The lowest unemployment rate can be found in one of the coldest states, North Dakota (4.1%), and the highest unemployment is found in Michigan (14.7%).

Happy New Year!

To form the joint venture, the co-venturing partners contribute funds, goods or equipment at the outset. The proportion, which each partner contributes, can be 50% each, or it can be in unequal amounts, with one contributor providing a majority of the resources for the formation and initial operation of the venture.

One of the benefits of a joint venture is its lack of permanency. As opposed to a partnership, which can create a number of responsibilities, duties and obligations on the part of each partner, a joint venture generally only obligates its partners to those specific duties and obligations set forth in the Joint Venture Agreement. Further, joint ventures frequently have short, defined durations. Many joint venture agreements provide for the venture to terminate and cease its existence after only a few years. Such time-limited joint ventures represent less of a commitment on the part of the partners than would a standard partnership.

Another benefit offered by joint ventures is that it allows companies to share expertise or relationships with other companies to penetrate new markets, or to develop new products or services, thus benefiting both parties. For example, smaller companies can join with larger more established companies to share expertise and develop new technologies, affording the larger company access to new research materials, while affording the smaller company additional clout and market presence. Further, such strategic relationships can combine to decrease competition in a particular market, making it easier for the partners involved to penetrate that market.

Joint ventures are frequently used when a domestic company wishes to enter a foreign market. The joint venture structure allows the domestic company to seek a short-term, project-specific relationship with a company within that foreign country. The domestic company then can take advantage of the foreign companies local know-how and relationships; while the foreign company gains access to relationships and expertise it might not ordinarily be exposed to.

It is worth noting that an exit strategy employed by many joint venture partners is for one partner to acquire the other partner’s interest in the venture. This approach can work well where one business has used the venture to experiment outside of its core business, developing a product or service with another company whose expertise lies closer to the business conducted by the joint venture.

Sources: Joint Venture Agreement, Joint Venture Agreement (Film/TV)

Unlike Continental, Southwest Airlines turned a similar scenario into a winning situation. Weather conditions, de-icing procedures, and FAA pilot regulations led to a five hour lock-down for Southwest customers in St. Louis. Bob Emig was one of the passengers stuck on the plane. He told Business Week about his experience and was surprisingly—well, gracious.

Emig praised the flight staff for being extremely courteous. He added that the pilots walked the aisles answering passenger questions and that the flight attendants gave as many connection updates as possible. Upon returning home, Emig received two round-trip vouchers for future flights.

According to Fred Taylor of Southwest Airlines, this kind of service is the Southwest way. Taylor explained the reasoning in Business Week saying, “It’s not something we had to do…It’s just something we feel our customers deserve.”

Like a major airline, business owners can’t control the weather, or even a metaphorical storm like the current recession. But you can retain and even grow your customer base by providing good service in tough times.

Top Three Tips for Retaining an Unhappy Customer

1. Listen

Even if you don’t agree, give them a chance to voice their opinions and concerns and ensure they know you’re listening and you care.

2. Empathize

Don’t be afraid to say “We made a mistake.” Or, if you didn’t make a mistake, you can simply express your sympathy with a genuine “I’m sorry you didn’t have the kind of experience we aim to deliver.”

3. Exceed Expectations

You may not be able to offer free products like Southwest, but you may be able to do something on a smaller scale. Depending on your customer, you may want to send them a gift card to a coffee shop, tickets to the local game, or a simple “thank you for your business” note in the mail. Refunds, discounts on additional products, and any free products are also a winner, but you can keep it simple and affordable.

The Ritz-Carlton luxury hotel chain is another member of the customer service winner’s circle profiled in Business Week. According to Gerard van Grinsven, Vice President and Area General Manager for The Ritz-Carlton, “We are in business to wow people.”

Recent customer Gregory Smith told of visiting the Ritz with his wife for their anniversary. Shortly after check-in, where he casually mentioned their anniversary celebration to the guest services staff, there was a knock at their door. It was the concierge, Susan, bearing a piece of cake. As Smith tells it, “This time she surprised us with a luscious piece of cake carefully presented on a plate. In icing was this inscription, ‘Happy Anniversary.’ Wow!”

Any company that gets a “wow” can count on repeat customers and priceless referrals.

You may have a copyright, trademark, or patent to protect your intellectual property in the US — but what about abroad? Can your trademarked logo, copyrighted work, or patented invention be used without your permission in a foreign country? Here’s an overview of the most popular intellectual property protections and how they apply outside the United States.

Copyright

According to copyright.gov, the online face of the US Copyright Office, a copyright is grounded in the US Constitution and protects your “original works of authorship.” This can include written works (such as novels or plays), creative projects, and even computer programs. However, copyright does not protect the ideas themselves; it protects them as they’re expressed in a work or project.

The US Copyright Office maintains copyright relations with some foreign countries, so international acknowledgment and protection of your copyright may be possible — but only in certain countries. There are other countries that offer no copyright protection to foreign works. To see details on each country’s copyright agreements with the US, see copyright Circular 38a (pdf).

Trademark

Businesses often use trademarks to protect their unique brand identities — a TM, SM, or ® symbol next to a name, logo, or other identifying mark indicates that the mark has been claimed as a trademark or service mark.

Filing a US trademark is the first step to protecting your trademark internationally. International trademark registration is available through the World Intellectual Property Organization (WIPO), but in order to be eligible for international registration, the trademark must first be filed with a member country’s trademark office. US trademarks can also be registered with US Customs to prevent items carrying infringing marks from being imported into the US.

Patent

Simply put, a patent protects an invention or discovery. Obtaining a patent for your invention is a smart way to discourage others from making and using — or profiting from — your work. Obtaining a patent in the US does not guarantee international protection of your intellectual property — USPTO patents are only effective in the US.

There is no “international patent” that will protect an invention all over the world. A separate patent must be filed in each country where the patent owner seeks protection. Fortunately, WIPO offers a Patent Cooperation Treaty (PCT) application, which simplifies the application process and allows one application to be filed for patent protection in multiple countries. Patent fees and requirements differ significantly by country, so it is advisable to consult a registered patent attorney who is familiar with the intellectual property laws of the specific countries where a patent is sought.

Know the Law

All three of the intellectual protections above have various regulations both here and abroad. If your idea requires international protection, be sure to review the laws of the country in which you wish to protect it. Knowing your rights and the types of coverage available for your intellectual property can help guard what’s yours and maintain your peace of mind.

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• Launch a business by incorporating or forming an LLC.
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*ContractCentral can also help you with a Name Change or a Real Estate Lease, common Legal Forms and more.

There are five Powers of Attorney, and they are:

1. General Power of Attorney

A general power of attorney authorizes your Agent to act on your behalf in a variety of different situations. It is very broad and provides extensive powers to the person or organization you appoint as your agent. These powers usually include:

* Handling banking transactions
* Entering safety deposit boxes
* Handling transactions involving U.S. securities
* Buying and selling property
* Purchasing life insurance
* Settling claims
* Entering into contracts
* Exercising stock rights
* Buying, managing or selling real estate
* Filing tax returns
* Handling matters related to government benefits

You also have the option to grant the following additional powers to your Agent:

* Maintaining and operating business interests
* Employing professional assistance
* Making gifts
* Making transfers to revocable (”living”) trusts
* Disclaiming interests (this has to do with estate planning strategies to avoid estate taxes)

A general power of attorney is usually used to allow your agent to handle all of your affairs during a period of time when you are unable to do so. For example, when you are traveling out of the state or country or when you are physically or mentally unable to handle your affairs. A general power of attorney is frequently included as part of an estate plan to make sure that you have covered the possibility that you might need someone to handle your financial affairs if you are unable to do so.

2. Special Power of Attorney

A special power of attorney authorizes your Agent to act on your behalf in specific situations only. It allows you to give only specific powers to the person or organization you appoint as your “Agent.” For example, you could authorize someone to sell a car or a house for you.

Many people use the special power of attorney to authorize their Agent to do one or several of the following:

* Handle banking transactions
* Enter safety deposit boxes
* Handle transactions involving U.S. securities
* Collect debts
* Sell real estate
* Mortgage real estate
* Manage real estate
* Sell personal property
* Borrow money
* Manage business interests
* Handle government issues
* Make financial decisions
* Make estate planning decisions, including gifts

A special power of attorney is often used to allow your Agent to handle specific situations for you when you are unavailable or unable to do so. For example, you may be traveling outside the state or country, or you may be unable to handle a specific situation because of other commitments, or health reasons.

3. Health Care Power of Attorney

A health care power of attorney allows you to appoint someone to make health care decisions for you if you’re incapacitated. It is a document that allows you to designate a person (an “Agent”) who will have the authority to make health care decisions on your behalf if you are unconscious, mentally incompetent, or otherwise unable to make such decisions.

In many states you can also express your wishes regarding whether you wish to receive “life-sustaining procedures” if you become permanently comatose or terminally ill, in the Health Care Power of Attorney document. This will help your agent to know your wishes as he or she makes decisions for you. Even if you do include this in the document, you should still discuss the Health Care Power of Attorney with the Agent, expressing your wishes, values and preferences regarding health care.

A Health Care Power of Attorney is different from a Living Will because it allows you to appoint someone to make health care decisions for you. A Living Will only allows you to express your wishes concerning life-sustaining procedures.

Both Living Wills and Health Care Powers of Attorney are considered “Advance Health Care Directives” because you’re giving instructions on what you’d want to happen in the event that you become unable to make health care decisions in the future. Some states also have a specific “Advance Health Care Directive” document that combines elements of a Health Care Power of Attorney and a Living Will. (For a more in-depth look at Advance Health Care Directives, Health Care Powers of Attorney and Living Wills, click here.)

Even if you have executed a Health Care Power of Attorney, you still have the right to give medical directions to physicians and other health care providers as long as you are able to do so. This document only becomes effective when you do not have the capacity to give, withdraw or withhold informed consent regarding your health
care.

4. Durable Power of Attorney

The general, special and health care powers of attorney can all be made “durable” by adding certain text to the document. This means that the document will remain in effect or take effect if you become mentally incompetent.

A durable power of attorney is actually a general, special or health care power of attorney that contains special durability provisions. If you become mentally incompetent while you have a power of attorney document that’s already in effect, a durability provision will allow the document to stay in effect.

You can also sign a durable power of attorney document to prepare for the possibility that you may become mentally incompetent due to illness or an accident. In this case, you would specify that the power of attorney wouldn’t go into effect unless a doctor certifies that you are mentally incapacitated.

You don’t have to choose a lawyer to be your agent, but it is important to select someone you trust. The relative, friend or business you choose to be your Agent will be acting on your behalf regarding your financial or health care issues. You need to choose someone who won’t abuse the powers you grant to them and will look out for your best interests.

In general, an agent is only held responsible for misconduct that’s intentional, not for unknowingly doing something wrong. This type of protection is included in most power of attorney documents to help encourage people and organizations to accept the responsibility of being an Agent. Usually there is no financial incentive to serve as an Agent, most serve without compensation.

5. Revocation of Power of Attorney

Simply put, a revocation of Power of Attorney allows you to revoke a power of attorney document.

Successor Agents, Mental Competence and Signing the Document

There is always the possibility that the person or organization you appoint as your Agent either won’t be able to serve or will refuse to serve. That’s why you have the option of appointing a Successor Agent who can take over as Agent if necessary.

Here is an illustration of why appointing a Successor Agent is a good idea: An elderly husband names his elderly wife as his Agent. After signing the power of attorney document, they are both diagnosed as having Alzheimer’s disease. The wife becomes mentally incompetent and can’t serve as her husband’s Agent. The husband is also mentally incompetent and can’t sign a new power of attorney. If the husband had named a Successor Agent, he or she could have taken over as Agent.

In order for a power of attorney document to be valid, you must be mentally competent when you sign it. This means that you must understand the powers that you are granting to your Agent and the implications of having someone else make decisions for you. If there is any question about your mental competence, it’s a good idea to have a physician evaluate you and state in writing that you are competent.

If you have signed a “durable” power of attorney document, it will either remain in effect or go into effect if you become mentally incompetent. But how will your mental competence be determined? This is something that you can spell out in the document. For example, you can name a physician whom you wish to make the determination. Or, you can require that two licensed physicians agree on your mental capacity.

Even if your document doesn’t set specific requirements, it’s still likely that your Agent will have to get a doctor’s written confirmation of your incompetence. Most businesses and organizations won’t allow your Agent to act on your behalf without it. In some cases, a court may be required to decide the issue using generally accepted standards.

How does a doctor decide if you’re mentally competent? In general, the doctor will consider whether you have an understanding of the subject area covered by the Power of Attorney, whether you understand the implications and importance of the matters involved, and whether you can make and communicate reasoned choices.

A power of attorney must be signed by the person granting the authority (known as the “Principal”). The Principal must be mentally competent at the time of the signing in order to make the document legally binding. If there is any question about the Principal’s mental competence, a physician may be asked to certify in writing that the person understands the document and the consequences of signing the document.

The signature on a power of attorney should also be notarized. Notarization makes it harder for someone to challenge the validity of the signature. It also allows the document to be “recorded” for use with real estate transactions.

Merry Christmas everyone, and Happy New Year!