What is an Asset Purchase Agreement?
An agreement between a seller of business assets and a buyer is called an asset purchase agreement. It sets the terms of the sale and includes provisions such as payment of the purchase price. All of the business assets, fixtures, furnishings and equipment that the seller utilized for company business are included. This also includes […]
Promissory Notes and Repaying Loans
Borrowing money can feel good when motivated by the goal of starting your own business. The lingering anxiety belongs to the question of repayment. A business attorney will help you understand the ins and outs of the various repayment plans. Those terms are set when you sign a promissory note.What Is A Promissory Note?A promissory […]
Five Challenges Facing the Family Business
Anyone who starts a business will have plenty of hurdles to overcome. The same could be said for starting a family. What happens when you combine the two? Here are five challenges one might face while running a family business:Playing FavoritesEmployees of a family business often get the job because they are related to the […]
How to Avoid Unwanted Liabilities When Buying a Business
Buying a business from someone else can mean taking on both their assets and liabilities. What wording should you look out for if you are the buyer in an asset purchase agreement? A carefully worded asset purchase agreement is necessary to ensure liabilities are left behind and fewer obligations are passed on to you. A […]
Three Ways a Family Business Can Stay Competitive in the Digital Age
How does a family business stay competitive in the digital age? The family business has had to remain competitive long before the digital age and will continue to do so in any age to come. Times have changed and so have families, but these three advantages will help ensure the success of the family-owned business […]
Essential Factors to Consider When Selling a Family Business
Selling a business is no simple task. It is a matter of when to sell, just as much as it is about whether or not to sell. There are still further considerations when it is a family business. If you are the owner of a family business and are thinking of selling, you should take […]
A Guide to Running a Family Business
Employees are always advised to avoid workplace relationships. Yet, family businesses have existed for centuries. One could argue that family relationships are ones you cannot avoid, but there is a certain ironic overlap here worth exploring. A non-family business relationship is strictly business. In a family business, interpersonal dynamics and emotional subjectivity are unavoidable. Owners of […]
What are the Pros and Cons of a Sole Proprietorship?
What is a sole proprietorship? When starting a business, you will have to decide on a business structure. It does not require any formal action to form a sole proprietorship. If you are the sole owner and there is no filed legal structure for your business, then you are a sole proprietor. You run and […]
Bankruptcy and the Automatic Stay
The moment a bankruptcy case is filed, a federal injunction is automatically entered to protect the debtor and his property. This is called the automatic stay. A defendant declares bankruptcy to avoid a bad situation before it gets worse. As soon as this happens, the automatic stay prevents anyone from pursuing the lawsuit against the defendant. […]
Five Tips for Crafting a Solid Contract
What is more important to the successful completion of a home improvement project, the contract or the contractor? The answer is both – a well-written contract and a reputable contractor. However, in this blog, we are focusing on the contract. How can you ensure that the contract has in it what you need?Hire a lawyer.Contractors […]