by eclewis | Mar 4, 2015 | Business News
Trelora, a real estate brokerage startup located here in Denver that charges a flat fee for its services, appears to have breached the terms of its multiple listing service (MLS) subscription. What Trelora started doing was including, as part of its searchable home listings, the amount that home sellers are willing to pay a buyer’s agent when the property is sold.
In response, REcolorado, a MLS firm, is threatening to fine them, and suspend or terminate Trelora’s access to MLS data. Since then, Trelora had made some changes to meet some of REcolorado’s demands but was nevertheless continuing to post the commission rates to buyers on their website. Trelora lawyered up and was seeking to negotiate with REcolorado and determine where to go from there.
Since then, Trelora stopped posting broker commission information after they received a cease and desist letter from REcolorado. In response, Joshua Hunt, the CEO of Trelora posted an open letter on its website regarding the controversy. In it, he defended Trelora’s actions as fighting for transparency and consumer empowerment. He said, “Unfortunately, there are many in our industry who want to protect agents’ exclusive access to this important [financial] information.”
This live controversy taking place right here in Denver is a great example for how any time you sign-up for a data service like MLS, there is going to be a contract involved regulating what you can and cannot do with that data. Most of the time, there will be limitations preventing you from disclosing most, if not all, of such information to the general public. After all, there is probably a reason why nobody else has done what Trelora is doing. If you fail to comply with the terms of that contract by disclosing protected information, then you have clearly breached that contract and will be liable for damages. It is not surprising that Trelora finally agreed to take down this protected information, as they likely thought the legal battle they were facing would either be unsuccessful or cost-prohibitive to pursue any further.
If you are thinking about entering into a contract and you need help reviewing it and what you will be able to do going forward, don’t hesitate to reach out to the Law Office of E.C. Lewis, PC, home of your Denver Business Attorney, Elizabeth Lewis, at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
by eclewis | Feb 20, 2015 | Business News
Now that 2015 is in well underway, let’s take a look at some of the various tax payment deadlines for businesses. Here is a link to the IRS Tax Calendar publication, but in case you are in a hurry, here is a brief rundown for you on some tax deadlines (but be sure you double-check with the IRS or your accountant exactly which deadlines apply to your individual business and circumstances):
First Quarter
- January 15th: Social Security, Medicare, and withheld Income Tax is due
- February 17th: Social Security, Medicare, and withheld Income Tax is due
- March 16th: Social Security, Medicare, and withheld Income Tax is due
Second Quarter
- April 15th: Social Security, Medicare, and withheld Income Tax is due
- April 15th: Estimated Tax Payments are due
- April 30th: Form 941 for first quarter is due
- May 11th: Social Security, Medicare, and withheld Income Tax is due
- June 15th: Social Security, Medicare, and withheld Income Tax is due
- June 15th: Estimated Tax Payments are due
Third Quarter
- July 15th: Social Security, Medicare, and withheld Income Tax is due
- July 31st: Form 941 for second quarter is due
- August 17th: Social Security, Medicare, and withheld Income Tax is due
- September 15th: Social Security, Medicare, and withheld Income Tax is due
- September 15th: Estimated Tax Payments are due
Fourth Quarter and January of 2016
- October 15th: Social Security, Medicare, and withheld Income Tax is due
- November: Ask employees to fill out new W-4 if their allowances will change
- November 2nd: Form 941 for third quarter is due
- November 16th: Social Security, Medicare, and withheld Income Tax is due
- December 15th: Social Security, Medicare, and withheld Income Tax is due
- December 15th: Estimated Tax Payments are due (for corporations)
- January 15th: Estimated Tax Payments are due (for individuals)
- January 31st 2016: Form 941 for fourth quarter is due
If the your businesses is in need of some legal assistance, or if you are ready to start your own, do not hesitate to reach out to the Law Office of E.C. Lewis, PC, home of your Denver Business Lawyer, Elizabeth Lewis, at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
by eclewis | Feb 11, 2015 | Business News
As a way of celebrating Valentine’s Day in the small-business context, this post will focus on small business and loving it! That being said, a recent study found that adults who “feel younger” than their actual age lived longer. What does that mean to feel younger? It’s all about enthusiasm, excitement, and a generally positive outlook. The same kind of feelings as when you are in love! Owning your own business is an exciting opportunity that will no doubt spark that youthful enthusiasm, but even if your business has been around for a while, it is important to keep that love alive. Doing so may not only help keep your business around longer, but it may also keep you feeling younger.
Think about this. People that are working for themselves or even for small businesses generally take a lot of pride in the work that they do, and that is because they can directly see the results of their hard work. They get a chance to see their satisfied customers and are able to feel like they are a meaningful part of the company. Many who work for large companies miss out on this same satisfaction. Small business owners or their employees get more variety and flexibility with their daily work, which can help keep you interested and excited about what you are doing and loving what you do.
A survey found that people who own or start their own businesses are happy with what they do and want to keep doing it. One study showed that newly-minted MBAs are happier starting their own company or working for small business than their big corporate counterparts. Another survey found that entrepreneurs are among the happiest people in the world.
Sure, starting a business and keeping it going can be very challenging but keep thinking about these exciting positives to small business and you will start to love your business even more, which will no doubt bring benefits to you and your employees in both their careers and personal lives.
If the business you love is in need of some legal assistance, or if you are ready to start your own, do not hesitate to reach out to the Law Office of E.C. Lewis, PC, home of your Denver Business Attorney, Elizabeth Lewis, at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
by eclewis | Feb 4, 2015 | Business News
Recently, oil prices have seen a significant drop in prices, leading to low costs for energy and gasoline across the country. These lower prices are putting more money into the pockets of consumers to spend more money elsewhere in the economy and also for many businesses. It is expected that this will lead to an increase in hiring in many areas of the economy, especially if these low prices continue.
For example, hiring is expected to increase in the areas that will see direct benefits to these lower oil prices such as automotive manufacturers and dealers and also trucking and other shipping companies. Additionally, hiring is rising for restaurants, likely due to consumers now having more money in their pockets because of the lower gas prices, which they can now spend eating out. Restaurants related to both areas like drive-ins are especially showing increased sales as a result.
However, these lower prices are not good news for hiring in other areas. Naturally, the energy sector is facing the biggest losses due to these low oil prices. Energy companies have had strong growth over the past few years due to the increased oil and gas drilling that has been going on, but with these lower prices they are already experiencing large layoffs of their employees. This is clearly concerning for those working in the energy sector, which represents about 1.4% of U.S. employees.
This news, like most economic news, is good for some and bad for others, but at least this time the economy overall is expected to see increased employment, wage growth, and other expansionary benefits like lower inflation because of the lower energy prices, which will hopefully keep the economy and businesses overall in good health.
If you are considering hiring new workers for your business, there are many legal considerations that you may need assistance with, do not hesitate to reach out for legal help and guidance from the Law Office of E.C. Lewis, PC, home of your Denver Business Attorney, Elizabeth Lewis, at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
by eclewis | Jan 28, 2015 | Business News
If you are having trouble finding a mentor or if you have found a good mentor that does not have the ability to give away their time for free, then it may be a good idea to consider investing in paid mentoring.
Many people still look at mentoring in a very traditional way and imagine a promising young new hire being mentored by a seasoned executive. However, as we saw when talking about reverse mentoring, modern mentoring can exist in a variety of ways. Some people may seem hesitant about paying for mentoring but is it really so odd? Think about it this way, if you know someone who is an expert with Quick Books and you want to have them come teach you how to use it, you wouldn’t think twice about paying them for their time would you? Is mentoring necessarily so different?
These kinds of transactions are really a form of mentoring in and of themselves. As useful as these transactions are, some people provide this kind of assistance to people in much the same way as a mentor would but do it professionally as what is known as a business coach.
A business coach is someone that can help you develop yourself and in turn, your business. They will hold you accountable and as someone who does this professionally, you can hold them accountable as well. This sort of relationship can also help ease the initial tension or intimidation that may exist in a traditional mentor-mentee relationship, where the mentee may be too timid to ask questions because of the mentor’s position or because they are helping the mentee for free and may find it difficult to ask for more from them.
Just as we have discussed the numerous benefits that mentors can provide in our previous posts, you know that they may be well worth the monetary investment. Even if that great potential mentor that you know is not a business coach and is someone who might be difficult to arrange a paid-mentoring arrangement with, consider buying them lunch to see if you can develop a relationship with them that way. You may very well find that in the long run, these can be some of the best investments you have ever made for yourself or your business.
A mentor-mentee relationship does not have to meet any particular parameters and is always mutually beneficial. Mentoring is really just about investing in yourself and each other to grow personally and professionally, no matter how they come about.
This concludes our series on mentoring as part of January as Mentoring Month, and we hope you have enjoyed it and are either looking for that great mentor, have one that you show your continued appreciation for, are ready to make the jump to star mentoring someone else, or are working to improve yourself as a longtime mentor, with the help of these posts.
If you need legal help with your business matters, do not hesitate to reach out to the Law Office of E.C. Lewis, PC, home of your Denver Business Attorney, Elizabeth Lewis, at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
by eclewis | Jan 21, 2015 | Business News
Continuing in honor of January as National Mentoring Month, in this post, we will discuss a relatively new development in mentoring known as “reverse mentoring.” Be sure to take a look at our previous posts about how to be a great mentor, how to be a great mentee, and the importance of mentoring and how to find one.
Reverse mentoring is where someone younger acts as a mentor to someone who is older, and this generally corresponds with less experience for the mentor and more experience for the mentee. Now you may be wondering how exactly this works, but if you think about the rapid pace that technology has been transforming our world, it makes a lot of sense. Millennials and the younger generations have been called “technology natives.” They have grown up with computers and technology everywhere and a part of their everyday lives.
A younger “mentor” can help you learn how to use technology to improve your business and your personal productivity. They could help you learn to better make use of social media, your smartphone, or other new technological trends that are more specifically tailored to your industry. These things can help modernize your business to get more customers and help you get more work done easier.
Consider that those who have been in an industry for less time generally tend to be more energetic and enthusiastic about it and can provide you with a refreshingly positive perspective that can inspire you and your business to grow or be willing to take a leap to something new or even start a new business.
As we discussed in our post about being a great mentee, it is important to remember that newer (or younger) is not always better. There are certainly disadvantages to some aspects of new technology. For example, consider hacking and other security concerns with technology, or the difficulty of keeping information confidential with how quickly and easily it is to post things on the internet and have them exist there for “forever.” At the end of the day, technology is here to stay and it is important to keep up with it so that you and your business do not fall behind.
If you have a young employee or know someone that is younger and may be interested in your area of business, consider reaching out to them about developing a mentoring relationship between the two of you. After all, all mentoring relationships are a two-way street and provide benefits to both parties, regardless of if you are in a traditional or “reversed” mentoring situation. Some mentoring relationships may not even have a clear mentor and mentee and may be more fluid. Either way, mentoring will help you develop and help your business, career, and/or entrepreneurial aspirations.
If you need legal assistance for your business or in starting a business, do not hesitate to reach out to the Law Office of E.C. Lewis, PC, home of your Denver Business Attorney, Elizabeth Lewis, at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
