Entrepreneur and Business Startup Law Blog

Who Drafted YOUR Contract?

Generic contracts may have an attractive price tag; however, they can prove to be very costly and can cause serious problems for businesses. Consider that general provisions can determine the enforceability or non-enforceability of a contract and the enforceability or non-enforceability of the remedies available to the parties. 

Some of the dangers that may lurk in general contracts are as follows:  you may be personally liable for the contract instead of benefiting from liability protection of the business entity; one seemingly innocuous phrase, can destroy liability protection; some contracts need several due dates and commencement dates and these can be easily overlooked or drafted poorly rendering it ineffective; and, if one clause is missing or poorly drafted, you may have to pay for “nothing.”

Want to discuss you business contract issues with an experienced Boston business lawyer or Maine business lawyer?  Click here for a free telephone consultation with Michelle L. Grenier, Esq., an experienced Boston business lawyer and Maine business lawyer.

 

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If you are interested in posting this article on your site, please contact me to discuss at michelle@contactmylawyer.com . No portion of this article may be copied, retransmitted, reposted, duplicated or otherwise used without the express written approval of the author. 

So You Want to Start Your Own Business! Congratulations!

Congratulations!  Deciding to tackle such a endeavor is half the battle. Now for the other half of the battle. This article provides some helpful tips for starting a business. 

In addition to the basics, such as educating yourself in the field or industry of interest and creating a business plan, there are several legal issues that should be addressed when starting a business. 

• If there is more than one person starting the business, a well-drafted Joint Venture Agreement is essential for success and avoidance of misunderstandings.  Your Joint Venture Agreement should clearly set forth each participant's role, expectations, duties and responsibilities.  The JV Agreement should also set forth what will happen if a participant no longer complies with the JV Agreement, voluntariliy or involuntarily (e.g., disability or death).

 

• Next, establish a separate legal entity, such as a Limited Liability Company [LLC], to protect the personal assets of the participants from activities of the business.  Open a separate bank account for the LLC and make sure you do not co-mingle personal funds with LLC funds, as this is a means for dissolving the LLC protection. 

 

• All contracts should be entered into by the LLC and not you personally, to avoid personal liability.  In addition, you must sign all contracts in your capacity as a Manager or Officer of the LLC, e.g, "John Doe, as Manager of ABC, LLC," otherwise, you could be personally liable for the contract.

 

• If you have employees, make sure you have all employer posters required by the Federal and State government. Also, hiring a payroll service to do your payroll, may be a good idea.  Note, if only the owners are working for the LLC, you may not be required to run payroll.

 

• Register your Trademark to protect use of your mark by others.  Register the copyrights to your web site and other marketing material for the same reason.

 

• Make sure you have proper web site content, to reduce the risk of liability.

 

• Make sure you are in compliance with all laws, including, obtaining all applicable licenses and record keeping related to immigration law compliance. 

 

• Protect your business interests by utilizing comprehensive confidentiality agreements, non-circumvention agreements, non-compete agreements, employee agreement, independent contractor agreements, and other well drafted comprehensive agreements specific to your business.

Congratulations again; you are on your way! 

You will only pass this way once . . . do it right!

Ready to discuss your issues with a Boston Business Lawyer or Maine Business Lawyer? Click here to schedule a Free Telephone Consultation.

If you are interested in posting this article on your site, please contact me to discuss at michelle@contactmylawyer.com . No portion of this article may be copied, retransmitted, reposted, duplicated or otherwise used without the express written approval of the author. 

Joint Venture Agreement Checklist

The key to operating a successful joint venture is to determine the duties, responsibilities and expectations of the founders, before starting operations. These and other important issues are best addressed in writing through a Joint Venture Agreement. 

•  Identify the Parties of the Joint Venture Project.       

•  Identify or Define the Purpose of the Joint Venture.

•  Determine the type of Joint Venture Entity (LLC, Corporation, etc.) 

•  Determine exit strategies.

• Determine what will happen in event of deadlock.

• Clearly describe each Party's level of commitment, duties, responsibilities and expectations.

Include other important issues specific to your circumstances. 

Ready to get the ball rolling and discuss your issues with a Boston Business Lawyer or Maine Business Lawyer ?  For a more information on Joint Ventures click here or schedule Free Telephone Consultation today.

*This is not an exclusive list, but instead a tool to facilitate discussions. These materials have been prepared by Grenier Law Offices, PC for informational purposes only and are not legal advice. This information is not intended to create, and receipt of it does not constitute, a lawyer-client relationship. Readers should not act upon this information without seeking direct legal counsel.

If you are interested in posting this article on your site, please contact me to discuss at michelle@contactmylawyer.com . No portion of this article may be copied, retransmitted, reposted, duplicated or otherwise used without the express written approval of the author. 

Tip for Successful Business: Intellectual Property Agreements

    In real property the key to success is often location, location, location.  With Intellectual Property the key to success is most often comprehensive well-drafted Agreements.  These include joint venture agreements, development agreements, licensing agreements, etc. 

    Failure to put the terms comprehensive written agreements, is the number one cause of disputes between co-creators.  Such agreements have saved friendships as well as business relationships.

     It's always less expensive to prevent problems than it is to fix them.

    Schedule a Free Telephone Consultation with an experienced Boston Business Lawyer or Maine Business Lawyer today.

If you are interested in posting this article on your site, please contact me to discuss at michelle@contactmylawyer.com . No portion of this article may be copied, retransmitted, reposted, duplicated or otherwise used without the express written approval of the author.