Legal action is a common way of settling business conflicts, but you shouldn’t rush to court just because you can. It helps to pause and consider whether doing so is in your best interests or if there are other more efficient options of handling things. If you are...
Terminating an employee can potentially cause conflict. Former employees sometimes allege that companies violated their rights by terminating them. They may file lawsuits against their prior employers. In some cases, they may also make unreasonable demands regarding...
An employment contract establishes the terms of a working relationship between an employer and an employee. While employment agreements vary based on industry and position, certain elements are essential for validity and enforceability. Below are key components that...
While major shareholders generally don’t get involved in the day-to-day business operations, they do have a financial interest. They may also have a significant say in key big-picture decisions. Shareholders are also fiduciaries. This means they must act in the best...
Few businesses can expand with only one owner. Businesses looking to grow tend to have partnerships (two owners or more). Nonetheless, the ownership share of partners, and their responsibilities, can differ. It is essential to outline the distinctions between...
Merging companies means that very distinct cultures from two different companies will come together. This can present a challenge for the owners and managers for a host of reasons, so it’s critical that everyone comes into the process with a clear understanding of...
Business partnerships are based on mutual respect and a shared commitment to grow the company together. People who enter into partnerships typically have a good understanding of how everything will work between them, including who is in charge of what decisions. ...
Non-compete agreements are a type of restrictive covenant. Employers add non-compete agreements to contracts when hiring new workers. They require that the worker agree to avoid direct competition with the company immediately after leaving their job. Non-compete...
Entrepreneurs starting new businesses have a lot of difficult decisions to make. They have to select the entity type that they establish. They also have to choose a location where they operate. In addition to picking a region or a particular neighborhood where their...
Contracts are legally binding agreements that lead to enforceable obligations between parties. When one party breaches a contract, it can cause financial injury, operational disruption or other damages to the non-breaching party. However, recovery of damages is not...
