Just as the September 11 attacks forever changed air travel, most people anticipate the pandemic will force us to adapt to a different way of doing business. Business is changing, and there will likely be a “new normal” after COVID-19.

Things that entrepreneurs do today can determine whether they will still be open in 2021 and whether they will enjoy success when the economy improves. Here are 5 traits or strategies that will determine success in 2021.

Businesses that have not yet accepted that the old ways will not return need to take immediate steps to contend with the new normal. If they are not willing to adapt, they may not survive.

Some financial analysts have predicted that the U.S. economy may be headed toward a recession. The financial hardship caused by the COVID-19 outbreak has been difficult for many companies. With a potential recession on the horizon, it is time to take steps to recession-proof your company.

Many founders assign equal equity splits before any measurable investment of time, energy, or money into the start-up. Often, early and equal equity splits presume to avoid later tensions and future disagreements among founders while creating a clear path for moving onto other operational decisions. While there are various ways to calculate the co-founder equity split, the only wrong answer is a hasty 50/50 split.

The first step in winding down your business is deciding it is time to close. For some business owners, deciding to close can be the hardest step in the process of exiting a business. Each business is unique. Once you decide to wind down your business, consulting with a Maryland business attorney can help ensure you take all necessary legal steps to close your business.

Our Maryland business attorney can help identify resources and explain various programs aimed at helping struggling businesses recover after COVID-19 or another crisis.

Moving forward with advice from a seasoned Columbia, Maryland business attorney is a smart approach to building your business. Together with good counsel, you will be able to frame your start-up and avoid these common legal problems.

In the past, there were times I felt overwhelmed and depleted by the sheer number of decisions needing my attention each day. Then I made simple, focused changes in my approach to business and life. My focus and work productivity improved by 80%, and my worries lessened by nearly the same. Let me share with you what I learned.

Your corporate policies and procedures govern numerous aspects of how your company operates and conducts business. The policies and procedures that your company develops protect your company, but they also protect the company’s employees, customers, and clients. Below are eight business matters that generally benefit from well-developed policies and procedures.

The Economic Injury Disaster Loan (EIDL) is a federal economic relief program for small businesses and nonprofit organizations if the current global pandemic of COVID-19 is causing them to lose revenue temporarily. Many companies and organizations are not allowed to do business as usual, if at all. This loan program provides funds that can cover rent, utilities, health care benefits, and fixed debt payments, as well as many other types of ordinary operating expenses.

Maryland is the sixth state to adopt a $15/hour State Minimum Wage for its workforce, behind California, Illinois, Massachusetts, New Jersey and New York. And while the increase will be phased into full effect gradually over the next 5-6 years, ensuring compliance requires an understanding of several factors:

Yes, it is wise to have a copyright policy for your website to protect the content you publish on your website. It is not mandatory to use a copyright policy for websites, but it can prevent people from stealing your work and using it for purposes that might be contradictory to your company’s vision and purpose.

As businesses seek opportunities for growth and relevance in today's marketplace, 2020’s top trends for small and midsize businesses blend solid basics with modern advances. Together with executive staff, tax planning professionals, and your Maryland business attorney, it is time to redefine your business plan by integrating time-proven strategies in a new and innovative way.

At some point, you and your business will need legal advice from a skilled, experienced attorney. However, many start-ups and small businesses have extremely tight budgets. Most entrepreneurs pay for legal services only after they realize they need an attorney. Unfortunately, they are overlooking a valuable asset for their company – a fractional general counsel.

A holding company is the parent company for one or more other companies known as subsidiaries. The parent company owns the shares and assets of the subsidiaries, but the parent company doesn’t participate in the day-to-day operations of each company. It just maintains oversight over the other companies.

If you are inspired to serve your community and help others, you might establish a nonprofit. A nonprofit organization gives you the ability to raise funds and provide a structure for accomplishing your mission. Consulting a DC fractional general counsel early in the process can help you ensure that you overlook none of the vital steps for starting your nonprofit.

Are you preparing to consult your DC fractional general counsel about selling your LLC (Limited Liability Company)? If so, there are some tax implications you might want to address with your attorney to ensure that you minimize any negative tax implications that could accompany the transfer of your LLC.

Government work can be very lucrative. However, before you can make money working for the government, you need to learn how to be successful when you bid on government contracts. Working with a DC fractional general counsel to prepare your proposal can increase your chance of winning the contract. Below are seven tips from experienced insiders that can also increase your chance of winning government contracts in 2020.

This QuickStart guide for starting a business provides you with the basic steps to create a new company to protect your idea and give you the structure you need to turn your idea into a reality. A DC fractional general counsel can provide guidance and support throughout each step up the process.