A “covenant not to compete,” or “non-competition” agreement is a common feature in many employment and buy-sell agreements. Such provisions restrict a person’s employment or business activities following termination of employment or the sale of a business. They are...
How Can Business Owners Avoid Personal Liability for Corporate Debts? A significant reason that business owners choose to form a corporation or limited liability company is because they are protected from personal liability. A corporation has...
There are 5.5 million family businesses in the US and they generate 64% of our Gross Domestic Product (GDP). While many of these businesses find success and continue on for generations, others do not make it to the second generation. In many instances, family...
A savvy business owner plans for the future. Unfortunately, life events can occur that can adversely affect the management and control of a business. This is particularly problematic for a business which has more than one owner. A common issue is when one of the...
If you are a co-owner of a family business, it is important to consider what will happen to the company if something happens to you. If you do not have a succession plan, then your heirs and/or co-owners could face significant financial and legal problems which could...
Most businesses have confidential and proprietary information that they want to protect from being usurped by current or former employees or competitors. One way to do that is by using “restrictive covenants,” which are contract provisions that prohibit one party from...
