This comes as a surprise to some people: In New York, unless there is a special law that states otherwise, you can become bound by a contract, even though you have not actually signed it. As long as you have somehow shown that you agree to the terms of the contract, you can be on … Read More
….keeping control by restricting the transfer of shares. You, your best friend Jane and Jane’s cousin opened a store and online business selling luxury pet supplies under various brand names. You run the business through a New York corporation. Each of you has equal ownership in the corporation. Everything goes well, your products get mentioned … Read More
When signing for a business entity, such as a corporation or limited liability company, an officer’s signing capacities can get confusing. Is she signing on behalf of the entity only, or in her personal capacity and on behalf of the entity? Check the following points: 1. When only the business entity is supposed to have … Read More
In one of my previous posts I mentioned Cori K-Base, the resource for free contract forms and research sponsored by the University of Missouri. I just received an e-mail from them informing me that they have made some major improvements: "First, we have partnered with QL2 Software, Inc., to enhance our ability to acquire and … Read More
Since I am in the business of memorializing deals for people, my repeated message of "get it in writing" might seem somewhat self-serving. Thankfully, non-lawyers point it out too: Lema Korshid on Mindpetals had a post yesterday entitled "Memorialize that Deal in Writing." She writes: Entrepreneurs, save yourselves from future headaches! Ask your attorney draw … Read More
Once you know there will be a written agreement, someone has to draft it. Should it be your lawyer or the other party’s lawyer? Some say make your lawyer insist on preparing the first draft. I tend to agree with that. It gives you the opportunity to set the stage for later negotiations and control … Read More
