Do Women Over 50 Face More Employment Discrimination?

By ,

Whether searching for employment, aiming for a promotion, or simply trying to hold on to their current position, older women face extra challenges in the workplace. They face the dual threat of age and gender discrimination, which often hinders their chances of success.

Despite often having ample experience and qualifications, many sexist biases against women follow them while working during their older years. An employer’s preference for younger women at work could cause older women in the same workplace to experience gender and age discrimination. The compound discriminations could result in lower pay, fewer opportunities for advancement, and forced early retirement.

Age Discrimination Commonly Occurs in the Workplace

The American Association of Retired Persons (AARP) says 90 percent of workers surveyed in the United States say that age discrimination commonly happens at their place of work. A majority of women and men alike say that they experienced age discrimination while working.

Women are slightly more likely than men to say they experienced age discrimination at work. The AARP says 64 percent of women and 59 percent of men surveyed said that they experienced age discrimination.

While a vast majority of all workers say age discrimination occurs, very few file complaints. The AARP says only three percent of those surveyed said they filed a formal discrimination complaint.

What to Do if You Experience Workplace Discrimination

The Equal Employment Opportunity Commission (EEOC) says any age-based discrimination is illegal. The federal employment oversight agency investigates complaints filed by anyone age 40 or older.

If you have good reason to think you were passed over for a hiring opportunity, promotion, or other work-related matter due to your age, you could file a complaint with the EEOC. The EEOC will investigate a complaint and determine whether or not it has merit. When an age discrimination complaint has merit, you can then file a civil action in federal court.

An experienced business lawyer can help you to prepare an EEOC complaint and support it with evidence. The federal agency will have up to six months to investigate your claim and either approve or deny it. An approval enables you to move forward with a lawsuit against the discriminatory employer. That is true in the state court system, too.

Possible State-Level Action in Pennsylvania

Your attorney also can help with state-level filings that might enable you to file a civil complaint in the Pennsylvania court system. Pennsylvania law outlaws age discrimination and other forms of workplace discrimination.

The Pennsylvania Human Relations Commission (PHRC) investigates discrimination complaints. If it says your complaint has merit, you could pursue legal action in the state courts.

You do not have to file complaints with the EEOC and the PHRC. The federal and state agencies accept the decision of the other regarding workplace discrimination investigations. If you file with the PHRC and it says your complaint has merit, you can file a federal action as well as a state action.

Philadelphia Business Lawyers at Sidkoff, Pincus & Green Defend Workers’ Rights

If you were discriminated against at work, contact the experienced Philadelphia business lawyers at Sidkoff, Pincus & Green today. Fill out our online form or call 215-574-0600 to schedule an initial consultation at our Philadelphia law office. We represent clients throughout Pennsylvania and New Jersey.

How Can I Protect My Intellectual Property?

By ,

Philadelphia Business Lawyers at Sidkoff, Pincus & Green Protect and Defend Your Intellectual Property Rights.

Intellectual property (IP) is defined as any product of the human intellect such as inventions, designs and symbols, artwork, business and product names, website content, and other creations used in commerce. While the internet is a useful tool for businesses to reach a wide range of people, it simultaneously provides wide exposure to theft and copying. The importance of protecting your intellectual property cannot be emphasized enough and the four main ways to do so are through copyrights, trademarks, patents, and trade secrets.

Copyrights are used to protect a creator’s manuscripts, song lyrics, photographs, paintings, sound recordings, and other original ideas. Although you own the copyright at the time you create something, registering the copyright with the U.S. Copyright Office gives you exclusive and enhanced rights such as the ability to seek damages when infringements occur. In most cases a copyright expires 70 years after the death of the of the creator.

Trademarks are protected symbols, logos, words, or phrases that identify your service or product. A trademark should be registered with the U.S. Patent and Trademark Office (USPTO) and renewed every ten years. Because a trademark identifies goods and services as belonging to one owner you could run into disputes if your trademark is similar enough to that of another company.

How Do Patents Protect My Intellectual Property?

Patents protect unique inventions such as machines, equipment, chemical composition, or processes. Once patented, no one else can make or distribute your invention unless you have given them license to do so. Patents are granted by filing an application with the USPTO and are usually valid for 15 to 20 years after the filing date. Note that a patent cannot be obtained for something that already exists.

“Trade secrets” are not registered with any government office but are intellectual property important enough to a company that it cannot be shared with competitors or become public knowledge. To do so might seriously jeopardize the prospects of the company. Trade secrets can be protected with nondisclosure agreements that prevent involved parties from sharing information with outsiders. If you can show that your company had protocols and procedures in place to protect your trade secrets and a theft occurs, you will be able to seek damages in court. Intercompany theft of intellectual property and corporate espionage are federal offenses.

Additional Steps to Take to Protect Your Intellectual Property

After registering your intellectual property with the government and enforcing any infringements you can further protect your published work and ideas by using digital rights management to limit online access, preventing others from copying, saving, and editing your work, blocking them from printing, sharing, and taking screenshots, and watermarking your work to show ownership.

Documentation is also helpful in proving ownership of intellectual property. At every step of your creative process document in detail what you are doing and how by using drawings, plans, descriptions, and written records. Including the date on each one is critical as evidence of when you first produced your original creation.

Deciding how to apply these different kinds of intellectual property protections can be complicated and should be done with the counsel of an experienced business lawyer.

Philadelphia Business Lawyers at Sidkoff, Pincus & Green Protect and Defend Your Intellectual Property Rights

Have you experienced copyright, trademark, or patent infringement? At Sidkoff, Pincus & Green we aggressively defend and protect our clients’ intellectual property rights. To schedule a consultation with one of our experienced Philadelphia business lawyers, call 215-574-0600 today or contact us online. Located in Philadelphia, we represent clients throughout Pennsylvania and nationwide.

What Happens if You Are Found in Breach of Contract?

By ,

Philadelphia Employment Lawyers at Sidkoff, Pincus & Green P.C. Help Parties Who Face Contractual Difficulties.

In an ideal contract situation, both parties would uphold their side of the agreement, both sides would obtain what was agreed upon, and no issues would come up. However, it can be difficult to maintain a contract, even when both parties want to. Unexpected situations can present themselves without warning, and disputes could arise causing delays. This could sometimes lead to a breach of contract.

A breach of contract happens when a party of a legal binding agreement does not honor their side of the contract, either by not performing an action outlined in the contract, whether it is not performed on time, not performed in accordance with the agreement, or not performed at all. There are three distinct ways a party can breach a contract, depending on the agreement’s subject matter:

  • Either partially or fully not performing the obligations set forth in the contract. This is known as an actual breach of contract.
  • Behaving in a way that shows intent to not perform the obligations set forth in the contract. This is otherwise known as a renunciatory or anticipatory breach.
  • Acting in a way that makes the obligations defined in the contract impossible to perform. This can also be known as a renunciatory breach.

Breaching a contract can have serious consequences. When a breach of contract occurs, the breaching party must pay damages to the aggrieved party. It typically can have significant financial consequences, such as:

  • Lost income
  • Lost profits
  • Increased rental costs
  • Lost rental income
  • Increased labor costs
  • Increase material costs

The nature of the breach typically determines how to remedy the breach. A minor breach, whereas the contract itself is not entirely violated and can still be performed in a certain manner, can often be remedied quickly because a minor breach is when one party fails to perform a small detail of the agreement. The contract typically allows a party a certain amount of time to fix the mistake.

A material breach, also known as a fundamental breach, is such an egregious error that it cancels the contract, and the nonbreaching party no longer must uphold their end of the contract and has the right to file a lawsuit. The contract will typically have the options to remedy the breach, either through mediation or arbitration before filing a lawsuit.

Pennsylvania law allows for damages to be recovered when a contract is breached, but it must total a sum that compensates the aggrieved party for their losses. The nonbreaching party must present evidence, however, that the damages they incurred were reasonably foreseeable at the time the contract was entered and reasonably certain in terms of calculations:

  • Reasonably foreseeable: The damages recovered for the nonbreaching party must be a direct result of the contract breach and reasonably foreseeable at the time the parties agreed in the contract.
  • Reasonably certain calculations: The nonbreaching party has the burden of proving the calculations of their damages by a fair degree of probability. It does not have to be exact, and the jury is forbidden to speculate the amounts. The amount should put the nonbreaching party in or as nearly in the same position they would have been if the contract had not been breached. If the damages cannot be calculated with certainty, then the nonbreaching party is entitled to damages made during or in anticipation of the performance of the contract.

Philadelphia Employment Lawyers at Sidkoff, Pincus & Green P.C. Help Parties Who Face Contractual Difficulties

If you believe you are in breach of contract, or are facing contractual difficulties, then contact the knowledgeable Philadelphia employment lawyers at Sidkoff, Pincus & Green P.C. immediately. Call us today at 215-574-0600 or fill out our online form to schedule an initial consultation. With our offices located in Philadelphia, we proudly serve all clients of South Jersey, Pennsylvania, and New Jersey.

Does My NDA Prevent Me From Calling out Sexual Harassment?

By ,

Philadelphia Employment Lawyers at Sidkoff, Pincus & Green P.C. Help Parties Who Face Contractual Difficulties.

Non-disclosure agreements, or NDAs, are a common component of employment contracts in today’s workplace. They are used to prevent employees from disclosing trade secrets and confidential company information, but do NDAs apply to sexual harassment complaints and other civil rights matters? The answer is complex and depends largely on the terms of your employment.

We will explore this issue and recommend next steps to protect your rights and your interests if you experience sexual harassment at work.

NDAs as a Tool to Keep Employees Quiet About Workplace Harassment

It makes sense that companies want to keep trade secrets under wraps. If inside company information gets out, it could seriously impact their bottom line. But is it fair to expect employees to keep the details of a sexual harassment complaint confidential?

It may not seem fair, but it is possible. Your right to speak out depends on the confidentiality agreement you sign when you take a job or settle a harassment case.

An Example of an NDA in a Settlement Agreement

Let us take the example of a male worker who files a sexual harassment complaint against a supervisor who repeatedly asks him out on a date—while he repeatedly declines the offer.

His boss even promises him a raise if he consents to a romantic relationship with her. When he declines again, she gives the job to another employee with less skills and experience. This scenario has all of the components of a valid sexual harassment case.

After finally having enough, he reports his supervisor. With texts and emails to support his claims, the employer has no choice but to act. To avoid litigation, the company negotiates a settlement with the employee. They agree to compensate the employee with a caveat—he must agree not to disclose the amount of the settlement or the details of the allegations.

If the employee violates this provision, the employer can sue them in civil court. However, because lawsuits are public record, they may refrain from enforcing an NDA to keep the case as quiet as possible.

There are other ways to discourage an employee from speaking out. Some settlement agreements contain a provision that states they can stop paying the employee if that employee discloses privileged information. Other settlement agreements have a “liquidated damages” clause that requires an employee who violates an NDA to pay the company a specific amount of money.

Why Are NDAs Problematic in Sexual Harassment Cases?

Of course, employers do not want the public to find out about sexual harassment and other civil rights violations that occur in the workplace. But when we are quiet about these pervasive issues, they are more likely to continue.

As we have seen with the recent “Me Too” movement, shedding light on the problem is the key to awareness and prevention of sexual harassment. Everyone deserves a safe, equitable, and inclusive work environment.

Bill 849: Disclosing Sexual Harassment in the Workplace Act

NDAs that prevent individuals from speaking out about harassment may be a thing of the past in Pennsylvania if House Bill 849 is approved. The bill, which has been referred to the state senate’s Labor and Industry committee for approval, would ban NDAs related to sexual harassment as a requirement for employment—unless it was agreed to by both parties.

Federally, the U.S. Senate Judiciary Committee in September unanimously approved the Speak Out Act, a bill that invalidates NDAs specifically designed to prevent employees from publicly disclosing instances of workplace sexual harassment or assault in order to prevent future harm to others. Similar state bills have already been passed in New York, New Jersey, California, and Illinois.

Currently in Pennsylvania, your NDA precludes you from sharing your experience, you can face possible legal action, damages, or a smaller settlement if you do. It is best to have your Philadelphia employment lawyer review any employment contract, non-disclosure agreement, or settlement agreement before you sign. This way, you are fully-informed of your rights and obligations at all times.

Philadelphia Employment Lawyers at Sidkoff, Pincus & Green, P.C., Are Committed to Protecting Clients’ Civil Rights

If you have experienced sexual harassment or other forms of discrimination at your job, the skilled Philadelphia employment lawyers at Sidkoff, Pincus & Green, P.C. can help. Established in 1958, we have a proven track record of success achieving good outcomes for our clients. Call 215-574-0600 or contact the firm online to schedule a consultation today. Located in Philadelphia, we serve all of Pennsylvania and New Jersey.

Is There a Transgender Wage Gap?

By ,

Philadelphia Employment Lawyers at Sidkoff Pincus & Green Fight Workplace Discrimination.

Transgender workers earn nearly a third less than their cisgender coworkers, despite having similar levels of education and experience, a recent study shows.

The United States has more than 2 million workers who identify as transgender, so earning less impacts a significant number of working adults. Researchers with McKinsey & Company in 2021 reported transgender workers receive 32 percent less in pay than those who are doing the same job and are equally qualified.

The lack of equal pay is a serious problem for many transgender employees and may violate respective state or federal laws against discrimination.

Wide Pay Disparity for Transgender Workers

Virtually all workers who comprise the LGBTQ+ community say they are paid significantly less than their equally qualified and experienced counterparts. A recent study done by the HRC Foundation shows they are paid about 10 percent less than other workers, on average.

While 10 percent is a significant amount, it is much less than the 32 percent pay discrepancy among transgender workers. The disparity suggests transgender employees are among the least valued and lowest-paid workers regardless of their experience, education, and qualifications.

Majority of Transgender Employees Feel Excluded

The McKinsey report says more than half of transgender employees say they are not comfortable while at work. Many say they stay silent during work meetings and generally avoid socializing with coworkers.

The relative isolation of transgender employees makes it much harder for them to contest pay disparities orto simply feel included and respected while at work. Self-isolation will not help, but that often is a symptom of the workplace discrimination that occurs against transgender employees.

A lot of transgender employees say they do not feel as supported by employers as other employees. When they get paid nearly a third less than their equally qualified and experienced counterparts, the income disparity contributes to the feeling of alienation and a lack of support.

Pay Disparity Contributes to Transgender Poverty Levels

A darker side of the apparent pay disparity is its economic effect on transgender employees. Transgender people in general suffer high rates of poverty with about 22 percent living at or below the federal poverty level.

When paid almost a third less than others with similar experience and qualifications, the potential for impoverishment becomes much greater. Fortunately, you can fight pay discrimination and enforce your equal rights as a transgender employee when you retain an experienced employment attorney.

How to Fight Pay Discrimination?

Federal and many state laws say it is a type of sex discrimination to pay someone less due to gender identity. Pennsylvania and New Jersey laws ban discrimination based on gender identity, including lower rates of pay.

If you identify as transgender and are receiving less pay than your counterparts, you should retain an experienced employment lawyer to help uphold your rights. Your attorney can review your situation and help you to build a strong case that shows your employer is discriminating against you based on your gender identity.

There are steps that you must complete before a federal or state-level lawsuit could be filed. Those include filing a discrimination complaint with the federal Equal Employment Opportunity Commission.

When the commission affirms discrimination has occurred, employees can file lawsuits against their employers or other offending parties.

Philadelphia Employment Lawyers at Sidkoff Pincus & Green Fight Workplace Discrimination

If you are experiencing workplace discrimination of any kind, the Philadelphia employment lawyers at Sidkoff Pincus & Green can help to uphold your rights. You can call 215-574-0600 or contact us online to schedule an initial consultation at our Philadelphia law office. We represent clients who throughout Pennsylvania and New Jersey.

How to Avoid Business Fraud?

By ,

Philadelphia Business Lawyers at Sidkoff, Pincus & Green P.C. Help Companies Compromised by Fraudulent Activity.

According to the Association of Certified Fraud Examiners, the three main types of fraudulent activity are theft, financial statement fraud, and misappropriation of assets. Small and midsize businesses are often more vulnerable to fraudulent activity and experience more damage than larger companies. As estimated 33 percent of businesses experience increases of fraud each year, frequently committed by employees, such as embezzlement, which results in loss of revenue and triggers involvement by the Internal Revenue Service.

To reduce fraudulent incidents, prevention and detection of fraud activity are crucial. All businesses should establish policies and procedures to prevent fraud, which is much easier than recovering losses following incidents of fraud. There are steps business owners can take to help protect against hackers, identity thieves, and cybercriminals, including:

  • Divide accounts: Maintain separate business and personal bank accounts. This ensures that if thieves’ access one account, they will not have access to all of your accounts and drain all your funds at once. Maintain separate business and personal credit cards as well and protect card information.
  • Separate accounting duties: Small businesses tend to operate with one employee handling all of the money-related duties, such as accounting, payroll, petty cash, and more. With only one person handle all of the finances for the entire business, embezzlement and fraud can occur over long periods of time without you noticing. Dividing the financial tasks between two or more employees helps safeguard the business funds.
  • Protect data: Computer systems often leave us unprotected from thieves and fraudsters. Install anti-virus software and firewalls to help protect your company data and alert you of attempted breaches. Establish strict policies requiring employees follow company password requirements and change passwords every 60 to 90 days.
  • Run background checks: When hiring, businesses need to bring on employees who are not only qualified, but trustworthy as well. Go beyond work history and references and perform background checks on potential employees once the list of candidates is reduced to five or less applicants. Know your current employees and business partners as well. Often the employee committing fraud is well-liked, works long hours, and takes on extra duties with little oversight.
  • Establish internal controls: Businesses can create and maintain internal controls to detect or prevent fraud, such as access to inventory and financial data, and protocols requiring more than one person’s approval for overtime, check writing, payroll, accounting, and expense reimbursements.
  • Review bank accounts: Regularly scrutinize bank accounts for any signs of theft or fraud. Pay particular attention to missing checks or those with out-of-sequence numbers, checks signed over to a third party, and payments to unknown people or businesses.
  • Perform regular audits: Establish regular, routine and unscheduled audits for all departments handling accounting, cash, inventory, returns, refunds, and other financial duties.
  • Train employees: Educate employees on fraud protection, how to detect fraud, and to report suspicious activity. Establish anonymous reporting to protect employees when reporting on a coworker and thoroughly investigate every report of suspected fraud.
  • Install secure entries: Install time-stamped key-card security systems at entry points to monitor those entering and leaving the building and limit employee access to certain areas.

Additional, business owners can establish multi-factor authentication, which sends a secret code to your cell phone if your username or passwords have been compromised.

Philadelphia Business Lawyers at Sidkoff, Pincus & Green P.C. Help Companies Compromised by Fraudulent Activity

If your business has been compromised by fraud, the knowledgeable and experienced Philadelphia business lawyers at Sidkoff, Pincus & Green P.C. can help you fight back and regain control of what is rightfully yours. Call us at 215-574-0600 or contact us online to schedule an initial consultation. We are located in Philadelphia and serve clients throughout Pennsylvania and New Jersey.

  Category: Business Law
  Comments: Comments Off on How to Avoid Business Fraud?
  Other posts by

How Do I Transfer Ownership of My Business to My Child?

By ,

The Philadelphia Business Lawyers at Sidkoff, Pincus & Green Help Clients With Family Business Matters.

Family businesses, also known as closely-held businesses, are owned, controlled, and often operated by a single family, whether it be siblings or parents and their children. It is common for these businesses to eventually be passed down to the next generation in the family.

When done correctly, transferring business ownership to your children can ensure security and income. When transferred incorrectly, it can jeopardize both the business and family relationships. The successful transfer of the ownership of your business to your child is complex and requires careful planning. The reality is, there are nearly as many ways to transfer a family business as there are types of businesses. It is important to have a thorough discussion with an experienced business lawyer who knows how to accomplish your goals with regard to your family and complete financial picture.

What Are Some Ways Businesses Can Be Transferred to Children?

There is no question that handling a family business is an essential part of planning your estate. The following are some ways a business can be transferred to your children:

  • Include it in your will: You can simply put your interest in the business to your children in your will. This allows you to maintain complete control of the business for as long as you live, and your children to benefit from future ownership as they learn to manage the business. The downside to this route is the concern that as owners get older, they may not be able to fully run the company’s affairs. There are often tax advances to transferring all or part of the business while you are alive.
  • Gift it now: You can give your children part or all of the business now. You may have to pay a gift tax, but the lifetime exclusion is large, so there may be little or no gift tax to pay, at least through the end of the year. A major advantage of gifting is that any future appreciation in the value of the business will be excluded from your estate, and not subject to estate tax when you die. A disadvantage is that your children’s tax basis in the business will be the same as yours today, rather than a “stepped up” basis, which would be equal to the value at the date of death if they inherited ownership.
  • Sell to your children: Owners often want to transfer ownership while they are still living, but continue to receive income from the business. In these cases, a good option for owners is to sell the business to their children.
  • Transfer the business to a trust: You may also sell or give an interest in the business to a trust for the benefit of your children. This is advantageous because it protects the children’s interest from creditors and ex-spouses. Other advantages to trusts are that they can help avoid capital gains tax on the sale of the trust assets, and avoid income tax on interest payments from the trust to the owner.

Many of the above options could be combined to meet your family business needs. If you have only one child, and that child is qualified and also wants to run the business, the transferring process is fairly straightforward. When none of these three things are the case, transferring family business ownership can become much more complicated. For these reasons, it is strongly recommended to work with a skilled business lawyer to ensure that your specific goals are met.

The Philadelphia Business Lawyers at Sidkoff, Pincus & Green Help Clients With Family Business Matters

If you are looking to transfer the ownership of your business to your children, the knowledgeable Philadelphia business lawyers at Sidkoff, Pincus & Green are here to assist you. Call us at 215-574-0600 or contact us online to schedule an initial consultation. Located in Philadelphia, we represent clients throughout Pennsylvania.

How Often Do Business Contracts Need to Be Updated?

By ,

Philadelphia Employment Lawyers at Sidkoff, Pincus & Green Protect Clients and their Business Contracts.

The use of contracts is standard and necessary practice among most businesses. When businesses allow lawyers handle major aspects of a company’s contracting process, or there is a contract management team to oversee the business portfolio, oversights that could have become problematic for businesses can be avoided.

Managing business contracts can be more complicated that many realize. It is easy for finer details to slip through the cracks when circumstances change without the contract being appropriately adjusted. When running a business or working on a specific project, it is essential to keep business contracts clear, up-to-date, and understood by all parties involved.

What Types of Business Contracts Need to Be Updated?

There are many kinds of agreements that businesses rely on to keep operations and projects running smoothly. Some types of business contracts that should be updated regularly include:

  • Buy-and-sell contracts
  • Client or customer agreements
  • Commercial leases and real estate contracts
  • Employment agreements
  • Equipment leases
  • Financial agreements, including loan documents
  • Non-compete agreements.
  • Non-disclosure and confidentiality agreements
  • Privacy policies
  • Service provider or supplier agreements
  • Shareholder or partnership agreements
  • Software licenses
  • Terms of use contracts
  • Website contracts

Why Should Business Contracts Be Regularly Updated?

Even when business contracts and related agreements are drafted by a lawyer, they still to remain living, breathing documents. A document that gets written for a business today may not always be the document needed tomorrow, as neither business nor laws are stagnant. The terms and conditions of a business contract need to evolve and vary with the growth and development of the company.

When renewing a company’s terms and conditions in a business contract, consideration should be given to the following:

  • Any verbal arrangements in place
  • Implied terms of the contract
  • Regulation and legislation with regard to provision of services and compulsory disclosures to customers
  • Industry practices and professional best practice rules
  • Company policies

It is crucial for businesses to review and renew their contracts regularly to ensure that terms and conditions reflect a company’s current operational feasibility, business arrangements with customers, and regulatory standards in place for businesses.

Terms and conditions of contracts enhance businesses and provide legal protections should any problems arise. There are several reasons companies should continuously update their business contracts, including the following:

  • Keeps company compliant with laws and regulations
  • Minimizes and manages dispute risk
  • Provides alternative methods to mitigate litigation risk, such as arbitration or mediation dispute resolution
  • Protects company’s intellectual property
  • Limits company’s liability and reputational risk
  • Sets expectations, securing a valuable working relationship

How Often Should Business Contracts be Updated?

How often certain contracts should be reviewed and updated can vary depending on the nature and scope of each agreement. The following is a general guideline as to when to update different kinds of business contracts:

  • Every two years: Not many business documents only need to be updated occasionally, but there are a few. Company contracts, such as operating agreements and other general records, usually fall into this category. Certain situations may necessitate a specific review prior to the two-year mark, such as the departure of a partner or change in ownership.
  • Annually: The general rule is, that when in doubt as to when a business contract should be reviewed or updated, the safest practice is once a year. Multiple agreements have one-year terms, including leases, licensing contracts, non-disclosure, or confidentiality agreements.
  • Biannually: Some contracts need to be reviewed more frequently than the most common one-year mark. Financing and professional service agreements warrant additional oversight to ensure the company is on track to fulfill all obligations. Professional services contracts can often involve substantial fee agreements with accountants or attorneys, so companies should check that they are getting an appropriate value.
  • Quarterly: the increased frequency of quarterly contract reviews can catch matters that could lead to bigger issues. Quarterly assessments can also be necessary for budgeting and reporting purposes like payroll and tax matters.
  • Monthly: Some business contracts are simply of a short duration, of an extremely high value, or with relatively unreliable partners. These types of contracts require diligent oversight and frequent communication.

All updates to business contracts should be discussed, agreed upon, and signed by every involved party. Hiring a knowledgeable Philadelphia employment lawyer can help your business avoid serious problems like breach of contract. Having a skilled employment lawyer by your side can ultimately save you time and money, a civil lawsuit, and the reputation of your company.

Philadelphia Employment Lawyers at Sidkoff, Pincus & Green Protect Clients and their Business Contracts

Reach out to one of our accomplished Philadelphia employment lawyers at Sidkoff, Pincus & Green for all your legal business needs. Call us today at 215-574-0600 or contact us online for a free consultation. From our office in Philadelphia, we serve clients throughout Pennsylvania and New Jersey.

What Happens if Multiple Siblings Inherits a Business?

By ,

Philadelphia Business Lawyers at Sidkoff, Pincus & Green P.C. Assist Business Owners with Estate and Family Planning.

To many owners, leaving the family business to the next generation can be daunting, as most parents want to focus more on equality and fairness when dividing the estate and business among multiple children. However, this is not always the soundest decision for the continued success of the business, and frequently leads to family conflict.

“Fair” does not always mean “equal,” particularly if one child has taken an interest and devoted their adult career to help running the family business, but another child chose a different career path altogether. An equal division in this scenario would likely not be considered fair by either child, yet 60 percent of business owners report planning to divide their businesses equally among their children regardless.

There are a number of avenues toward an equal inheritance for all children, without equally dividing the family business, especially when not all are interested in taking succession of the business, such as:

  • Recapitalize the business and divide the money equally among the children.
  • Develop voting and non-voting stock for family members, allowing the children who want to manage the business more say in day-to-day operations and direction.
  • Utilize life insurance policy death benefits with larger shares of the insurance payouts distributed to the children not receiving ownership in the business.

Planning for the transfer of your business to heirs should be developed in the early stages of your business’s establishment for the business to endure in the event of your untimely death. When deciding on what percentage of the business you plan to transfer to your children, carefully consider:

  • Whether the business should be divided equally between children currently involved in the business and those who are not.
  • What other assets are available for the children who are not involved in the business and whether they are equal.
  • Should children outside the business inherit liquid assets as opposed to the illiquid assets those working in the business will inherit.
  • Whether you should provide those currently working in the business with early inheritance today through ownership versus waiting until your death to inherit along with their siblings not involved in the business.

Your wealth, the business’s wealth, estate and income tax, and probate laws will change over time, so making a habit of regularly reviewing and updating the plan for your business to reflect these changes is also crucial for succession.

Have open and frank discussions with your children regarding your plan for the business. Doing so manages their expectations and begins preparing them for the responsibilities of managing the business and allows it to continue operating seamlessly. Explain your reasoning behind your decisions and the goals you have set for the continued operation of the business in your absence. If you anticipate discussions may be contentious between siblings, include your attorney, accountant, or other trusted advisors to help facilitate the meeting and frame the discussions.

In today’s world, it is not uncommon for children to not receive inheritances until they are in their 50s and 60s due to longer life expectancies now. At this stage of your children’s lives, they are likely well-established in their own careers, in or out of the family business. You may determine that lifetime gifting during crucial milestones in your children’s lives is more beneficial for the entire family and ownership transfers through gifts, sales, or equity compensation may be better options than an equal division. These methods also offer a smoother transition to the next generation and helps avoid disputes over your intentions regarding inheritance.

Estate planning can be a complicated and emotional experience but acknowledging the emotional impact of inheritances and prior decision-making allows you satisfy all of your heirs and solidifies the longevity of your family business.

Philadelphia Business Lawyers at Sidkoff, Pincus & Green P.C. Assist Business Owners with Estate and Family Planning

If you are a business owner, you want your business to thrive well into the future through your family’s generations. With careful decision-making and estate planning, you can ensure that your children and your business will be well taken care of following your death. The experienced Philadelphia employment lawyers at Sidkoff, Pincus & Green P.C. can help you develop a sound plan that benefits everyone. Call us at 215-574-0600 or contact us online to schedule an initial consultation. We are located in Philadelphia and serve clients throughout Pennsylvania and New Jersey.

  Category: Business Law
  Comments: Comments Off on What Happens if Multiple Siblings Inherits a Business?
  Other posts by

Are Algorithms Not Showing Equal Job Opportunities to Men and Women?

By ,

The Philadelphia Employment Lawyers at Sidkoff, Pincus & Green, P.C. Fight Against Sex and Gender Discrimination in Employment.

The days of searching the newspaper classifieds for open positions are long gone: potential employees now use sites such as Indeed, LinkedIn, Craigslist, and various social media platforms. But each one of the online job sites and social media sites are controlled by artificial intelligence-based algorithms. These algorithms ultimately control the specific jobs you will see when doing a search. There has been a question as to whether the algorithms are changing the results of job queries based upon the searcher’s gender. A new study by the University of Melbourne has shed some light on this real phenomenon in a report titled “Ethical Implications of AI Bias as a Result of Workforce Gender Imbalance.”

Women Are Not Being Shown Certain Job Ads and Listings

The data found in the study indicate that when job seekers use job sites and perform search queries, specific jobs will not be shown to job seekers who have identified as female. When male and female candidates perform the same job search query, specific high-paying jobs are shown to the male candidates but not the female candidates, even though the candidates have the same or similar qualifications.

This problem is most prevalent in high-paying technical jobs that have traditionally been male-dominated, which is believed to be one of the causes of biased AI algorithms. This can skew search results for women when they are performing searches for open positions in these industries.

Gender Bias in Algorithms Are Attributable to Humans

The gender bias that is found in AI algorithms are not caused by the algorithms themselves, but the gender bias that humans already have. Our own bias in encoded into the system due to the various datasets that the algorithms use. The University of Melbourne study found that human recruiters, on average, consistently rank female candidates lower in qualifications for finance jobs, technical jobs, and data analyst positions. The rankings were not even close to financial industry positions where female candidates were ranked four places lower than male candidates, even though each candidate presented with essentially the same qualifications on their resumes.

Surprisingly, the study also found that there was minimal difference in the rankings of candidates between male and female recruiters. So, it did not matter if the recruiter was male or female, they all consistently ranked women candidates lower than male candidates for jobs in certain industries.

The Philadelphia Employment Lawyers at Sidkoff, Pincus & Green, P.C. Fight Against Sex and Gender Discrimination in Employment

If you believe you have experienced discrimination in the workplace or in hiring practices, you need to contact a knowledgeable and skilled employment law attorney to get your questions answered. Our Philadelphia employment lawyers at Sidkoff, Pincus & Green, P.C. have decades of experience in successfully fighting for the rights of women and other protected classes that suffer from employment discrimination. Call us at 215-574-0600 or contact us online to schedule a consultation at our Philadelphia law office. We represent clients in South Jersey and throughout Pennsylvania and New Jersey.