There are many different options to choose from when you set out to incorporate your business. One requirement that you must meet if you select most of these structures is that you have to either appoint a board of directors or officers for it. Those individuals that you appoint to these roles have some very important responsibilities. One of those is a duty of loyalty. Your corporation's officers or directors may face significant penalties if they breach this duty.
No one ever chooses to get sued, but those who own companies realize that often it's just a consequence of running a business. Regardless of the basis of the legal action, how the company handles the fallout can determine the trajectory of the incident.
One of the most important things that business owners can do is to reduce risk and liability. The only way that they can do this effectively is by fully understanding the law and using it to inform their decisions.
Insurance companies have the responsibility to investigate all claims made by insurance carriers. Many of these claims may not qualify for compensation, however, because they do not fulfill requirements set out in the initial contract. As a result, the insurance company will deny the claim.
Insurance companies are often hit with bad-faith claims for a variety of reasons -- some far less valid than others.
In business, one of the most important priorities should be protecting your assets from competitors. These assets could be in the form of trade secrets or practices and processes, but they could also be in the form of talented employees and the information that they have.
Many people decide to enter partnerships because they believe that building a business with other talented people will lead to a successful endeavor. While partnerships can become very successful, they can have the potential to make the legal aspects of business become more complex.
As a business owner that has just gone through a merger, you will know that it is very important -- both from an employee morale perspective and a logistical perspective -- that the process goes as smoothly as possible. When properly planned, mergers can be seamless and can successfully lead to a profitable and more economically efficient company.
Entering into a contract for any type of reason is risky for both parties. You might enter into a contract for real estate. Or, maybe the contract has to do with your business. Either way, you need to understand what's at stake and how you can protect yourself should one party breach the terms of the contract. So, what are the remedies and damages available for breach of contract?
Anyone can have a great idea or come up with an innovative concept. But to actually bring your plan to fruition and make a profit requires business acumen. These skills come more naturally to some than others, but fortunately, most can be taught and learned.