Tag Archives: Law

Contracts for Sale of Goods Must Be in Writing but Can Be Enforceable Even When Not in Writing or When Missing a Contract Term

So the commercial code allows for more leeway in forming contracts to promote commercial intercourse. Continue reading

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Restraining a Seller of a Business From Competing is Legal

When you buy a business from someone the last thing you want is for them to set up shop across the street from you and take your customers away. Continue reading

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Invention Developer Services for Inventors Are Highly Regulated

If you have that once-in-a-lifetime idea, and want to sign up with an invention developer, make sure certain things are in place because the law requires them. Continue reading

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Daily Penalties for LLC Failing to Keep Records

If any member makes a demand that such records be kept when they are not, the LLC will be subject to a daily penalty of at least $25 per day. Continue reading

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Dissociation of LLC Member Does Not Discharge Them from Liability to LLC Members

Becoming a member in an LLC is a serious commitment and dissociation does not relieve the dissociating member from liability, whether the dissociation is voluntary or not. Continue reading

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Oral Agreements of LLC Members Can Be the Operating Agreement

A sole member of an LLC can also have an operating agreement, whether written, oral or implied. Continue reading

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Some Shareholders Have an Absolute Right to Inspect Corporation Records

Inspection rights are important to shareholders and directors. The corporation has an obligation to provide access to its records according to applicable law. Continue reading

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Board of Directors May Mortgage or Sell All of the Corporation’s Assets

But what you may not know is that the corporation’s board of directors has broad powers to mortgage or sell the corporation’s assets. Continue reading

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No Formal Operating Agreement

Frequently members (i.e. the owners) of a limited liability company (LLC) do not enter into a formal operating agreement (the equivalent of the partnership agreement).  If there is no formal operating agreement it does not mean that there are no … Continue reading

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Shareholders Do Not Own Corporate Assets

A corporation is, for corporate law purposes, a “person” separate from its owners.  As such, it owns the assets of the business, including, for example, customer lists, trade secrets and equipment.  A shareholder generally holds only legal title to the … Continue reading

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