This blog is the first of a three-part series discussing buy-sell agreements. When two or more individuals start a business together, it is imperative to have a buy-sell contract in place which details how the business will be sold when certain events occur. You have a significant amount of flexibility in drafting the terms of [..]
Many written agreements refer to remedies being available if there is a “material breach” of the contract. Although every contract is different, below are a few tips for how to draft what constitutes a material breach and allows the non-breaching party to terminate the contract: It is essential to clearly outline the specific actions or [..]
If you are a business owner, you are probably always looking for ways you can cut costs and save money. Don’t make the mistake of thinking that handling your own legal matters is a safe way to save you money. The small amount of money you spend working with a business attorney now will protect [..]
If you have property that you want to license to other parties, it is essential that you have a solid written license agreement. This doesn’t mean the contract must be lengthy or complex. In fact, contracts that are straightforward are usually more effective, as long as they are enforceable. Below are a few of the [..]
You may be wondering what an “exit strategy” is for your business or you may associate the term with a buy-sell agreement. An exit strategy is the process by which your company will transfer all or a portion of its ownership sometime in the future and a buy-sell agreement is often one aspect of the [..]
Whether you are starting your first business or you have owned a company for years, there are five common legal mistakes that many entrepreneurs make. Fortunately, these missteps are usually simple to avoid if you educate yourself and plan ahead. It is important to accept the fact that you will make a mistake….or several along [..]
Most successful businesses are started when the owner has a creative idea. What many people do not understand, however, is that this idea is also one of the company’s most valuable assets and, as such, it should be protected. Whether it is a new type of consumer good or a service that meets a need, [..]
If you have explored numerous options for obtaining funding for your start-up venture and hit a dead end, it may be time to consider bootstrapping your business to success. This includes not only making a personal investment, but also taking some of the following steps: Create a strategy that focuses on how to generate revenue [..]
When you start a new business, it is essential that you choose the right legal structure for it. Many people believe that they can file the documents needed to incorporate an entity without the assistance of a lawyer, but filing the documentation is not the difficult part. Below are a few of the reasons you [..]
Hopefully you have read our two previous blogs in this three-part series discussing the legal documents commonly used when buying or selling a business. Our prior blog provided a brief description on the first six documents and below is a short description of the last six documents typically needed in a purchase transaction: Deed. If [..]
