Buying a business is a challenge even in the best of circumstances and carries risk. Potential buyers should make sure that ample time is allowed for due diligence in the purchase agreement, and that the time is efficiently used to fully investigate the business. There will often be red flags that require extra attention. As with all major purchases, emotion should play no part in the decision-making process.
All in Practice
Getting sued in today’s business environment is pretty much a cost of doing business. But, that does not mean that it should be the end of your business. This short article is designed to help you navigate the waters if you do get sued.
Ask any business owner what they expect their greatest challenge to be in 2022, and virtually every one will have attracting and retaining talent in their top two list. The last couple of years has brought us The Great Resignation on the one hand and greater mobility between job positions than we have experienced in a very long time. In 2022, talent will continue to be hard to find and even harder to retain.
In this day of work from home, the gig economy, and demands for more flexibility in the work-life balance, it is becoming harder to determine if the people that work for you are properly classified as employees or independent contractors.
Everyone in business wants to collect their accounts receivable. It’s easy – you earned the money and you should be paid; however, that is not always how it works out. And, when the account is not paid, you inevitably have to decide whether to file suit to collect the account, and whether you want to spend the money to do so. There is no question that lawsuits are expensive, and that leads to the question of whether the costs can be kept in check and whether attorney’s fees and litigation expenses can be recovered. The answer to the first question is now “Yes,” and the answer to the second is “Well, maybe.”
Modern commercial contracts often have dispute resolution provisions buried in the “boilerplate” at the end of the contract. Often, the boilerplate provisions at the end of contracts are overlooked because they are “standard”, but they should never be overlooked or skimmed because they can have significant consequences. Dispute resolution clauses are one of those since they will define how the parties will resolve any disputes. They will typically specify the state law that will apply to any disputes as well as the forum in which any dispute must be resolved. On occasion, the provisions will address mediation, arbitration and litigation. The question is, what procedure is best for a given situation?