There are several important elements that every vendor contract should include to ensure that all the parties involved understand their obligations. Clarity of language and intent also make the contract more easily enforceable if there’s a problem. Knowing some of the...
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What’s a Buy-Sell Agreement, and Does Your Business Need One?
When you’re in business for yourself, there are a lot of different possibilities you have to consider – including the fact that you or one of your business partners may one day decide to move on to something else, retire or pass away. A buy-sell agreement is one way...
What should your business plan include?
It is more common than some people realize for entrepreneurs to start a company without ever writing out a business plan. Such entrepreneurs may consider themselves flexible and claim that they want to adapt their practices to real-time feedback. However, a lack of a...
Common Business Succession Planning Mistakes
Business succession planning is incredibly important for the future of a business. If you own a family business, it may also be quite important for your family's financial outlook, as you may view the business at least partly as something that you have built...
3 Ways a Judge Can Resolve a Business Contract Dispute
As a small business owner or someone running an organization, you likely take great care when negotiating your contracts. You may even customize every contract you sign to optimize your organization's protection. Unfortunately, there is never any guarantee that the...
4 Common Mistakes Made When Drafting Business Contracts
Your business contracts make a huge difference to your operations. Unfortunately, you may take for granted that a written agreement will protect you from a breach of contract or other forms of misconduct. Business owners and other professionals sometimes learn the...
Starting the Succession Planning Process for Your Business
What happens to you your business if you become disabled? Voluntarily retire? Have you set up a means of deriving the value of your business for yourself or your family members? If you have not addressed these issues, you need “Succession Planning” and now is the time...
3 Common Tax Issues for Small Businesses
Small businesses have a lot to consider as they work to bring in profits and stay viable. Many small business owners know that there are different tax obligations that they may face depending on various factors such as whether they have employees, how the company is...
Why Your Business Plan Matters
One of the first things to do when you’re starting a new business is to create a business plan. You want to do this if you’re launching the company yourself or if you’re starting a partnership. Creating a comprehensive plan at the beginning drastically increases the...
How Thorough Contracts Can Help You Avoid Expensive Litigation
Well drafted business contracts are crucial to the protection of your interests. They provide clarity regarding your arrangements with another party and make your business agreements enforceable. Typically, just putting your agreement in writing can go a long way in...