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Cleveland Business & Commercial Law Blog

Putting the right family member in the right job

It takes a one for all, and all for one attitude to help make a family business run efficiently. Often, family members can perform any number of tasks for the company. This is one of the advantages of a family business; everyone has a vested interest in its success. This means that you may have to vacuum the carpet of the offices, even if you have an accounting degree. Or your wife may spend time driving the company van even though she's a highly skilled chef by trade. What matters is getting things done in any way possible.

A good business plan can perform myriad functions

If you are in the initial stages of starting a new business, you may be feeling a little overwhelmed about the journey that lay ahead. While this period is filled with excitement and anticipation, getting organized is now a priority. To this end, it is high time you start crafting your business plan.

Of course, a business plan can act as a blueprint for building your company, but you can use your plan to perform many other important functions as well, such as the following:

Indemnity clauses can offer you important protections

If you own construction company, you are likely well aware of all the possible problems that can arise during a project. Unfortunately, it is impossible to eliminate every potential disaster that could befall a given undertaking, but you can take measures to protect yourself from the possible financial fallout. And one of the most important steps you can take is making sure that your contracts contain indemnity agreements.

An indemnity agreement can stipulate that others will be responsible for bearing the costs of specified types of damages, including legal costs. There are a variety of instances in which an indemnity clause could protect your interests, including:

  • To cover compensation costs caused by property damages or injuries.
  • If the contract has been breached.
  • In cases of property infringement.
  • To cover liability costs related to negligence.

Common contract mistakes can cause big headaches

A well-written contract can offer you and your business important protections and help prevent serious issues from bubbling to the surface when you work with another party. Unfortunately, a contract that is not properly constructed could cost you large sums of money and eat away at your valuable time. 

So to prevent problems down the road, you need to understand the possible mistakes that you could make when crafting a contract. And the following are three of the most common contract pitfalls that cause business owners grief:

How does the probate process unfold?

When a business owner or partner dies, there are a variety of legal matters that must be addressed in regard to the succession of his or her controlling assets and roles within the company. If the decedent left a will and created a legally binding succession plan, then the transfer of assets and power should go relatively smoothly. But one part of the transition could prove time-consuming and even contentious; probate

Indemnity clauses can offer you important protections

If you own construction company, you are likely well aware of all the possible problems that can arise during a project. Unfortunately, it is impossible to eliminate every potential disaster that could befall a given undertaking, but you can take measures to protect yourself from the possible financial fallout. And one of the most important steps you can take is making sure that your contracts contain indemnity agreements.

Family businesses can benefit by adapting to generational changes

In every aspect of life, there can be profound shifts in attitudes between generations. Society is constantly evolving and what was once considered a normal mode of behavior is now thought of as being old hat or even just plain wrong.

What to do when business plans go awry

It is sometimes said that the best-laid plans of mice and men often go awry. But while this idiom has certainly stood the test of time, it is advisable that you don't take it too literally. Specifically, the last three words, "often go awry," is certainly a damning indictment of careful planning. But the fact is, careful planning is a critical element of achieving any goal.

How do you know if a potential client can pay its bills?

If you own a construction company, you only want to work with clients who are financially stable and capable of paying for your services. Due to the complexity, costs, and time needed to complete a construction project, you can ill-afford to take on a client who will be unable to come up with the cash necessary to complete a project.

What can I do if I signed a bad business contract?

A well-written contract is one that provides fair benefits and clear responsibilities for both parties. When you sign on the dotted line, you should do so secure in the knowledge that the agreement serves your best interests. And if all goes according to plan, both you and the other party will be well-served by your partnership.

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