Limited liability companies (LLCs) are a popular business structure for many reasons. LLCs protect members from direct liability while simultaneously extending certain tax benefits. An LLC may appear more formal and therefore more professional than a sole...
Vendors provide critical services for companies. They import unique products or refine raw materials that organizations use to manufacture products. Finding reliable and cost-effective vendors can be one of the biggest challenges of running a successful company....
It seems like almost everyone these days has a social media presence. Even if someone isn’t on any popular social media sites, they can find themselves “going viral” if someone catches them behaving badly in public or private and posts it online. Some people’s bad...
Successful business owners may find that their careers put pressure on their marriages. Even when those who run businesses can balance their professional ambitions with the needs of their family members, they may still end up divorcing due to other sources of marital...
Businesses operating in the construction sector often generate significant revenue. A single project could be worth six or seven figures, especially if the client is a commercial entity rather than a residential homeowner. In most cases, construction companies do not receive payment in full when they begin work on a project. Instead, they accept a down payment and then establish…
Typically, a business co-owner’s exit from the organization is the end of disputes related to company operations. Partners establish very clear standards in a buyout scenario, often in accordance with the initial partnership agreement. Frequently, the contracts executed as part of one owner’s exit from the company include several restrictive covenants. The exiting business partner or executive is often subject…
When companies handling multi-million-dollar construction projects find themselves navigating disputes over contracts, it is possible that the only way to reach a just resolution is litigation. While many construction disagreements are resolved through negotiation, some situations demand a litigated response in order to protect a company’s financial interests, reputation and/or contractual rights. When companies are trying to complete projects valued…
Shareholders often play a key role in large, successful businesses. They provide financial support during the startup stage or during periods of expansion or financial hardship. Companies that take on shareholders by selling stocks grant those investors or equity owners certain rights and protections. Unfortunately, those who have sizable ownership interests or leadership roles within an organization do not always…
Business partners have to put a lot of faith in one another. They need to trust each other to follow through on their promises and to act in the best interests of the company. Business partners have a fiduciary duty to the company. That means they should put the company’s best interests ahead of their own wishes. Not everyone interested…
Executives who secure promotions or move to new companies tend to aggressively negotiate their compensation arrangements. Their employers frequently agree to make financial concessions based on the prior performance of the professional in question. Often, a large severance package is a crucial component of an executive’s compensation arrangements. A so-called golden parachute allows them to exit the company with a…