February 17, 2017
As a lawyer, “put it in writing” is my mantra. I believe that having written agreements is sound business practice. But it’s not illegal not to have one. Without one, you simply increase your risk of getting burned . . . exponentially. (See my article “The Single Most Important Thing to Know about Verbal Agreements”. However, there are a small handful of areas where you cannot do business on a handshake if you want to make sure you can sue if the other side doesn’t live up to their promises. In those circumstances, it is essential that you have some form of written agreement. Otherwise, you may lose all right to recover your losses! What are these situations and how are they relevant to small business owners? First, a little history. These situations generally fall under an area of law known as the Statute of Frauds. It’s a holdover from old English law that was designed to prevent fraud and perjury in the courtroom (surprise?). Certain business-related transactions were far too easy to fabricate when…
Continue ReadingWhen a shareholder in a multiple-owner company decides to withdraw from a corporation, her shares need to be transferred. But to whom? And how? It depends on how the shareholder’s agreement is worded. Two scenarios…
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