Many Californians choose to set up their business operations as a partnership. A partnership offers many benefits for the founders. It can be an excellent way to create a sustainable, successful and profitable business. Of course, a partnership will only be able to maximize its potential if the partners are able to work together. If a serious intra-partnership dispute arises, it could potentially destroy the business. It is critical that business partners take proactive steps to prevent disputes. Further, when one does occur, business partners need to know how to protect the legal rights and financial interests of both themselves and their business.
When two or more parties enter into a legally binding contract, they are stating that they will agree to the terms listed therein. What happens when one party does not abide by the terms of the agreement? The ramifications of a breach of contract suit in California can be costly for both parties.
If your business got to a point where you and the other partners fail to get along, the dissolution of your business can be as emotional as a divorce in family court. When you first enter into a business, you form an entity to limit your liability and save money on taxes. These advantageous benefits disappear when you decide to dissolve the business, but your liabilities will not.
When you decide to go into business with someone, you think about many things. It is great to have a partner, as two heads are better than one. Also, it is a much more exciting endeavor when you are working with a friend, and sometimes having a partner can also lead to an exponential increase in profits. This type of business arrangement, working with a friend or close acquaintance, is common in many businesses today.
Bankruptcy is not a fun topic to discuss, but it is necessary for you to understand what it is and how it will work to the benefit of your business if you are considering filing. If you have a small business that is struggling financially, and you do not have enough resources to pay your creditors, bankruptcy may be an option for you to consider.
Too often, unfortunate situations arise during the commercial sales of businesses. These situations arise frequently because sellers of businesses either actively misrepresent the facts surrounding the business or fail to disclose all the proper information to the prospective buyer.
Today, a majority of businesses rely on contracts to fulfill their day-to-day operations. When you sign a contract with another business or individual, you expect them to perform their end of the bargain or agreement. When a party fails to fulfill their end of the bargain or breaches the agreement, your business can quickly run into financial trouble, losing a significant amount of profit, time and resources.
Unfair competition has been a hot topic in the media since United Airlines and travel website Orbitz filed a lawsuit in late December against the 20-something founder of Skiplagged.com, a website which helps travelers find "hidden city" airline ticketing.
Four years ago, Forbes identified California as the third highest state for mortgage fraud following Florida and New York to round out the top three. Last year, over 100 cases of real estate fraud resulted in convictions and over 200 convictions were reported the year previous to that. This type of investigation involves several parts and people who may be unaware they are part of a scam. According to the American Bar Association, the most targeted groups of people for real estate fraud include:
The purpose of contracts is to create a binding agreement for business transactions, but unfortunately, there are times when these are not upheld. Contracts can be disputed for their validity, enforceability, and meaning all of which can become complex. When there is a business contract dispute, an alternative resolution solution such as mediation might be suggested.