Charles Bowen of The Bowen Law Group Receives the 2016 Helen V. Head Award from Savannah Chamber of Commerce

(SAVANNAH, GA) Charles Bowen of The Bowen Law Group was awarded the Helen V. Head Business Advocate Award during the Savannah Chamber of Commerce’s 2016 Business Expo & Awards Banquet.

The Helen V. Head Business Advocate Award goes to the individual following in Helen Head’s footsteps of dedication to the community, a true advocate for small business in Savannah. This award is given annually at the Savannah Chamber of Commerce’s Expo & Awards Banquet to one area business who demonstrates a commitment to giving back to the community, as well as a belief in and support of small business.

Helen Head was the first female board chairman with the Savannah Area Chamber of Commerce. She was also the first recipient of the Chamber’s Athena Award for her achievements as a woman in business.

Bowen has been practicing corporate law for over twenty years. Since he opened the doors of The Bowen Law Group in 2012 as a full-service corporate law firm, Bowen has been involved in supporting every aspect of the Savannah business community. He has provided countless hours of counseling, authored numerous free publications for business owners, resolved disputes between governmental agencies, and has frequently assisted entrepreneurs get their companies started from the ground up.

“I strive for my firm to be the one place that anyone who owns a business knows they can receive the assistance and advice they need in a professional yet comfortable atmosphere,” Bowen said. “From the beginning, I envisioned building a law practice that utilizes the skill and techniques of large metropolitan law firms while maintaining the benefits and attentiveness of a small local practice. I am very dedicated to the success of the local business community, and truly appreciate the trust and faith that so many diverse business clients have placed in me.”

Charles and his wife, Lisa, have lived in Savannah for twenty years and their two children are enrolled in the local public school system. He believes in fostering the next generation of business leaders as demonstrated through his involvement with numerous advocacy programs, speaking to local high schools and business groups, and providing many free resources for business owners.

For more information on The Bowen Law Group, visit thebowenlawgroup.com. For more information on the Helen V. Head Award, visit http://www.savannahchambernews.com/wp-content/uploads/2015/03/2015_Helen-V.-Head-Award.pdf

ABOUT THE BOWEN LAW GROUP
Charles Bowen is a business attorney who focuses on commercial, banking, entertainment and manufacturing law since 1995. Bowen has his mediation certification by the Georgia Supreme Court as both a General Civil Mediator and a Domestic Relations Mediator. He received his law degree from Georgetown University Law Center and is a member of the Georgia Bar. Bowen has received the Martindale-Hubbell® AV® Preeminent™ rating, the highest rating based upon confidential surveys sent to other attorneys. With panoramic views of the city and the Savannah River, The Bowen Law Group is located on the top floor of the Manger Building at 7 East Congress Street. For more information, call 912.544.2050 or visit thebowenlawgroup.com. Find The Bowen Law Group on Twitter at @bowenlawgroup.

CONTACT
Charles J. Bowen
The Bowen Law Group
912-544-2050
cbowen@thebowenlawgroup.com 
thebowenlawgroup.com

MEDIA INQUIRIES
Marjorie Young
Carriage Trade PR, Inc.
912.844.9990
marjorie@carriagetradepr.com
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What Small Business Owners Need to Know About the New Regulation on Crowdfunding starting May 16, 2016

It is easy to see the allure of crowdfunding as an option to raise capital for small business owners. Be aware, however, that there are several hidden pitfalls to raising capital through crowdfunding.

Choosing the best model: donation or securities

Donation crowdfunding involves backers donating varying sums of money to support a specific cause or project on websites such as Indiegogo, Kickstarter, or GoFundMe. In exchange for “donations” from investors, the entrepreneur promises to offer services, pre-order of products, and other creative packages. There is very little oversight and the online website serves merely as a facilitator for the transaction between the entrepreneur and the investors.

Securities crowdfunding is subject to far more oversight with the goal of offering more protection for investors. The SEC has passed rigorous rules to make all funding portals register before they will be allowed to facilitate transactions.

Critics of this method argue that these new rules could potentially cost tens of thousands of dollars.

New Regulation Crowdfunding rules
Adopted by the Securities and Exchange Commission (SEC), these new regulations will present new opportunities and obstacles when they go into effect on Monday, May 16.

• Issuers may raise a maximum aggregate amount of $1 million through crowdfunding offerings in any 12-month period.
• Individual investors, in any 12-month period, may invest in the aggregate across all crowdfunding offerings up to the greater of $2,000 or 5% of the lesser of annual income or net worth, if either annual income or net worth is less than $100,000; or 10% of the lesser of their annual income or net worth if both their annual income and net worth are equal to or more than $100,000.
• Aggregate amount an investor may invest in all crowdfunding offerings may not exceed $100,000 in any 12-month period.

The bottom line is that new Regulation Crowdfunding rules will allow anyone, accredited or non-accredited, to invest in a U.S.-based company. Credit scores, collateral, cash contribution from the owner, current cash flow, owner experience, and so forth, are not mentioned.

Intellectual property
After deciding which model to use, an owner must ensure that any designs, names and ideas they plan to use and publish are not currently protected. A search through the database on the U.S. Patent and Trademark Office’s website will let you know if your name or idea is already registered. It’s important to search for the exact name, plus variations of the name including misspellings and similar sounding words or phrases.

In addition, you should do a basic internet search. After verifying that you have not infringed on any current patent and trademarks, be sure to federally register all relevant ideas, names, and designs to ensure that your work is protected.

Deliver on all promises
After a successful campaign to raise capital, a small business owner has continuing obligations to investors. There are numerous horror stories from donation crowdfunding sites like Kickstarter in which entrepreneurs go bankrupt following a successful campaign because they did not plan for the volume they would pre-sell or the additional funds needed to fulfill promises.

There are also commonly legal claims filed against entrepreneurs by investors who did not receive products. Set a realistic monetary goal and plan ahead if you are manufacturing a new product or providing a service. Donation crowdfunding sites serve as facilitators and hold no liability. If you receive the funds; you are on the hook to deliver.

Tax implications
Depending upon your product or service, the money raised may qualify as income or a non-taxable gift. There could also be issues related to sales tax and the issuance of 1099s.

All of these issues should be carefully considered prior to starting any new crowdfunding campaign. While these can be valuable resources of capital, the proper planning, research, and professional guidance will help ensure your great idea enjoys the success it deserves.

Charles Bowen is a business attorney who focuses on commercial, banking and manufacturing law and also offers comprehensive mediation services. He may be contacted at 912.544.2050 or cbowen@thebowenlawgroup.com

Charles Bowen, The Bowen Law Group

How Does the Supreme Court’s Ruling on Same-Sex Marriage Affect Your Small Business? By Charles Bowen

On Friday, June 26, the Supreme Court issued a ruling that resulted in the immediate legalization of same-sex marriage across the country. While this was a cause for celebration for many couples, it should be noted the ruling also has important implications for small business owners.

Ensuring that your business is compliant with the current state of the law is crucial to avoid potential fines or lawsuits.

The most obvious change relates to the updating of your company’s benefit policies, particularly healthcare. If you offer a family medical plan to heterosexual couples, this must also be offered to same-sex married couples.

The same holds true for retirement plans and other similar programs that confer benefits upon married couples. Further, if the language contained in your company’s documents relating to these benefits is not gender neutral, it should be adjusted so it’s also applicable to same-sex couples.

The Family and Medical Leave Act (FMLA) is another example.

The FMLA stipulates that employees are allowed to take up to a 12-week leave of absence to care for a sick family member if they have accrued 1,250 hours of work over the previous 12 months. While this extended leave is unpaid, the law ensures that their job remains available upon their return.

Some companies in Georgia previously took the position that a same-sex partner was not a spouse, thus the company did not have to offer FMLA to those employees. Now the law is clear that FMLA time must be offered to all married employees.

In a nutshell, offering the same benefits and perks to all married employees, regardless of sexual orientation, is the surest way to keep your business legally compliant.

It is imperative that your supervisors understand that discrimination of any kind cannot be tolerated because the failure to prevent discrimination will leave you open to significant legal liability. Every company policy that you have in place, from the interviewing process all the way to termination, needs to be reviewed to ensure full equality.

Finally, open communication with your employees will be especially important as the business world adjusts to these changes, and it’s vital that you make the information regarding these changes freely and readily available to all employees.

While this sudden change to the law may pose some initial challenges, the ultimate result is likely to be beneficial. Demonstrating equality to all employees will generate good will for your business and help ensure that you remain competitive in your industry by being able to attract the most qualified and talented employees.

Further, every business owner should consider whether the legalization of same-sex marriage may offer the potential for economic growth.

Many wedding-related industries such as planners, photographers, special event companies and others already have seen their customer base grow just in the short time since the ruling. One can only imagine that divorce attorneys are likely waiting patiently for the inevitable increase in their business, as well.

It is not just these industries, however, that stand to benefit from the Supreme Court’s decision. All companies that welcome LGBT couples and treat them with equality and respect are likely to experience economic growth.

A study conducted by The Williams Institute at the UCLA School of Law estimated that over the next three years, the legalization of same-sex marriage will boost the economy by $166 million. This goes far beyond the provision of wedding and honeymoon services. There are also tax implications for local, state and federal governments, and many major purchases may be more attractive now that they can be made in a joint fashion.

With a greater number of people able to marry, small businesses must make certain they remain in compliance with all of the legal changes. However, these businesses can also capitalize on the opportunities to help more customers fulfill their dreams and enjoy their life with the people they love.

Charles Bowen is a business attorney who focuses on commercial, banking and manufacturing law and also offers comprehensive mediation services. He may be contacted at 912.544.2050 or cbowen@thebowenlawgroup.com.