Whether you’ve heard of ERISA or not, if you are a working adult there is a strong chance that this federal law has major implications for your future—namely, your retirement. ERISA stands for the Employee Retirement Income Security Act of 1974, and it impacts millions of Americans. Its most basic purpose is to set the...
If you have set up a corporation, congratulations! One of the key steps now is to ensure that you acquire the proper capital. A popular way of acquiring capital is by issuing shares. However, different classes of shares can exist, and being uneducated on the type of shares to issue can be detrimental to the...
Before setting up a business, whether it be a partnership, an LLC, a corporation, or the like, you are required to enter contracts to ensure smooth beginnings for your new venture. However, not many realize that you can remain individually liable on these contracts regardless of the form of business you set up. In legal...
Entering a partnership with a partner you trust is a great step towards making a profit. However, running a partnership is not as simple as it sounds, and most of what is entailed in a partnership is often overlooked. One such area that is often overlooked is determining what exactly belongs to the partnership and...
As a business owner, you often have to hire employees to do work on your behalf. This is almost inevitable for every business owner. Employees hired to work on your behalf are known, in the legal sense, as your agent, and as owner, you are their principal. This creates a special relationship between principal and...
As a business owner, you often have to hire employees to do work on your behalf. This is almost inevitable for every business owner. Employees hired to work on your behalf are known, in the legal sense, as your agent, and as an owner, you are their principal. This creates a special relationship between principal...
When operating in a partnership, there are many instances when express authorization need not be given to partners to give them authority to bind the partnership. A partner’s authority to bind a partnership depends on the situation. In fact, unless a third party knows the partner with whom they are transacting with knows that the...
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,...