People often assume that a contract only involves the parties who sign it, but others’ fortunes may also flourish or suffer from the execution of the contract. These outside entities are called third-party beneficiaries, and they could have the right to share in the...
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Business Disputes
The role of cybersecurity in business divorce
When a business partnership comes to an end, the situation can resolve in numerous ways. The partners could sell the business, split the profits and move on to separate endeavors. Most often, however, one partner ventures out, leaving others in charge of the...
Shareholder disputes can damage a company
Internal disputes are a fact of life in business. This is due to differing priorities, not meeting expectations, misunderstandings, or other issues. Ideally, partners or colleagues can sit down and work through a problem without impacting the company, but shareholder...
Can equal partnership cause problems when a family business breaks up?
Many small businesses or family-owned companies are organized as equal partnerships. This essentially gives each partner an equal share in the decision-making process. Any action taken by the organization must result from a consensus or a compromise reached by the...
Buy-sell agreements often used in partnerships
It is normal for even the most stable business to undergo personnel changes. This can even include the ownership as partners retire, pass away, pursue other interests, divorce, or file bankruptcy. Business owners or entrepreneurs can plan for these changes by...
Self-care during a business breakup
No matter the size of the business or the scope of the mission statement, running an organization can often feel like a chaotic adventure. When a partnership comes to an end, however, it is not uncommon for business owners to feel frustrated and overwhelmed by the...
What should business owners do about a potential lawsuit?
Owners have a long list of concerns, particularly in the current economic climate. While keeping the lights on (literally or metaphorically) and paying employees are at the top of the list, it is a mistake to ignore or not prioritize potential lawsuits regardless of...
3 common reasons a business partnership might dissolve
While business divorce is often the result of dramatic circumstances such as breach of fiduciary duty or illegal activities, it is not uncommon for a partnership to dissolve based on more common challenges. No matter the size of the organization or the scope of the...
Common shareholders have rights
Each company's charter is different, but publicly traded ones will typically have different levels of ownership. This often means that there are three classes of securities: bondholders, preferred stockholders and common stockholders. Each has its advantages, but...
What to consider before suing a business partner
You’d never thought the moment would come, but now you find yourself thinking about suing your partner. Taking legal action can help solve the disputes you have with them, and sometimes it is necessary to do so. However, suing your partner is not a decision you can...