The Equifax breach has been an ongoing and developing story over the last couple of weeks. This breach leaked the information of hundreds of millions of people, possibly leaving their credit scores vulnerable to identity theft. The breach could affect many people for years to come, and some of those people are business owners. That's why a class action lawsuit was filed today on behalf of 28 million business owners in the United States against Equifax.
You don't see many RadioShack stores anymore, and there's a reason for that. A couple of years ago, the company filed for bankruptcy, and they filed for bankruptcy again (a Chapter 11 filing) in March. As part of that filing, they teamed up with Sprint to ensure the company's future, but it came with a cost. The physical space that RadioShack had amassed over the years had to be shared with Sprint.
Did you know that the Food and Drug Administration has guidelines that define how "spring water" is obtained and sold? It's true, and this is a central premise of a bizarre yet interesting lawsuit involving Poland Spring Water, which is the best selling bottled water in the country.
Our blog is about two topics: business law and divorce. Today, we have a story that combines these two topics in a highly controversial and combative lawsuit. The story isn't from here in Rockville, Maryland, but it concerns any business owner who fears what could happen if his or her business becomes entangled in their personal divorce.
Imagination Technologies Group, a tech hardware company, disputes Apple's version of events when Apple said that they had informed Imagination over the last couple of years that they were "winding down" the relationship between the two companies. Apple previously used Imagination's graphics cards in their phones, but the announcement of the end of the relationship by the beginning of 2018 dealt a huge blow to Imagination's stock price.
A couple of months ago, we wrote a post about trade secrets and businesses. Trade secrets are vital pieces of information that can make or break a company's future. Along the same lines as a trade secret, patents can dramatically impact the future of a company. A patent legally protects a non-obvious and new invention from other individuals and companies who would copy your idea and use it for their own gain.
If you have not heard, Uber and Google are currently waging a massive legal battle against each other over the alleged theft of company secrets. The story goes like this: Anthony Levandowski was a big engineer at Google, working on a self-driving car project under Google's parent company's self-driving business, Waymo. But he left the company to start his own self-driving company, which was eventually snapped up by Uber for roughly $700 million.
Most companies are going to, at some point in their existence, rely on other companies to push their company further towards success. When two or more companies come together to form an agreement, they will do so under legal circumstances. They will form a contract, and then the parties involved in that contract will be obligated to fulfill their responsibilities going forward.
One of the most important decisions you will make as an entrepreneurs and a soon-to-be business owner is not what your product or service is. Nor will it be your company name or your social media footprint. In fact, your most important decision won't even be who you hire as your first employee. Instead, one of the most important decisions you will ever make will seem like a relatively simple one: what is your business structure?
Companies want to protect their interests, and employees want to have assurances of their employment. These area two truths about the world of business. One of the ways that these things are maintained is non-competition agreements, often called NDAs (for "non-disclosure agreement"). A non-competition agreement prevents an employee or prospective employee from passing on critical information or trade secrets to competitors if they were to move on to a different company. It also forces a company to give the employee something in return, which is usually a job.