What I do
I put together this presentation for a networking group I am part of. The goal was to share what I do, some tips and some resources on www.shawnjroberts.com.
The ties that bind us: Oklahoma non-compete agreements
This is a slide show from a presentation I did last year explaining some of the basics of Oklahoma non-compete agreements and the legal issues to consider when dealing with non-compete agreements.
Written contracts are better than good intentions
To paraphrase a bit course but well-known saying “The road to business success is paved with good intentions“. Every person I have met in my practice intends to succeed, to get along with everyone else in the business and all of the customers and competitors. We all know that reality is often an obstacle to fulfilling the good intentions.
Even better than good intentions is having a written contract to document your business relationship. Let me give you a couple of reasons:
1. A written contract provides the forum for both parties to share their “intentions” prior to the start of the relationship; once the intentions are on the table, you can discuss, debate and hopefully ultimately agree on the key points.
2. A written contact protects from someone with bad but yet to be disclosed intentions.
3. A written contract lays out how to end the relationship, usually without a lot of acrimony and without time in court.
How would I sum this all up? Keep your good intentions and put them into practice, just augment them with a solid written agreement.
5 considerations in naming your children’s guardian
Yesterday, I reviewed the process of naming a guardian for your minor children. This week I cover the important considerations in determining the guardians:
1. The stage in life of the proposed guardian(s). Are the people at a place in their life or will they be in place where they want to have children? People who are finishing raising their children and moving on to another stage in life may not want to take on children.
2. The resources of the proposed guardians(s). Raising and supporting children can be expensive. When thinking about guardians consider whether the people who would be guardians generally have the resources to care for additional children. This is an area where life insurance (on the lives of the parents) can be helpful.
3. The religious beliefs of the proposed guardian(s). The guardians could end raising your children having a profound impact on their development both physical and spiritual. If it is important to you to have your children raised in the faith which you believe, this is something to consider.
4. Special needs. Do any of your children have special needs? If so, are the proposed guardians prepared to meet those needs and care for the children in the way that is necessary?
5. Legal qualification. These requirements are usually minimal (e.g., not a convicted felon, non-US citizen etc. . .) but something to consider as a threshold requirement.
The process of naming a guardian for your children
While it is not the most exciting part of the estate planning process, nominating the people you want to be guardian of your children obviously has a huge impact. When parents pass away, the guardianship of minor children is established by a court. The court either follows a statute which lists relatives who are entitled to be named guardians or, looks to your nomination. If the court has consider people named in a statute, there is more potential for conflict over who is named guardian.
Conversley, nomination is important because unless there are specific facts that make the people you nominate unfit, the Court usually appoints the people who are nominated. You “nominate” people by simply naming them in a Will or Trust. In the process of addressing many other estate planning issues, people can cover the issue of guardianship.
Tomorrow, I will discuss the factors to consider in determining who your guardian(s) should be.
Oklahoma estate planning: If I have a living trust, do I still need a will?
[I wrote this post a few months ago and it was well received so I am running it again for anyone that might be interested]
I have talked quite a bit both on this blog and in my Oklahoma estate planning podcast about how the living trust in last will and testament work together. However, I realize there are still some questions about why someone would have a will if they already have a living trust. Also, the question comes up “why would I need a trust if I already have a last will and testament”?
Usually when you have a living trust you will also have a last will and testament which is often known as a pour-over will. The purpose of this will is to send any property that has not been transferred to your trust at the time you pass away to the trust. The living trust is still the primary document that controls your estate and disposes of your property. The pour-over will is a safety net that simply provides that all of your property goes to your living trust.
If you have a fully functional last will and testament, you probably will not have a living trust. In this case, the last will and testament will actually determine where your property goes, nominate guardians for your minor children and address other issues related to death in the transfer of property.
If you want to find out more about these topics please consider listening to my podcast series which is 8 brief episodes providing more detail on estate planning. You can subscribe to the podcast, Estate Planning Demystified, in iTunes or listen to it right here.
Do the Impossible
If you enjoy quotes, then this presentation put together by David Crandall Do the Impossible is a great one for you. It is a combination of powerful quotes and breathtaking images:
Oklahoma non-compete law summary
Over past year I have written several articles about non-compete agreements under Oklahoma law. Below is a collection of the links to each article and a snippet of the article. You can access the full articles from here and also bookmark this page to ensure that you can always access all the articles.
Is my Oklahoma non compete agreement enforceable?
The short answer is that if you are in Oklahoma the non compete agreement it is not enforceable. With a couple of exceptions, Oklahoma law is clear that an individual is allowed to work in his or her chosen business or industry even if a piece of paper says otherwise. While competition is allowed, Oklahoma law prohibits a former employee from soliciting the established customers of the former employer.
Two scenarios where a non compete agreement is enforceable
In an article from a few months ago, I wrote about how Oklahoma law categorically invalidates non compete agreements. Oklahoma has made a public policy decision that with a couple of exceptions employees will not be barred from competing. Below are the exceptions to the rule:
Non compete Agreements are still not OK in Oklahoma
I wrote a few months ago about how Oklahoma law prohibits non compete agreements for former employees and touch on exceptions here. Yesterday, the Oklahoma Court of Civil Appeals reiterated that any agreement which restricts a former employee’s ability to work in the same field as the former employer is void under Oklahoma law.
4 critical points to consider in a non disclosure agreement [before you sign it]
1. Is the definition of “confidential information” specific enough to be workable? For the non disclosure agreement to have any value, both sides must understand what is being protected. I routinely see non disclosure agreements that have wonderfully frightening all inclusive definitions of “Confidential Information.”
Smartphone: The sharpest weapon in the tech arsenal
www.digitaltrends.com
In looking at some different ways to reduce expenses recently, I considered getting rid of my smartphone (the iPhone 4) and its accompanying monthly data plan. It quickly became apparent that my phone was the hub of all I do in my business. I made a list of the things I do with phone and here is what I came up with (since smartphones are all about apps now, my list is mostly apps)
1. Mobile email (native mail app or Gmail for iOS).
2. Voice Calls.
3. Text Messages.
4. Taking Notes (Evernote, & Android).
5. Setting reminders (either built in app or Evernote).
6. Twitter (Tweetbot or Twitter App).
7. Facebook.
8. Scheduling social media posts (Hootsuite).
9. Adding Calendar appointments.
10. Knowing my calendar wherever I am.
11. Linkedin.
12. Alarms.
13. BufferApp (spacing and managing social media).
14. Dictation (Dragon Dictation for iOS).
15. Newsreading (Flipboard, MobileRSS)
16. Blogging (WordPress).
17. Remote Access to computer (LogMeIn Ingition).
18. Managing phone system (Google Voice, GV Connect).
What are your top 3 apps you use to be most productive on your phone?
6 critical legal issues to consider when starting a new business
Amidst the adrenaline rush of creating a new business, there are several legal items I regularly discuss with people who are starting a business. Below are six (6) critical items you need to consider prior to getting your business up and running:
- Be an entity. You may have been called worse things, but this is actually not a slam. An entity, in this context, is structure that provides separation between you, your assets and your business. For example, a corporation and a limited liability company are both entities. In contrast, someone doing business under their name, with nothing more formal, is operating as a “sole proprietor”; there is no separation between personal and business.
- What type of entity should I be? Surprisingly, for legal purposes there is not a huge difference. Both a corporation and a limited liability company provide a wall of separation between their owners and the business. A corporation has shareholders, a limited liability company typically has members.
- Have your organizational documents in place. For a corporation, it is written minutes of the organizational meeting of the shareholders and board of directors, plus bylaws. For a limited liability company, it is an operating agreement.
- Know who your employees are or are not. One of the easiest ways for a business to create a mountain of liability is to treat individuals who are actually employees as independent contractors. That means failing to withhold and do payroll properly and to secure worker’s compensation insurance. If you have any doubt about whether an individual is an employee or independent contract, talk to an attorney. You do not want to get caught in the Independent Contractor Trap.
- Protect your Intellectual Property. If you have words, pictures, symbols, code, software or an invention, take the proper steps to legally and officially claim ownership to it. It might be registering a trademark, securing a trade name, seeking copyright or even patent protection.
- Maintain the regular records that are required. For a corporation, it is at least the written records of shareholders and directors meetings and other major actions. Treat the entity like it is a separate and distinct entity (separate records, separate bank accounts, etc. . .)
What other issues have you considered when starting a business?
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