Contract Terms Business Owners Need But Often Overlook Many business owners who enter into contracts with customers, suppliers and clients overlook important key terms and arbitrarily accept “boilerplate” clauses at the end of the contract without examination. ALWAYS remember to include the following terms: 1. Indemnification. This is an important contractual term which shifts the…
Best Asset Protection and Power of Attorney Generally speaking, if a principal is still living and capable of managing their own affairs their relatives cannot change the POA. However, if the person becomes incapacitated a General POA is extinguished and the relatives can petition for a guardianship of the person. If there is a Durable POA in effect…
No More Partnerships. Please! The limited liability company combines the limited liability advantage of a Corporation with the protection of your ownership interest. Yet, there are essential reasons we should prefer a Limited Liability CO. (LLC) to either the Limited Partnership or even the Corporation: – As with an S corporation, you can avoid double…
Buy-Sell Agreements When we use the term Buy-Sell Agreement, we are not talking about a contract in which you promise to buy a business. Rather, the Buy-Sell Agreement of which we are speaking here, is a binding contract among the owners of your business that controls the buying and selling of ownership interests in the…
