There are advantages and disadvantages of going into business with another person. On the one hand, you must share profits and losses. One the other hand, a partnership provides multiple ways of thinking, backgrounds, and personalities to serve the company best in any situation.
But what if your partner breaches the terms of your agreement? Must they face every ounce of your wrath? Well, maybe not.
Renting a commercial space for your business can be an exciting step forward, especially if you are in love with the location. It is easy to get carried away with the idea of your business’s future in that space.
However, it is important to be level-headed when considering the terms of your commercial lease. An unfavorable lease agreement could be more of a burden than a benefit to your business.
Have you ever had a brilliant idea and thought that you could turn it into a business? Well, maybe it is finally time to put that plan into action. Getting a business off the ground is hard, but sometimes the hardest part is actually starting.
The best place to start your business is with preparation. Getting everything in order and having a detailed plan of attack will allow you to have the most success and enjoy the process along the way. There are plenty of things you need get in order before starting your business, but some steps are more important than others.
Business contracts don’t always experience a flawless commitment between two parties. Oftentimes, conflict arises when there’s accusation of stepping outside the agreed upon terms outlined in a contract. When this happens, there is a pause to the progress of the business and the dispute must be addressed and settled. That’s when the courts and lawyers get involved.
Within the court of law, the argument is presented privately and before a judge to determine the rightful actions to take. Depending on the ruling, contract members may be subject to one of the three main types of solutions.
Buying a business instead of starting one from scratch can save you many headaches. However, buying a business still has its challenges. If you are considering this kind of investment, you will want to do your research carefully and be sure to avoid the common mistakes others have made when buying businesses.
According to a recent Forbes article, the following are five of the most common mistakes people make when buying a business:
Business ownership is a dream for many enterprising individuals. Opening the doors of your own startup to serve your community is a singular feeling of accomplishment. Before you unlock the front doors, put a down payment on a building or even write your business plan, however, there are some key considerations to make regarding your business.
The quickest way for a promising enterprise to fail is to rush into the process without a well-constructed plan. You need to know what type of business entity your venture will be. You need to know how it will be structured, plan your tax strategies, be prepared for business and commercial transactions and many more factors.
Running your own business presents many challenges. After creating a unique product or service, you must produce it, market it, sell it, and compete with other businesses. Some companies will try anything to crush the competition. You may wonder how to know if a competitor’s acts have crossed the line from hyper competitive to illegal.
Guardrails line our highways to help us stay safe. In a crash they expected to perform in specific ways that absorb the impact and prevent injuries. To do so, they have to be manufactured and installed properly.
Some recent deaths here in Tennessee have resulted in a lawsuit claiming that a particular kind of guardrail did not perform correctly. The contractors who installed them have been caught up in the lawsuit and need representation. This case is an example of the kind of potential liability that construction firms take on and how they can defend themselves.
The world of construction frequently relies on word-of-mouth referrals. Your contracting company’s reputation can either catapult your business to new opportunities or financial ruin. Even if you haven’t committed fraud, news of an accusation can travel fast throughout the industry.
Therefore, contractors must plan ahead to protect their business from allegations of fraud. The Tennessee Department of Transportation (TDOT) lists several warning signs of construction fraud. Mitigating these risks through responsible business practices can shield you from complicated legal disputes and keep your work flowing.
One of the risks that most construction projects have involves getting paid. It’s a fact of life that we all want to get paid for the work we perform. But what happens when someone doesn’t pay? The resulting situation causes a domino effect of sorts. The owner can’t or won’t pay, which means the general contractor then can’t pay their sub-contractors.
The bad boy mentioned in the headline is the pay-if-paid clause that is often written into construction contracts. What this clause does is shift the risk from the general contractor to the subcontractor. For example, if the owner of the project lost their construction financing and the contractor wasn’t paid, they could legally refuse to pay the sub-contractors for their work.
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Robertson Law Group
3401 Mallory Lane
ste 200
Franklin,
TN
37067
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