Many people still rely on verbal agreements or informal “word of mouth” promises when forming business partnerships. While this might feel convenient or trusting, it opens the door to misunderstandings and conflicts that can be avoided. Officiating partnerships in...
Many business disputes happen because partners don’t agree on what decisions should be made for the business. One partner believes the business should expand and focus on production, while the other believes they should prioritize quality and limit expansion, even if...
Contract breaches can cause business disputes. Many business relationships rely on contracts. A detailed business contract can outline expectations and responsibilities from each party involved in a transaction, including the type of product or service being provided...
One of the best ways to avoid disputes with a business partner is to create a partnership agreement. Don’t just set up a handshake deal or go into business together with no official structure. Sit down and iron out this legal agreement first. This way, you are both on...
The responsibilities of running a business can often be eased with a business partner. Many people find their businesses are more successful because they’re working alongside someone competent at what they do. Furthermore, a business may profit more because of a...
Most business partnerships start off on a positive note. The partners are often excited about the prospects that the partnership is about to bring. But business partnerships and romantic partnerships have something in common: when the honeymoon phase is eventually...
On Jan. 5, 2023, the Federal Trade Commission (FTC) proposed a new federal rule that would ban noncompete agreements across the country. Currently, each state has its own laws governing covenants not to compete and this legislation varies widely among the states....
If you’re certain the other party is in breach, or if they have made clear they plan to breach the contract, you have several options. The first one is to try to work something out on your own. There is often an accommodation that can be made by one side or the other...
Don’t let the cart get before the horse, and don’t sell your invention before you have filed a patent application. Inventors, entrepreneurs and businesses are understandably eager to secure licensing or sales arrangements for their newly invented processes,...
Haymaker Development Company, LLC, of Lexington and its owner Timothy Haymaker and businessman and philanthropist Bill Gatton and the C.M. Gatton Trust have a history of cooperative work on significant Hamburg-area commercial and residential real estate developments....
