Business Startup

Ready to Sell Your Business? Here are some tips and considerations

A recent article on Inc. discussed some tips to keep you motivated when selling your company. We’ve expanded on these ideas and listed the important considerations that you should be aware of when you’re going through the sell process.

The sale takes longer than you expected First things first, selling a business is a complicated process and generally takes longer to complete than you expected. This is especially true if you aren’t familiar with the process before hand. Knowing upfront that the process is long and arduous is important.

Keep your motivations clear Since the process does take a long time, you are likely to get burned out at some point during the sale. It’s much easier to stay motivated if you have a...

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Contracts

HIPAA Documentation Requirements and 8 Considerations for Business Owners

In this last installment of our series on HIPAA compliance and best practices for your business, we’ve detailed the documentation requirements and 8 important considerations every business owner should think about.

Does HIPAA require any specific documents? As discussed in previous posts, HIPAA provides for a number of “best practices” which include various documents that you should use to help avoid HIPAA violations. Any documents containing protected health information or policies that govern your use and disclosure of protected health information should be stored, either in written or electronic format, for a period of 6 years.

The following is a list of documents you should consider using in your business in order to avoid any inadvertent disclosure or use of protected health information....

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Business Startup

HIPAA Administrative Requirements and Best Practices

To follow up last week’s blog post about HIPAA’s Privacy Rule, we’ve boiled down some of the most important administrative requirements for maintaining compliance with HIPAA. Below is a non-exhaustive list of best practices for your business.

Carefully develop and implement policies and procedures regarding any protected health information (PHI) that are designed to comply with the Privacy Rule. If you’re not sure about your current policies or are in the process of developing new policies for your business, you should contact a qualified attorney to review your policies. Implement appropriate administrative, technical, and physical safeguards to protect the privacy of PHI. With the increasing reliance on electronic data storage and processing, it’s becoming more and more important to have a comprehensive...

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Business Startup

Learning the Basics of HIPAA- Are You a Covered Entity?

If you’re running a business and you deal with any health information, you are likely aware of the Health Insurance Portability and Accountability Act’s (HIPAA) Privacy Rule. Today’s post provides a summary of HIPAA, who it affects, what it protects, and what is permitted under the Privacy Rule.

Goals of HIPAA The major goal of HIPAA’s Privacy Rule is to assure that individuals’ health information is properly protected while allowing the flow of health information needed to provide and promote high quality health care while protecting the public’s health and well being.

Basic Principle A major purpose of the Privacy Rule is to define and limit the circumstances in which an individual’s protected heath information (PHI) may be used or disclosed by covered entities. A covered entity...

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Business Startup

OFCCP Proposes Regulation Requiring Contractors to Set Hiring Targets for Disabled Workers

In December 2011, the United States Department of Labor announced a new plan that requires federal contractors and subcontractors to have disabled workers comprise a minimum of seven percent of their work force. The public comments period for this proposal expired on February 21, 2012, and the Office of Federal Contract Compliance Programs (OFCCP) is reviewing public reaction. Although the department says it would not be an explicit requirement, companies that do not meet this target could nevertheless be penalized with revoked contracts or could be barred from winning future contracts until they show they are taking steps to meet the target.

Current law encourages federal contractors to maintain a diverse work force but does not specify what percentage of jobs...

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Business Startup

Creating a Democratic Workplace Through Worker Cooperatives

Today’s post is going to digress from discussing the standard business model and introduce you to a different form of running a business: the worker cooperative. These organizations come in a variety of shapes and sizes. Below you’ll learn what a worker cooperative is, their existence in the US, how they are different than conventional businesses, and the benefits of this form of business.

What is a Worker Cooperative? A worker cooperative is an organization that is owned and managed by its worker-owners. There are two important characteristics of worker cooperatives: the workers invest in and own the business, and the decision-making is democratic, generally adhering to the principle of “one worker-one vote” since all shares of the cooperative are held by the workers, each owning...

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Business Startup

Social Media Legal Issues: (Post Number 3): Privacy Law, Privacy Policies, and Your Company’s Social Media Strategy

Privacy law is important for the vast majority of business owners and managers to understand, particularly those whose businesses operate online and employ social media as a marketing tool. Privacy law is not one of the areas of law we consider “overhyped,” as running afoul of privacy laws can be exceptionally costly to your business. Accordingly, your social media strategy, including your company’s social media policy, should be created with privacy law in mind.

Unfortunately, “privacy law” is also an incredibly broad subject that cannot be given due treatment within the confines of anything less than a legal treatise. Nevertheless, keeping the answers to the following questions in mind as you define your social media strategy (and your online strategy generally)...

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Business Startup

No Professional Degree Required: Two Important Steps You Can Take To Develop Your Business Plan

As the new year fast approaches, it’s an excellent time to take some time to reflect on your ideas and start to write a business plan for launching your start-up. Here’s the best part, you can write your business plan for free. You won’t have to invest anything, other than a little time, to develop a bullet-proof business strategy to grow your business. Today’s article will focus on the initial steps of writing a business plan, and provide some tips on how to find easy-to-use online resources to guide you through the process or building a successful business plan.

Determine Who You Are The first step is to take some time to think about exactly what your business is? What services do...

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Business Startup

The “Lean Startup”- an entrepreneur’s guide for building a sustainable, successful business

The Traditional Approach We’ll set the stage. You’re an entrepreneur looking to start up a business. You’ve got a new idea for an innovative product, something you’re fairly certain will sell. You need to create a business. You don’t have tons of capital. You’ve been down this road before. The last time you did this you read the “how to start up a business” guide, and you received extensive start up advice. Last time you spent lots of time and money developing a finished product for the last start up company you created. Unfortunately, when you launched your business your product didn’t sell. Fortunately for you, there’s a new, different recipe for success.

A New Approach Entrepreneur, I’d like to introduce you...

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Business Startup

Delaware- why is it the popular choice for incorporating your business?

For nearly a century, Delaware has been the most popular state for businesses to incorporate in. Unsurprisingly, most corporate lawyers are familiar with Delaware corporate law, which helps to explain why it is the natural suggestion for an alternative to the home state, but there’s more behind the allure. In this post we’ll address the principal reasons behind Delaware’s gravitational pull on incorporating businesses and why the allure is not likely to disappear anytime soon.

Flexible The allure starts with Delaware’s General Corporation Law statutes, which allow for flexible internal operating standards and limited liability for management. Many states have adopted similar statutes allowing for similar flexibility, but Delaware’s corporate statute has been consistently revised and fine-tuned to offer the most dynamic,...

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