Category Archives: Business

Business law and formation is a specialty at Garland & Mason

When Are New Jersey Non-Compete Agreements Enforceable?

Non-compete agreements, also called restrictive covenants, may be necessary for businesses that want to protect trade secrets or other confidential information. These agreements could prevent an employee from working for a competitor. Many people erroneously assume that non-compete agreements are not enforceable. New Jersey courts will enforce non-compete agreements if they are deemed reasonable. Non-compete agreements may be enforced if they meet all of the following criteria. The agreement must protect the legitimate interests of your business. For instance, the agreement could be designed to protect confidential information that is vital to your business operations. An enforceable agreement may also prohibit former employees from soliciting business from your clients. However, these are only two of many possible examples of what could be considered a legitimate business interest. The agreement cannot create undue hardship for former employees. The court could look at how difficult it is for the employee to find…
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Will New Jersey’s Minimum Wage Increase to $15 Per Hour?

Democrats in the state legislature and Governor-elect Phil Murphy have vowed to gradually increase New Jersey’s wage to $15 per hour. According to state lawmakers, the increase would take effect over the next several years. Currently, New Jersey’s minimum wage is $8.44 per hour. On January 1, the minimum wage will increase to $8.60 per hour. Few details have been released on how this gradual change will take place. However, Governor-elect Murphy said he favors implementing the hike within three to four years. Prior attempts to raise New Jersey’s minimum wage have failed. In 2016, Governor Chris Christie vetoed a proposal to increase New Jersey’s minimum wage to $15 per hour. This time around, Democrats will control the state legislature and the governor’s mansion. There are opponents and proponents to this proposed legislation. According to proponents, a minimum wage increase is necessary because of the high costs of living in…
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How Can I Protect My Business from Identity Theft?

The Equifax breach two months ago sparked fears that millions of Americans could be harmed by identity theft. In truth, millions of Americans already are harmed by identity theft each year. Small businesses can also be targeted by identity thieves, so it is important to protect yourself. The U.S. Small Business Administration (SBA) has posted several tips that may help reduce the chances of your business becoming a victim of identity theft. These tips may include: Create a protection plan: You can create a plan for protecting your businesses from identity thieves. This could include creating plans to safeguard written and digital documents that contain important information. You could also develop a plan for responding to identity theft if it happens. Protect documents and records: You could protect your businesses’ documents and records in several ways. For example, you could use encryption to store important business and customer information. You…
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How Can My Small Business Recover After a Natural Disaster?

When starting a small business, entrepreneurs must take into account every scenario, including what to do if they decide to buy out their business partner to how to handle paying taxes to protecting their intellectual property. Still, one scenario that often catches many small business owners by surprise is when a natural disaster, such as a hurricane, wildfire, earthquake or flood, strikes their community, damaging or even destroying their business. Rebuilding Your Small Business After a Natural Disaster As Hurricane Harvey and Hurricane Irma have recently shown, natural disasters can strike suddenly and devastate communities in an instant. The Denver Post recently published an article on what happens to small businesses following a hurricane. According to the article in the Post, following a weather-related disaster, approximately 40 percent of small businesses close down permanently. Even if a small business does reopen following a natural disaster, it can take years before…
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How Do I Pay for Taxes on My Small Business?

As anyone who has started a small business will tell you, it can be overwhelming. You have so much to deal with, from finding a location for your business to hiring employees to building a client base. However, one important aspect that new business owners may fail to account for is how to pay taxes on a small business. How Do Taxes Work for Small Businesses? Entrepreneur did an article with financial expert Dave Ramsey recently. We have featured tips from the piece in our blog, including blogs about whether it is a good idea to take out a loan to start a small business or get a business credit card. This week, we are focusing on Ramsey’s advice about how entrepreneurs should deal with paying taxes on their small business. According to Dave Ramsey, small business owners should make sure to estimate their tax payments and include them in…
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