Credit applications are often the lifeblood of a business, enabling them to work with vendors, other companies and customers. These legal contracts outline the terms of payment and better ensure that credit is extended to the appropriate parties. Still, one that goes...
Should I add an arbitration clause to my business contracts?
Business professionals who are familiar with litigation know that going to court for a breach of contract or disagreement with an opposing party can be lengthy, costly and inefficient. Many contracts these days include an arbitration clause, which requires the parties...
Using outside legal counsel is good business
Large companies have a legal department, but businesses of every size need outside legal guidance to operate effectively. Legal representation, however, costs money, so it is always worth weighing the company's needs. There are a variety of benefits to using outside...
Start-ups should not rush to launch
Timing can be everything in the success of a new business. Many assume this means beating everyone to market, particularly in fast-paced environments like technology. However, the rush to meet a deadline can spell business problems or legal trouble further along the...
What are my options when the kids are not interested in the business?
Whether your business started with success or it took years to refine your brand, your company has been an essential part of providing for you and your family. As you began to build your success, you may have thought about your children being able to continue your...
Look for these red flags when negotiating a contract
Effective and enforceable contracts are one of a company’s most important tools. The right agreement can build a solid foundation for a fruitful working arrangement between a company and its vendors, employees and customers. Contracts that are not strategically and...
How can businesses fight the effects of inflation?
The U.S. economy roars back as the pandemic recedes further into the distance. But, just as businesses are once again back in the office and hitting their stride, they now feel the weight of inflation. The U.S. Chamber of Commerce's Q4 survey showed that 71% of small...
How to prove a breach of contract
Breach of contract is one of the most common disputes businesses face. This can occur when a vendor, business partner or customer does not fulfill the terms of an agreement. Ideally, the two sides or stakeholders can resolve the matter through negotiation or...
Who are third-party beneficiaries?
People assume that contracts are only between two parties, but others may benefit or suffer from a contract's performance. These are known as third-party beneficiaries, and they may have legal rights to enforce an agreement or share in the proceeds. They have this...
Common shareholders can exercise rights
The details in a company charter will vary, but publicly traded companies will usually have different ownership levels. For instance, there are three classes of securities: bondholders, preferred stockholders and common stockholders. Each has its benefits, but common...