Category: Small Business Owners

Buy-Sell Agreements: The Many Benefits

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 [..]

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What is a “Material Breach” of a Contract?

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 [..]

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Ways a Business Attorney Can Save You Money

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 [..]

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Tips for Drafting an Effective Licensing Agreement

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 [..]

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Does your Company have an Exit Strategy?

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 [..]

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Common Mistakes Made by Entrepreneurs

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 [..]

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Why your Company Needs Non-Disclosure Agreements

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, [..]

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Bootstrapping your Business to Success

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 [..]

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Essential Legal Documents for Buying a Business– Part 3

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 [..]

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