Many entrepreneurs in Virginia dream of opening businesses. However, no start\-up company can be a long-term success without proper financial planning. Focusing on purchasing stock for the business, signing a property lease and other steps cannot receive the necessary attention if personal debt deters and distracts the new business owner. Until the company has a credit history, it will be the owner's credit score that matters. At first, all attention must be on projecting expenses -- both start-up and ongoing -- not forgetting potential accounting and legal fees, computer software and hardware, scanners, printers and an office.
An entrepreneur in Virginia who has plans to start a business may have a friend or family member who was involved from the outset and now expects to be a partner. While sharing ownership of the small business may sound like the ideal situation at that time, there is a reason why some say business and friends or family should not be mixed. Certain precautions may protect an entrepreneur in a partnership.
We've been looking in recent posts at the topic of non-compete agreements, including the requirements Virginia state law has established for them as well as recent legislative recommendations made by the Obama administration regarding non-compete agreements.
Last month, the Obama administration released a report in which it made several legislative recommendations regarding non-compete recommendations. As we noted previously, states currently have different policies regarding non-compete agreements, with some allowing employers more freedom to use these agreements to prevent competition than others.
In our last post, we began looking at the issue of non-compete agreements. As we noted, such agreements are valid and enforceable in Virginia, but there are certain requirements that must be followed. The first of these, that the agreement is not unduly restrictive on
For businesses, creating unique, marketable goods and services which are competitive in the marketplace, as well as creating a unique brand and protecting proprietary information from competitors, are key to success. This is especially important in industries where there is constant innovation as there is in the technology sector.