Businesses need a plan for events beyond their control. This includes the death of owners in a business, the divorce of key personnel, an accident that causes an owner to become incapacitated, or other contingencies. When these events happen, the other owners and interested personnel in the business need to ensure their ownership interests […]
Businesses that fail to comply with federal and state laws that are designed to protect consumers and to ensure fair competition can be subject to lawsuits. These claims can be filed by the State Attorney General, the Federal Trade Commission (FTC) or by lawyers on behalf of consumers and competitors. Unfair or deceptive trade […]
How much a business is worth is critical for several reasons. Anyone wishing to buy or sell a business needs to understand its value. The value of business is instrumental not just when buying or selling it, or a part of it, but also in obtaining loans, expanding the business, merging the business with […]
Not all commercial or business-to-business transactions go smoothly. When a transaction involves goods or products, as opposed to services, the Uniform Commercial Code (UCC) applies and controls the transaction.
The UCC specifies the rules that govern disputes for business and commercial transactions involving goods. Almost every state has adopted a version of the UCC. Although […]
America is a capitalist society; everyone can operate a business. He or she can do so with little fear of government interference, unlike in some countries. However, there are laws and regulations.
Anyone can operate any type of business – for example, a sole proprietorship, a partnership, or a corporation. But starting a business is […]
Remedies for Businesses and Consumers When Sellers Fail to Deliver on Products and Services That They Sell
Virtually every day, Americans buy, sell, and/or consume products – cars, trucks, SUVs, foods, computers, cell phones, clothes, gas, and more. Most transactions go smoothly, but some do not. When consumers, businesses, or buyers do not receive the benefit of the bargain, the law provides them with remedies. The law of contracts, the Uniform […]
Buying a business, big or small, is not necessarily simple. Generally speaking, there are two types of sales: a purchase of a company’s assets or a purchase of a company’s stock.
An asset purchase occurs when potential buyers select and purchase certain assets, such as a business’s inventory, trade secrets, confidential information, client lists, office […]
Federal law sets a minimum wage at no less than seven dollars and 25 cents per hour and requires overtime for more than forty work hours in a given week. Although seven dollars and 25 cents per hour is the minimum wage that employees must be paid, local and state governments can raise the […]
A franchise agreement is a business arrangement between a franchisor and a franchisee. Typically, the franchisor has a business model, a reputation, or some track record for profit, prospect, or success for a particular business. For example, most McDonald restaurants are operated as franchises, but there is only one franchisor (the McDonald’s franchisor) authorized […]
Businesses, consumers, nonprofits, and governments buy goods or services and often enter into written contracts or agreements. In a written contract, the parties involved usually have specified the terms and conditions. For instance, paying this price at a particular time will result in the delivering goods or providing services. However, contracts may contain such […]