If your business is sued, you must respond proactively to the lawsuit so you can protect your company from the risk of an adverse judgment. This means submitting an answer on time, preparing a defense strategy or strategy for responding to the accusations against you, and filing any appropriate counterclaims or pre-trial motions with the court. You also need to preserve evidence which might be requested in discovery, and begin your own investigation so you can effectively respond to any accusations made against your business.
Read MoreWhen an employer is making hiring decisions, an employer generally should not take age into account. However, the only legal protections that exist are designed to prevent discrimination against older workers. There is no law that prohibits an employer from refusing to hire people on the basis of the fact that the employer believes that the person is too young. There is a law prohibiting an employer from refusing to hire someone on the basis that he is too old.
Read MoreThe Judicial Education Center indicates that a “A breach is material if, as a result of the breaching party’s failure to perform some aspect of the contract, the other party receives something substantially different from what the contract specified.” Essentially, this means a breach is considered to be a material one if it gets to the very essence or heart of the agreement. A material breach happens when one of the contracted parties fails to do the very thing that the contract was created for. A non-material breach, on the other hand, occurs when the failure to perform was a minor one. The purpose of the contract is still in tact, the parties substantially performed according to the terms of their agreement, but something small went wrong.
Read MoreEvery business faces certain risks, ranging from the chances that a customer will get hurt on a premises or when using a product to the risk of a lawsuit by a disgruntled employee who claims he was discriminated against or not paid fairly. Your company could be sued, and even a claim against your business could result in costly legal fees. Your business could also be adversely affected by disadvantageous contractual agreements which don't protect you and which make profitability harder.
Read MoreContracts can be used to protect your company interests in many important ways. For example, you can use non-disclosure agreements to protect your company's trade secrets and proprietary information. You can also use non-compete agreements to ensure your employees do not go to work with competitors right after leaving your employ. If you have a smaller company, shareholder agreements, partnership agreements, buy/sell agreements and employment agreements are just a few of the many different kinds of contracts that you could end up creating in order to make certain that your business doesn't fall into the wrong hands and to reduce the potential for problems to arise among co-owners.
Read MoreIt is important to understand all of the terms of any financing arrangement that you enter into, and an experienced attorney can assist you with this process. From reviewing bank documents to negotiating agreements with investors, an attorney provides invaluable advice in ensuring that your financing sets your company on the path to profitability.
Read MoreIf you determine a breach of contract occurred, you can file a civil lawsuit. If you can successfully prove an unjustified breach, there are different kinds of legal remedies which could be available to you. You could ask the court to order the other party to follow through on the agreement and comply with contract terms. You could also ask the court to require the breaching party to pay you damages. It is up to you to prove how badly you were damaged and to show the extent of your losses so you can be fully compensated after a contract breach.
Read MoreWhen you hire employees, you take on a host of legal obligations. You need to make sure you comply with all of the requirements imposed on employers so you do not face legal consequences. You also need to make sure your employees do not jeopardize your business interests.
Read MoreThe Small Business Administration explains that: “An employee handbook is an important communication tool between you and your employees. A well-written handbook sets forth your expectations for your employees, and describes what they can expect from your company. It also should describe your legal obligations as an employer, and your employees' rights”
Read MoreThe decisions which you make initially as you organize your company and open its doors can affect both your company's long-term future and your personal financial security. Getting the proper advice can save you hassle, heartache, and financial devastation in the future, so you should be sure to reach out to an attorney right away.
Read MoreA 1031 exchange, or like-kind exchange as it is also called, can make it possible for you to defer capital gains taxes on profits from selling a business property or an investment property. The Internal Revenue Service provides extensive details on the rules of a 1031 exchange, which you must be aware of if you are considering selling a property and hoping to do a 1031 exchange to avoid paying capital gains taxes.
Read MoreWhile both C-corps and S-corps can allow you protection from liability, the other advantages provided by each corporate structure can differ. For example, if you plan to run a small family company and tax flexibility is your primary goal, an S-corp may be a better solution. If, on the other hand, you hope to grow your organization very large and want different types of owners to be able to have an ownership stake, then a C-corp may be a better bet under the circumstances.
Read MoreThere are a few primary ways that a business could be taxed on profits. One possible option is that your company could have to pay taxes on its profits. This is the taxation method for C-corporations. The problem with this method of taxation is that it could end up with company profits being taxed twice. The company may have to pay taxes, and the owners of shares of the company could also be forced to pay taxes as well. This can cost you a lot of money, especially if you have a closely held corporation.
Read MoreWhen you are financing a business venture, you need to consider possible risk that you are taking on through the method of financing that you choose. If you operate as a sole proprietorship or as a partnership, you are going to be personally responsible for all of the debts that the business takes on. This means that if the company goes into debt, you go into debt. If the company goes bankrupt, you will also go bankrupt and your personal assets will be at substantial risk.
Read MoreOne of the issues that can come up when a breach of contract accusation is made or when parties disagree on contract terms is how to interpret a contract and what the agreement terms are. This is especially important if there are any type of ambiguities or irregularities and the parties disagree on what the terms of the agreement mean. There are rules of contract interpretation that apply in these circumstances, including a rule called the parole evidence rule.
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