Sioux Falls Startup Lawyers
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On UpCounsel, you can find and connect with top-rated Sioux Falls startup attorneys & lawyers that provide a range of startup law services for startups and entrepreneurs that are starting a business. Any of the top-rated Sioux Falls startup lawyers you connect with will be available to help with a variety of your startup law related legal needs on-demand or on an ongoing basis in the city of Sioux Falls, SD.
From primarily dealing with things like business formation, contracts, leases, equity financing, securities, and intellectual property protection, the Sioux Falls startup lawyers on UpCounsel can help you with a variety of specialized and general startup law related legal matters. No matter what type of startup law needs you have, you can easily hire an experienced Sioux Falls startup lawyer on UpCounsel to help you today.
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- 4 min read
Indemnification: What is it?
Indemnification means one party agrees to pay losses incurred by another to a third party.
For example, if you were a business owner selling Widget XYZ as an original design to a retailer, and your contract with the retailer contains an indemnity clause, you, rather than the retailer, would be responsible to pay the retailer’s legal costs and expenses if the retailer is sued by a third party who claims Widget XYZ is a copy of their product.
In most cases, the requirement to indemnify must be contained in a written contract between the parties. However, in some states parties may be required to pay for the losses of another in certain limited circumstances.
- 12 min read
What Is a Clickwrap Agreement?
Clickwrap is an online agreement between a user and a company that requires the user to click a box or a button before they download content, make a purchase, or use a website. The box or button confirms that the user agrees to an online contract with the company, and substitutes for the user's signature.
In a clickwrap agreement, in order to use a website or download content, the user has to check a box saying they've read and agree to the terms and conditions that apply to the website or software. Sometimes the agreements are many pages long and difficult to read. They usually contain two things:
- A checkbox or button
- A notice telling you that you agree to the terms if you click the box
Clickwrap agreements are also called:
- Clickthrough agreements
- Clickwrap licenses
Types of clickwrap (and browsewrap) include:
- 8 min read
Warrants and options are securities that are related in a lot of ways although they have a few significant differences. Options and warrants both give owners the right, but not the obligation to either buy or sell a principal security at an agreed upon price within a given time.
While a warrant is issued directly by the company or banks that act on behalf of the company, in options the shares are received or given by one investor to another. Unlike stock options, new shares are issued by the company when the stock warrant is created. Warrants are created based on the issuer of warrant and is always fluctuated in such a way that it meets the interest of the issuer. Where in options, no such variables are seen which is one sided.
Within the context of startups, an option is the right to purchase an existing share of a company’s stock from the company at a specific price (typically fair market value of that share on the issue date
- 3 min read
Corporations are the basic and traditional business entity in this and many other countries. Unless a corporation can qualify for what is called ‘pass through’ treatment by electing to be taxed under a part of the Internal Revenue Code called Subchapter S , a corporation is taxed similarly to the way an individual is taxed. Being subject to the default tax treatment is what makes a corporation a “C Corp;” being able to qualify for pass-through treatment, and actually making an election to do so, makes a corporation an “S Corp.” They are the same type of business entity, taxed differently, and a corporation may be both a C Corp and an S Corp at different times in its existence.
C Corporations pay tax on their net income, just like individuals do. So all revenues are reported each year to the IRS on Form 1120, as are all allowable deductions for business expenses, which may include compensation to employees, payments to
- 6 min read
What Does It Mean to Pierce the Corporate Veil?
Piercing the corporate veil is when the courts ignore the "corporate veil" placed on an LLC or corporation. A corporate veil is when a business is incorporated so that its owners, shareholders, and employees will not be held personally responsible if the business can't pay its debts. A corporate veil is also known as limited liability.
LLCs and corporations are legally separate from their owners and shareholders — this is what allows the veil to work.
Why is the Ability to Pierce the Corporate Veil Important?
Piercing the veil can help protect smaller businesses from larger ones. For example, if a large business refuses to pay a smaller one for provided services.
Also, it can be used to force corporations to comply with government programs. However, courts are reluctant to