As the owner of a business, you want to protect yourself from unfair competition, including employees who leave to go work for a competitor, especially if those departing employees take with them proprietary information that could be used against you to gain an advantage.
Operating a business with a partner or partners can present a unique set of challenges. Often, partners don’t agree on the direction of the company, or one partner may try to exert too much influence and control. When things get tough, one partner may seek a quick exit and demand to be bought out.
Imagine that you own a business selling consumer products, and suddenly you’re faced with a slew of lawsuits over one particular product. The consumers are alleging a breach of warranty. You review the warranty and decide either they didn’t read it correctly or they caused the problem that they are now seeking compensation for. What do you do?
We’ve all heard the saying “the best-laid plans of mice and men,” and that certainly applies when it comes to business agreements and contracts. Partners may start out thinking they have a mutually beneficial pact with clear-cut goals and responsibilities, only to find later that their “meeting of the minds” wasn’t as clear-cut as they thought.
Businesses with more than one owner can face serious problems if one owner needs to leave the operation for whatever reason — unless there is a binding buy-sell agreement between the partners.
In the course of running a business, certain issues often arise. Agreements that determine how disputes between shareholders will be settled must be properly drafted to protect shareholders and prepare for potential contingencies.
If your business requires the use of cleaning solvents, or even if it relies on electronic components such as computers, then you’re most likely using what are classified as hazardous materials.
The formula for Coca-Cola is reportedly locked in a vault in the company’s headquarters in Atlanta, Georgia. Now, that makes it a trade secret, right? Actually, trade secrets can be less zealously guarded than the Coke recipe but still qualify as protected assets.
Contract disputes are often heated and fiercely contested. Apart from the time, money, and stress they can cost your business, contract disputes can cause irreversible damage to existing business relationships and partnerships. If you are involved in a contract dispute with another party or business, it is important to consult with an attorney for proper guidance.
If a director of a corporation in California faces a lawsuit for a decision he or she made that may have backfired or resulted in a financial loss, what liability does that person face? In the Golden State, the business judgment rule protects directors by establishing standards that they must follow.
