It can certainly get overwhelming for employers to stay in compliance with all applicable labor laws. Some apply to nearly every company, while others only apply to larger ones. One that your company will almost certainly apply to your company is the Fair Labor Standards Act (FLSA). The notable provisions of this federal law set...
Monthly Archive: July 2021
One issue which businesspeople tend to think about when they develop contracts is modifying an existing agreement. Suppose a business owner develops a contract with a customer or vendor. Both parties come to an agreement, they both sign the agreement, and everything appears to be working fine. But, then suppose that the business owner wishes...
The more our readers understand the finer points of contract formation, the better they will be able to navigate the commercial world successfully. Having knowledge of contract formation will allow you to negotiate better, and ultimately create superior agreements. In the past, we’ve discussed the requirement of “consideration” in contract formation with the goal of...
For both residential and commercial renters, it can often feel like the scales of justice are perpetually tipped in the landlord’s favor. Not owning the property you use for your business can come with some disadvantages, but the vast majority of commercial landlord-tenant relationships are beneficial for both parties. If you are a commercial renter...
It’s the most fundamental concept of doing business—you provide another person or entity with something of value, and you get something back. The most successful businesses have strong underlying contracts under which they operate. Even the most well-negotiated contracts don’t guarantee that you will never deal with a party that doesn’t perform as agreed. Depending...
Incorporating a business means that you and other business partners, owners, or members have created a corporate entity that is separate from your assets and finances. Internal and external stakeholders may bring lawsuits against the business; any judgments resulting from those lawsuits will be held against the company and not your own assets. This corporate veil that divides you...
Entity selection is a topic which we will continue to spend considerable time and energy discussing in the present and foreseeable future. The simple reason for this is because proper entity selection has great significance for business owners. If you select an entity which isn’t right for you and your situation, this decision can have...
Without a thorough agreement for your business partnership, even a seemingly minor issue can mushroom into a major problem for the company. A partnership agreement is designed to clearly lay out the organization of the partnership and address any foreseeable contingencies that might threaten the company’s stability. While a partnership agreement is not required in...