Starting a business with someone else is a chance to put your joint knowledge into action, but it also comes with a risk of having to deal with partnership disputes sometimes. These disputes between partners can be risky for the company, so it’s critical that they’re...
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Business law
3 valuable inclusions when drafting business contracts
Creating ironclad business contracts protects a company entering into a working agreement with a person or another business. Contracts make company operations predictable. They limit liability and legal exposure. Generally, contracts must outline the responsibilities...
What are the benefits of establishing an LLC?
People who are starting a business have to determine what structure they’re going to use. There are several to choose from, so it’s critical to carefully consider each option that’s available. While some choose to start the company as a sole proprietorship, there...
What should an employee handbook include?
Employee handbooks can be powerful documents for a company, but only if they are written well. Too many businesses use employee handbooks that are hard to read, outdated or lacking in important details. The following are essential to a comprehensive handbook: A page...
How restrictive covenants protect businesses
There are many different types of clauses that businesses may add to their contracts. Severability clauses help ensure that the contract remains enforceable even if a minor violation of the agreement occurs. Penalty clauses help motivate people to uphold their...
Examples of a potential contract breach
As a business owner, you may enter into professional relationships with other companies. It’s best to do these with a contract. If you’re purchasing services or products, and if large amounts of money may exchange hands, it’s crucial to get everything in writing in...
3 important steps that limit risk when starting a business
Starting a business comes with a significant degree of risk. A substantial percentage of new businesses fail in the first five years. Even companies with unique offerings can be vulnerable due to litigation or sudden changes in operational costs. Aspiring...
3 reasons to change your company’s legal structure
Those who start businesses often spend quite a bit of time planning. They create a business plan outlining how they intend to operate the company. They look for funding. They file official paperwork starting the business. The type of business entity that an...
What are the warning signs of a minority shareholder freeze out?
Shareholders who invest in a company have certain rights. They attend regular meetings where they receive non-public information about the company. They can sometimes vote to help guide the future of the organization. They also have a right to receive a share of...
Key areas in a business partnership agreement
You have decided that you want to work with a business partner, as you think it will make your business much stronger. But you’re also concerned that it’s going to lead to disputes or conflicts. You won’t have full control over everything, so this is a possibility....