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What is Fair Pay for Work Done?

Suppose you have a small manufacturing shop.  A customer you have made parts for in the past calls and says he has an emergency. He asks that you manufacture, right away, dozens of parts- identical to parts you have made for him in the past. You send your client an e-mail letting him know that […]

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Consideration in Contracts

We all know that business deals involve careful consideration of company finances, risk, and potential gain. But the contracts underlying those deals involve another form of consideration—something that demonstrates each party has a stake in the outcome. In fact, contracts are only legally binding if there is consideration (along with an offer and acceptance, as […]

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Why Purchase Agreements Should Not Be Templates.

In previous blogs, I’ve talked a bit about why it’s a good idea to have an attorney prepare proper purchase documents – Purchase Agreements, a Bill of Sale, and possibly a Loan Agreement or Promissory Note (depending on how the business purchase will be financed). You could conceivably spend a few thousand dollars on attorneys’ […]

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Using a Force Majeure Clause to Re-Negotiate with Vendors and Landlords in Light of the COVID-19 Pandemic?

In today’s COVID-19 environment, businesses are being told to close their doors and send employees homes.  As such, many business owners are struggling to earn enough revenue to be able to meet their contractual obligations to their vendors, landlords and banks, let alone make payroll. With financial disaster looming for so many businesses, do standard […]

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Beware of Real Estate Contracts

Although more common on the residential side, business owners sometimes sign real estate contracts instead of mortgages as a way to get into the property fast. Real estate contracts may seem ideal for individuals or businesses who aren’t able to purchase property outright. However, before buying through a contract, there are some serious pitfalls to […]

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Operating Agreements and Taxes: What You Need to Know

Operating Agreements and Taxes Hero Image

As you may have gathered from some of our previous articles (for example, read “Does your LLC have a proper Operating Agreement?” and “Important clauses for LLC Operating Agreements“), the Operating Agreement is the foundation of any limited liability company. If yours is missing a lot of key terms and conditions, or, even worse, if […]

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What is a Bad Operating Agreement?

I bet you could guess that most of our revenue as a law firm, comes from expensive litigation. But, did you know that most of that expensive litigation is due to partnership disputes involving a bad Operating Agreement? What is a Bad Operating Agreement? An inadequate Operating Agreement is either a free template you found […]

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Free Operating Agreement Template – Bad Idea!

A free operating agreement typically cause problems for your business

A Free Operating Agreement Template doesn’t make anyone money, so you have to wonder why companies make them available? As a law firm, it probably wouldn’t surprise you to hear that we make most of our money in legal fights — when our clients are in a knock-down, dragged-out fight in litigation. Some of our […]

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Important Clauses for LLC Operating Agreements

The Operating Agreement acts like a “partnership agreement” between the owners of a LLC. Important clauses for LLC Operating Agreements are critical, and a well-written and customized Operating Agreement for your business is essential to preventing very expensive problems from rearing their ugly heads years later. The problem for many business owners, is they formed […]

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