Photograph by Pui Shan Chan February 2009.
The days of handshake deals and keeping true to your “word” no longer exist in the business world. In the modern business environment, it is important that you see a promise or a contract in writing. Whether it is in a text, email or a drafted agreement, any written format can help to support your position, if and when someone goes against their word. This can be particularly true when two business partners have different ideas on how to manage their business.
This article will discuss a few reasons why two or more partners should place their relationship into a written agreement to clarify their business arrangement.
This is a common question many start-up business owners come across. Modern start-up businesses have a “lean” mentality and want to run efficiently and cut costs when possible.Many times cost cutting measures remove expenses from legal work. It is understandable why a business would choose to budget its limited capital resources for another area of concern, such as marketing, building the company’s product or service, or employee incentives. All of these alternatives provide an immediate and tangible benefit, but budgeting for an attorney does not always create an immediate or even visible result. In the end, it is always worth hiring an attorney to make sure the business is formed and planned out properly. Continue reading