When running a corporation, there are many nuts and bolts that must be put in place to ensure smooth sailing. One such nut or bolt is a good self-monitoring system which helps ensure that the directors and officers are running the corporation properly. A self-monitoring system protects against unwanted actions by other directors and officers,...
Monthly Archive: November 2016
Unfortunately, elder financial abuse is not only a thing, but it is a relatively common occurrence. It can be perpetrated by family, friends, or complete strangers. In each case, however, the results are devastating. The good news is that laws exist to both protect the elderly from financial abuse and to criminally and financially punish...
Starting a business is the fruition of one’s hard work and lifetime of efforts. All businesses are entered into with the ultimate goal of turning a profit, and enjoying great success. Unfortunately, many times all businesses, including limited liability companies, or LLCs, hit a roadblock, and are unsuccessful. The most difficult step is accepting that...
If you are on the board of directors in a business, you need to know what you owe to the corporation. The main two duties owed to the corporation from your position are the duty of care and the duty of loyalty. The duty of care means maximizing profit and behaving intelligently–in the business sense–within...
If you are a successful business owner, congratulations. You may be thinking of setting up a subsidiary corporation to your parent corporation in order to branch out. As you may recall, one of the biggest advantages of a corporation is limited liability. However, limited liability in a corporation is not absolute. There are times when...
Corporations have plenty of advantages. Chief among them, and a big reason why many incorporate, is being shielded from personal liability. No creditor or plaintiff can ever come after the incorporators’ personal property. However, little do some business owners know, the protection from personal liability in a corporation is not absolute. There are a few...
The laws comprising the field of business law today are different than they were even just years ago. Those educated in the field of business law may have come across an old doctrine known as the “ultra vires” doctrine. This doctrine stood for the proposition that a corporation must act within its scope or they...
When entering a partnership, the ultimate goal is to turn a profit and enjoy the fruits of your hard work. Unfortunately, many times partnerships simply do not work out–a sad truth many partners simply refuse to realize or accept. However, sometimes it may be best to simply call it quits. An at-will partnership requires the...