by eclewis | Jul 1, 2014 | Business News
The results from CNBC’s ranking of America’s Top States for Business are in. After analyzing and comparing each state across fifty-six different business metrics, each state was assigned points in ten major categories to determine their ultimate ranking. Colorado came out with a ranking of #8 in the nation overall. You can take a look at the full report here.
Looking at some of the ten primary ranking categories, Colorado received the following rankings. Colorado ranked first for Access to Capital, which looks at the availability of venture capital and small business loans. For Workforce, which accounts for the quality and availability of workers, it came in 5th. Colorado ranked 8th for Economy, which examined the growth, job creation, and health of the real estate market. Colorado also came in at 9th in Technology & Innovation, which factored in the number of new ideas and capacity to support them within the state, and 12th in Quality of Life, which was scored by looking at crime, healthcare, and recreational considerations.
Colorado was specifically described in CNBC’s report as being “focused on innovation,” having a workforce that is “dynamic” and that capital for businesses was “abundant.” The Centennial State’s strong business performance evidenced by this report shows that there is no better time than the present to start or grow your business right here in Colorado.
If you are ready to get started, you can contact the Law Office of E.C. Lewis, PC, home of your Denver Small Business Lawyer, Elizabeth Lewis at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
by eclewis | Jun 17, 2014 | Business News
There are a few questions that you can ask yourself right away regarding your business that can indicate to you immediately whether or not it is time to apply for an Employer Identification Number (EIN) from the IRS.
Does your business have employees or plan on hiring employees? It is important to note that even if your business is using contractors to get work done, they may be more accurately characterized as an employee under the law, which will require an EIN to be established and additional changes regarding such workers to be made.
Does your business operate as a partnership or a corporation? This includes all types of partnerships, corporations, and will likely include your LLC, unless it is a single-member LLC with no employees (and does not plan on hiring any) that does not fall under any other specific conditions.
Is your business involved with any of the following types of organizations? Non-Profits, Trusts (except certain grantor-owned revocable trusts), Estates, Plan Administrators, Individual Retirement Accounts, Exempt Organization Business Income Tax Returns, Real Estate Mortgage Investment Conduits, or Farmers’ Cooperatives.
Does your business withhold taxes on income, besides wages, that are paid to a non-resident alien?
Does your business file any of the following tax returns: Employment, Excise, or Alcohol, Tobacco and Firearm?
Does your business have a Keogh plan? Keogh plans are a particular kind of retirement plan that may require an EIN.
If you answered yes to any of the above questions, are unsure about your answer, or have other questions of your own, do not hesitate to reach out to the Law Office of E.C. Lewis, PC, home of your Denver Business Lawyer, Elizabeth Lewis at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
by eclewis | Jun 10, 2014 | Business News
A mentor in your industry can help set you down the right path for your business, or expose you to opportunities you had not even considered. They are not afraid to give frank advice by letting you know a new idea needs refining or when to take that risk you have been considering. They can also help you realistically determine your business goals and how to achieve them more efficiently. Mentors are important because they have been in your position, and you can learn from their experience in ways books are incapable of teaching you and more candidly than a friend or family member might.
Trying to find a mentor does not have to be intimidating. Finding a mentor starts with networking, but the better question is where and how to get started.
A great place to start is within. Think about whom you know in your industry. Think about your business partners, clients, co-workers, friends, and family. These people can all be potential contacts to discover your new mentor. Ask if they have had a mentor or if their parents worked in the same line of work. If you are still having trouble connecting with a possible mentor this way, it may be time step outside your comfort zone.
Start searching for conventions, organizations, or even classes designed for those in your line of business. Go to an event or class with a colleague and strike up a conversation with other attendees. Ask if they have ever been to an event like this to get conversation going. Be sure to introduce yourself to the officers of the group or speakers at the event, because there is a reason why they are leading the group. These people have unique knowledge from their experiences, and they could make for a great mentor. Look for ways to connect with these new acquaintances beyond work by discussing hobbies, vacations, and family. You never know what else you may have in common. Get their business card and follow up soon and let them know you enjoyed meeting them.
When setting up additional meet-ups remember to be flexible and work around their availability, since these people are using their time to meet with you when they have no obligation to do so.
These tips should help set you on your way to discovering a mentor in your industry and getting closer to 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 | Apr 20, 2014 | Business News, IP Law
In yet another brewery trademark case, this week it was announced that Kettle and Stone Brewery based in Boulder will be changing its name. The reason? Stone Brewing Co. out of California believed that the name could be confused with its more established brand.
This isn’t the first case that has involved breweries. In the last few years, cases have surfaced in the news about Strange Brewery out of Denver, Oskar Blues out of Longmont, and Left Hand Brewery out of Longmont. One of the more notorious cases even resulted in a new beer – Collaboration Not Litigation was the result of two breweries who combined their same named beers rather than go to court over the matter.
So how do you make sure the name you want to use isn’t going to infringe on someone else’s name? The first step is to do a basic Google search of the name. If when you search for the name you want to use, it comes up in Google as being used by someone else in the same or similar industry you probably want another name. The second step is to do a search through the USPTO. Again, if the name comes up as being used in the same or similar industry, probably another name is best. However, if you don’t find anything then the next step is to talk to an attorney that works with trademarks. The attorney can have a formal trademark search run to see if there are any issues and help you through the trademark process.
If you have any questions, please feel free to call me, your Denver Small Business Attorney, at 720-258-6647.
by eclewis | Feb 22, 2014 | Business News
Just like marriages, business partnerships do fail. In some cases, it is a slow process where the owners decide it isn’t working out, but can end the partnership amicably. In other cases, it ends in flames of passion over the direction of the business – sometimes with fists and many times in court. However, just like with marriage, there are some things small business owners can do to help protect the business should their relationships with each other fail.
Member agreements, shareholder agreements, and partnership agreements can be written to lay out what will happen in a dispute. As crystal balls typically don’t work, all disputes can’t be planned for. However, a general layout of what you will do if the partnership fails can be put into place to lay the framework for a structured buyout, termination of services, and changes in ownership company.
Buy sell agreements can be put into place to ensure that there is a clear path of ownership for shares of owners that die or become disabled and that there is payment available to cover that path. For instance, if two out of three owners work in the company, it may be determined that if those individuals die, the company will want to buy them out. However, if a third owner is only an investor, it may not matter how owns his shares when he dies. Typically such agreements are funded through insurance policies, the parties in a partnership can determine how the sales price will be set and the company will pay for the policies.
Preparing for a divorce in a business is much like that in a marriage. You can’t prepare for everything that will happen while you are in business together. You cannot prepare for if the value of the business will go up or down. You need to make sure you have regular meetings with your co-owners and that you have some level of comfort with them before you go into business. In addition, you always want to make sure that on some level, you understand that partnerships can fail and that you have prepared for the multiple outcomes that can happen.
If you have any questions about going into business with other owners, please call me, Elizabeth Lewis, your Denver small business lawyer, at 720-258-6647.
by eclewis | Feb 15, 2014 | Business News
2013 saw a lot of growth in Denver. Dunkin Donuts opened their first shop in years (which my son loved). Mooyah Burgers, Big Smoke Burgers, World of Beer, Cabelas and several other chains all opened their first stores in Colorado also. 2014 has followed the trend of good business. In a recent poll by Wells Fargo/Gallup show that small business owners are the most optimistic they have been in the last five years.
Small business owners say they plan to hire more (despite what the Affordable Care Act), have good cash flow, and higher revenues. Although in no way scientific, from my limited research (which is talking to the small business owners I know), this poll and the results are actually realistic. Small business owners I have talked to are excited about 2014!
So what does that mean for you? If you are already a small business, it is time to ramp it up! If you have been putting off hiring, you might want to get an employee. If you have put off purchases, it may be time to look at financing. If you want to expand, it may be time to seek a larger space or a second space.
With all the possibilities out there, make sure you get your legal needs met by a Denver small business attorney though. By talking to someone that specializes in business law, you can make sure that you are prepared for what is to come in 2014. If you are going to hire, you may need employment documents or an employee handbook. If you are going to look into financing, you want to make sure all of your legal documents are reviewed before you sign them. If you are going to expand, make sure your lease isn’t going to end up bringing you down.
If you don’t have a business, now may be the time to start one. You can talk to me, your Denver business lawyer to make sure that you are legally protected and set up right from the start.
For more information on the poll, you can read the full poll results here. For help with your legal needs, contact me, your Denver small business lawyer, at elizabeth.lewis@eclewis.com or schedule an initial consultation today.
