With so many changes coming to businesses this year, an important question to ask is “What is Virginia’s minimum wage?” On May 1, 2021, Virginia’s minimum wage increased from $7.25 to
~5 minute read Reviewing the Small Business Reorganization Act and Subchapter V Bankruptcy As of April 19, 2021, the Small Business Reorganization Act and Subchapter V, the new bankruptcy option for small businesses, has been in effect for 14 months, and like a human toddler, it’s walking, talking, and changing. So even though I’ve posted before about…
~5 minute read History Between Microbusiness and the PPP Last spring, the government established the Paycheck Protection Program (“PPP”) as one of the main aid programs for small businesses during the coronavirus pandemic. In the beginning, PPP loans were available to businesses with fewer than 500 employees. The money could be used for payroll, health…
Worst of all, your cash reserves and any Paycheck Protection Program money you may have received are long gone. Your creditors are hounding your cell phone and your mailbox is full of bills. And with all of the talk about the “new normal,” perhaps you no longer see any light at the end of the tunnel for your business and are ready to throw in the towel. If so, perhaps a Chapter 7 bankruptcy is right for you.
What if you want to divide liability and management within your limited liability company?
Over one year into the Covid-19 pandemic, many Virginians are still debating bankruptcy, either individually or for their businesses. Over one year into the Covid-19 pandemic, many Virginians are still debating bankruptcy, either individually or for their businesses.
2 Types of LLCs: Manager-Managed v. Member-Managed Let’s talk about the two types of LLCs or Limited Liability Companies. First of all, Limited Liability Companies are a very flexible vehicle for doing business. They give you all of the protections from liability that a corporation gives you without many of the complexities and drawbacks that…
This post will help you think through six of the most basic questions that you’ve got to answer before you start your business.1. What Will Each Person Contribute to the Business? 2. Will Your Rights In Your Business Be Proportional to the Contribution to the Business? 3. What If One of You Wants to Resign? 4. Whether or Not You Need a Prohibition Against Engaging in Competing Business Activities. 5. Who Will Manage the LLC?
6. Can a New Member Join the LLC?
This post taps the collective experiences of Tricia Dunlap (business attorney and CEO of Dunlap Law PLC) and Brian Chandler (PR expert and CEO of Commonwealth Public Relations). Tips For Workplace Safety, COVID-19, and Dealing With Employee Pushback Like every business owner, the first months of the pandemic rocked your foundation. Now, six months in,…
By Tricia Dunlap Esq. ~4 minute read Part 3 – LLC Education Series: The Perilous Position of LLC Minority Members Limited liability companies are highly popular, very flexible business entities. They are cheaply and easily formed which unfortunately creates the illusion that lawyers aren’t necessary. Au contraire. The truth is that LLC’s can be a nasty trap for…
By Tricia Dunlap Esq. ~2 minute read Part 4 – LLC Education Series Hotel California: You Can Checkout but You Can Never Leave Relatively early in my legal career, a new client arrived with a terrible dilemma. About a decade earlier, he and his buddy decided to invest in real estate. His buddy contributed more money, so my client…
By Tricia Dunlap Esq. ~9-10 Minute Read 6 New Laws In The Virginia Values Act The Virginia Values Act went into effect on July 1st, 2020. This was a significant law in Virginia that our General Assembly passed in the last session and it has some really important provisions for business owners to…
By Tricia Dunlap Esq. ~4-5 minute read 2 Things You Need To Know About The New Coronavirus Rules in Virginia The Virginia Department of Labor and Industry passed new coronavirus rules in Virginia. It’s actually 38 pages worth of rules. It is the first time in the nation that we have binding rules on employers…
Dunlap Law strives to build a better business community in Richmond. Small businesses are vital to the success of the rest of the community. They create more opportunities for local growth and prosperity. Dunlap Law is proud to help companies like Shood that focus on strengthening the Richmond community and provide for those in need.…
Tricia Dunlap, Esq. Families First Coronavirus Response Act: Questions and Answers The following Q & A is from the Department of Labor, reposted here for the convenience of small business owners seeking help with issues related to the coronavirus. You can also access DOL’s slides from a recent webinar on the FFCRA, here. For information…
~9 minute read Tricia Dunlap, Esq. On March 31, 2020, the Treasury Department issued guidance documents to assist banks and business owners in accessing the CARES Act Paycheck Protection Program (PPP)(see my guide to the CARES Act). The SBA issued interim regulations on April 2nd. On March 31st, when I first read Treasury’s guidance, I…
~5 minute read This post is from the Department of Labor (DOL). If you would like to see more, continue reading or go here. Download the poster from the DOL. Where do I post this notice? Since most of my workforce is teleworking, where do I electronically “post” this notice?Each covered employer must post a…
~5 minute read Tricia Dunlap, Esq. CIPP/US This post will see periodic updates as more resources and information become available. Sign up for alerts on updates. Every small business owner is struggling to navigate a very uncertain world right now. We compiled and continually update this list of resources that can serve as the coronavirus…
~7 minute read Tricia Dunlap, Esq. CIPP/US Working At Home Guidelines We expect cybercrime incidents to increase in the wake of the coronavirus. Thieves usually take advantage of social disruption and fear – cyberthieves will no doubt see COVID-19 as a ripe opportunity. Here are nine working at home guidelines in cybersecurity that you can…
What Is SaaS? Over the past five years, Software as a Service (SaaS) products saw steady growth. Their increasing rate of adoption and innovation is exciting but can also serve as a cause for concern. SaaS products range from widely spread and universally helpful products like Gmail, Microsoft Word, or Zoom to more niche products…
In August of 2007, as the summer sun faded behind the mountains, my dear friend Peri sandbagged me. “What’s one thing you’ve always wanted to do that you’ll die without doing?” I was 38 years old. Eleven years into a teaching career. Five years into single motherhood with eight more to go. I…
Tricia Dunlap Esq. ~4 minute read If your small business is structured as a limited liability company (LLC), then the cornerstone of your success is a well-written and signed operating agreement (OA). Single member LLCs are no exception. This post is #2 in our LLC Education Series: What Exactly IS a LLC, Anyway? Operating Agreements – Essential to…
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