An alternative mechanism for resolving disputes outside of the formal litigation process. Arbitration is typically faster than going to court, and the process (and the final decision) is usually private and confidential.
An area of the law that tries to prevent monopolies from forming and increase competition between businesses.
A legally binding agreement between two or more parties. In order to be legally binding, a contract must have: mutual assent (expressed by a valid offer and acceptance), consideration, capacity, and legality.
The exclusive legal right to reproduce, publish, sell, or distribute an “original work of authorship.” Copyright protection does not extend to ideas, procedures, processes, systems, methods of operation, concepts, principles, or discoveries, and copyright does not protect names, titles, short phrases, slogans, familiar symbols, lettering, coloring, and listings of contents or ingredients.
Employees vs. Independent Contractors
If a person is an independent contractor, you only have the right to control or direct the result of the work, not exactly what will be done and how it will be done. Everyone else you hire is an employee. Because you must withhold income taxes and pay Social Security, Medicare, and unemployment taxes on wages paid to employees, the IRS imposes penalties and back taxes on businesses who misclassify workers.
Exempt vs. Non-Exempt Employees
Exempt employees are those who are exempt from the requirements of the Fair Labor Standards Act (the “FLSA”) and therefore do not have to be paid overtime. Other employees are non-exempt, meaning they must be paid at least minimum wage and overtime for any hours over 40 that they work in a week.
Limited Liability Partnership or LLP
A partnership structure that is generally only used by professionals who cannot form limited partnerships (typically because their professional ethics rules do not allow limited partnerships). Each partner can actively participate in the management of the LLP. Unlike a traditional partnership, a partner’s liability for the other partners’ activities is limited to the partner’s share of the partnership assets.
Limited Partnership or LP
A partnership structure with a general partner (who is personally liable for everything that occurs in the business) and one or more passive partners (who have limited liability protection but cannot participate in the management of the business).
Typically combines a non-profit’s social mission with a traditionally for-profit business activity.
The default status for an individual who starts a business without forming a business entity. Sole proprietors are personally liable for everything that happens in their business.
A distinctive word, phrase, logo, or graphic symbol that is used to identify the source of a product or service and distinguish your products or services from someone else’s.
A name (other than the official entity name) that is registered to be used by a business in Ohio. Once registered, no other business can use the same or confusingly similar trade name.