10 Things Business Owners Should Consider When It Comes to Disputes

Businesses often have more than one owner. In a partnership, the owners are called partners; in a Limited Liability Company (LLC), members; and in a corporation, shareholders. This blog generally relates to those businesses with relatively few owners, regardless of the legal structure (partnership, LLC, or corporation). When disputes arise between or among owners, the…

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What Are the Remedies for a Breach of Contract Claim?

Contracts are legal agreements between two or more people or businesses. Each side agrees to do or refrain from doing an act. Thus, for example, one person agrees to pay money in return for being able to buy a car or food. Every business, from global corporations to sole proprietorships, relies upon contracts with customers,…

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What Is a Trade Secret?

Many businesses and corporations have trade secrets. McDonald’s secret sauce, KFC’s 11 herbs and spices, Google’s search algorithms, your company’s customer list, and other corporate keys to success are kept under wraps as part of a company’s business assets – all protected under law. Although one might think a patent holds this type of proprietary…

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How to Value a Small Business in Tennessee

There is no perfect formula for valuing a business. A retail chain is valued differently from a law firm, which is valued differently from a start-up. Businesses that can be divided and sold have different values than ones which cannot. As a general rule, the value of a business comes down to this – what…

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Contracts: The Reality

Quite often, after issues arise, individuals pointedly complain that the terms of a contract that they signed and entered are unfair and one-sided. After explaining how and why they trusted the business or individual who wrote the contract and asked or persuaded them to sign it, they believe that they should not be forced to…

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How a Lawyer Can Help You Craft an Operating Agreement for Your Small Business

There are a few standard types of business arrangements for commercial companies and nonprofits. Each of these have unique issues and guidelines for conducting their daily operations. The main types of business structures are: A sole proprietorship A partnership A limited liability company A corporation There are financial, tax, operational, and practical issues that govern…

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Basics of a Buy-Sell Agreement

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 are…

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Why You Need A Business Attorney if Accused of Unfair Trade Practices

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 practice…

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How Is the Value of a Business Determined?

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 another…

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What Is the Uniform Commercial Code?

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…

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