Tag Archives: Small business

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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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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Securities are Stocks, Debentures, Viatical Settlement Contracts, Straddles, and More

In other words, whenever you are trying to raise money for your business, no matter how creatively you have structured the investment, odds are you are really just offering or selling securities that will likely need to be registered or otherwise exempt from registration. Continue reading

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Shareholder Meetings Don’t Even Have to be Meetings

Shareholder meetings can be a problem for many corporations because the shareholders or single shareholder do not get around to holding them. They are busy running their business. 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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Selling a Stake in Your Business to Investors May Require a Securities Registration

More red tape on your way to starting or growing your business. Fortunately, there is a way to cut through some of that red tape – legally. Continue reading

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