Entries by GeekTown

Foundational Agreements for Start-Ups

Foundational Agreements for Start-Ups   There are some types of contracts that virtually every business will utilize at some point in that business’s life.  These are considered foundational agreements as they are of great importance to a business’s efficient and effective operation. A few common examples of foundational agreements include: non-disclosure agreements, employment agreements, and […]

Material Adverse Change Clauses in the Wake of COVID

The COVID-19 global pandemic will significantly shape how parties to mergers & acquisitions (M&A) deals view, and likely negotiate, Material Adverse Change (MAC) clauses in a deal’s transaction documents. MAC clauses are contractual provisions which aim to give a buyer the right to walk away from a deal prior to closing, upon the occurrence of […]

Planning and Managing Layoffs During the COVID-19 Pandemic

As CEO of a company impacted by the COVID-19 pandemic, you may have to make the painful decision of downsizing your personnel.  What follows are considerations in both the process of planning for a layoff and how to actually conduct the layoff. Considerations When Planning a Layoff Consider a furlough (a leave of absence).  This […]

Updating Force Majeure Provisions

In light of the COVID-19 pandemic, it may be time to for contract drafters to review and update their force majeure provisions. The basic function of a force majeure clause is to excuse a party to the contract from liability if some unplanned event occurs that is reasonably outside of the affected party’s control.  A […]

The Senate passed the CARES Act

The Senate passed the CARES Act, which provides a broad range of relief to individuals and businesses suffering in the wake of the coronavirus pandemic. Here is a summary of the payroll relief that will go into effect if this bill is passed House: The Small Business Administration would provide loans to any business concern […]

Lippitt O’Keefe Advocates for Small Restaurant Relief in Light of Covid-19 Disruptions

Gov. Whitmer’s recent Executive Orders, while necessary to protect the health and safety of all Michiganders, has had a disastrous impact on Michigan’s restaurants and bars. The restrictions imposed by these orders prohibit restaurants from serving dine-in customers, which may drastically reduce revenue for these small businesses. Restaurants are being forced to adjust to serving […]

Financing Options for Start-Ups

An essential step to a start-up’s success is obtaining access to funds sufficient to facilitate growth. Many start-ups first look to the personal funds of the founders and then to friends and family for start-up capital. Although this may seem like the easiest approach, accepting money from friends and family presents potential pitfalls. Relationships will […]

Just How Flexible Is A Limited Liability Company?

Just How Flexible Is A Limited Liability Company? The business entity form that is the limited liability company (“LLC”) is known for being flexible, but just how flexible is it? An LLC’s flexibility is twofold. First, there is great flexibility in tailoring the governance structure of an LLC to the needs and preferences of its […]

Choice of Entity Basics

Selecting a type of business entity is often the first step in the business establishment process. The choice is often dictated by the short and long term goals of the owners and the eventual operation plan for the business. The primary types of entities include: Sole Proprietorship A sole proprietorship is a legal form of […]