When signing for a business entity, such as a corporation or limited liability company, an officer’s signing capacities can get confusing. Is she signing on behalf of the entity only, or in her personal capacity and on behalf of the entity? Check the following points: 1. When only the business entity is supposed to have […]
In one of my previous posts I mentioned Cori K-Base, the resource for free contract forms and research sponsored by the University of Missouri. I just received an e-mail from them informing me that they have made some major improvements: "First, we have partnered with QL2 Software, Inc., to enhance our ability to acquire and […]
I’ve posted on web resources for form contracts before; however, this is supposed to be a comprehensive list. First the Disclaimers: There is no assurance that any agreement that was not drafted for you and your individual circumstances is worth more than the paper it was written upon. An agreement develops through negotiation. You must […]
Via A VC, I learned of this video making fun of lawyers. While it is obviously a joke, it does illustrate one job of lawyers, especially lawyers in business transactions: we are intermediaries for our clients and help them staying on good terms with their business partners. They did end up kissing in the end, […]
You may know that non-compete agreements between an employer and an employee are problematic since there is always the real possibility that a court may find that the restrictions put on the employee in the agreement are unreasonable. There are even websites trying to help employees break their non-competes. Nonetheless, businesses would like to be […]
A confidentiality agreement (also known as a Non-Disclosure Agreement) is meant to protect a business from misappropriation of valuable proprietary information by employees. Often it is a good idea to have one in place with your employees. When drafting or reviewing such a confidentiality agreement, check the following points (and consult with your attorney): 1. […]
In a recent article on Legal Technology, Justin Hectus writes that much of an attorney’s work consists of the "recycling of documents and information that has proven successful in the past." So why, you ask, do attorneys get paid the big bucks for recycling work product? Justin states: "I believe that the value provided by […]
In order to maintain its limited liability shield, a corporation must adhere to corporate formalities. Aside from properly forming the corporation, issuing stock, appointing directors and officers, holding annual meetings of directors and shareholders, you are well advised to keep an organized and up-to-date corporate record book. (Look here for five reasons to keep your […]
New York’s Board of Health approved the ban on trans fats today. See here for the full story. I know this is an extra hardship on restaurants; however, it is nice to know that you will be able to eat the occasional deep fried food without slowly killing yourself.
If your LLC or corporation is getting any kind of loan financing, it is very likely that the lenders will ask you and your fellow business owners for personal guarantees. Even if your business offers decent collateral, lenders like to see that you put some of your own skin in the game. Thus, even though […]