation back in 1991, but the law remained largely unchanged until recently.
House Bill 14-1311, the Colorado Job Creation and Main Street Revitalization Act, was signed into law on May 14th and it offers tax credits designed to help bring more economic development back to historic commercial buildings and main streets. This bill was also enacted to update Colorado’s preexisting tax credit program to be more competitive for development against other states, which already had similar programs.
These tax credits are available for qualified expenses beginning in July of 2015 and will discontinue in 2020. They are also divided into Large and Small categories, but first let us look at the requirements for either kind of project.
General Requirements
- Only properties designated as historic at the local, state, or national level are eligible
- All projects must be certified by the State Historic Preservation Office
- A minimum expenditure of 25% of the original purchase price of the property (minus the value of the land) must be made
- Projects with Qualified Rehabilitation Expenses over $250k require third party audits
- Projects located in state/federal disaster designations will get an additional 5% state tax credit if in service within 8 years following such designation.
Now let us take a look at some specifics depending on the category.
Small Historic Rehabilitation Projects
- Less than $1 million tax credit
- Projects below $500k in Qualified Rehabilitation Expenses get a 30% state tax credit on those expenses
- Projects between $500k-$1million in Qualified Rehabilitation Expenses get a 25% state tax credit on those expenses
Large Historic Rehabilitation Projects
- More than $1 million tax credit anticipated
- Projects will receive a 20% state tax credit for all Qualified Rehabilitation Expenses
With these tax credit opportunities in mind, now is a great time to plan or think about starting or expanding your business into the revitalizing historic buildings and main streets of Colorado. To get started, contact the Law Office of E.C. Lewis PC, home of your Denver Business Lawyer, Elizabeth Lewis, 720-258-6647 or email her at Elizabeth.Lewis@eclewis.com.
