Starting a business with a partner can be an exciting venture that leads to success. However, you should establish a solid foundation for your partnership. One step in doing so is creating a partnership agreement in writing. Clarify roles and responsibilities As many...
Business Law
Can you borrow designs for your clothing line?
In fashion, trends come and go as quickly as the seasons. Prints, slogans and silhouettes that are in style now could fade away in just a year. As a result, many clothing manufacturers and retailers are racing to push out products and capitalize on trends before their...
2 signs it’s time to wind up your business partnership
Business partnerships and romantic relationships have something in common – they both generally run smoothly in the beginning. Partners are excited and optimistic about the future of the partnership and the prospects that comes with it. And just like romantic...
2 ways for someone to breach their fiduciary duty to a business
A fiduciary duty is the highest level of responsibility that one party can lawfully have to another in the United States of America. That responsibility requires that the party with fiduciary duty put the other party's interests first whenever making decisions. In the...
How does a contract breach happen?
Businesses frequently enter contract agreements with others. Well-made contracts can benefit everyone by ensuring that contracted parties understand their legal obligations. Unfortunately, contract breaches can occur and they can be very problematic. Here’s what you...
3 traits of a successful business partnership
One of the numerous possibilities you have when starting a business is finding a business partner. The stress of running a business can be significantly reduced with the help of a business partner. Not only can they support you and your business but they may be able...
What should your company’s vision statement contain?
As a business owner, your main focus is to ensure that the company continues to grow. You can only go so far on your own, so your staff and business partners will also be pivotal. One thing that you might want to have in place is your vision statement. Essentially,...
Defining fiduciary duties
The term fiduciary is often mentioned in legal and financial circles. However, the precise meaning of this term can be hard to pinpoint. As a client or beneficiary, you have a right to know what you can expect from professionals who you entrust with your finances or...
3 helpful tips to avoid business litigation
Owning a business puts you in the driver’s seat regarding your day-to-day operations. Unfortunately, no matter how careful you are, all businesses may face litigation at some point. Unfortunately, business litigation is time-consuming and expensive. Additionally,...
Should your business partner be similar to you?
When you are looking for a business partner, it is fairly natural to assume that you need to find someone who is similar to you. You might assume that you will get along with this person in a fundamental way, and it will feel like the two of you would make a good...