A business purchase agreement, or business transfer agreement, is a contract that outlines the terms of the transaction when buying or selling a business. It is the final part of a business acquisition. The purchase contract includes closing details of the business sale, such as the price, the purchased goods, and certain representations and warranties […]
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What are articles of incorporation? Articles of incorporation consist of a set of documents that are required to legally form a corporation. A corporation, which can be taxed as an S Corp or a C Corp, is a business entity that has a complex management structure. The main characteristics of a corporation are that it
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When starting a restaurant, restaurant business owners should be careful to write up proper written agreements at the very beginning. One common mistake is that business partners will wait until the restaurant opens before they write a written partnership agreement (if they write one at all). The problem with waiting is that by the time
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https://youtu.be/N6V41yYn0G0Georgina Fofana is a teacher and also a small business owner with a unique perspective on business. On one hand, she owns “Ayebea’s Charming Beads”, which is a marketplace that sells waist beads, bracelets, and other accessories. On the other hand, there’s “Jerk N Waisted”, through which she educates people on the cultural significance of
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Business entrepreneurs must be aware of the trends in the market and have vast knowledge in managerial techniques. But to make their effort worth and safeguard their businesses, small business owners must also know the basics of business law and ensure they comply with the regulations of their industry. In this video, corporate attorney Danya
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https://youtu.be/-UxJhvgbJ4kWhat is IP docketing? Meet Russell and Huda Krad Baylin, the founders of IP Sofacto, a global IP Docketing company that tracks and calendars the activity related to the process of obtaining a patent or trademark. Russell and Huda Krad, besides being business partners, are a couple and have a family together. They share with
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The Illinois Articles of Organization is the name given to a legal document that is required to formally register a limited liability company in this state. This document provides the Illinois Secretary of State with the essential information to start the formation process of your LLC. An LLC is a business structure in which owners
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What is an operating agreement? An operating agreement is the governing document of a Limited Liability Company (LLC). This document dictates the obligations and rights of the owners of the LLC, which are called members. An operating agreement also determines the distribution of profit and losses of the company.The terms included in an operating agreement
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A professional limited liability company, or PLLC, is a kind of business structure that offers personal asset protection to a group of licensed professionals whose business provides the same type of services. PLLCs are formed specifically for services that require professional licensures, such as lawyers, dentists, accountants, and chiropractors. Not all states allow this variation
Reaching an agreement on the purchase price can be one of the most difficult aspects of a business transaction, as it requires strong negotiation skills from both parties. When there seems to be no consensus about the final price, the parties can include an earnout provision in the agreement as a strategy to close the
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