Adrian Santiago, Author at Willcox, Buyck & Williams, PA

Choosing the Right Business Structure: LLC vs. Corporation vs. Partnership

Posted on October 1, 2024

Every entrepreneur has an important decision to make when launching a new enterprise. The structure of the business shapes its legal liability, tax obligations, ownership, and more.

If you are considering launching a new business or are already in the process, consider the pros and cons of partnerships, corporations, and LLCs as detailed by our South Carolina business attorney.

Business Partnership

A company started and owned by two or more individuals can take the form of a business partnership. Though using a partnership structure instead of an LLC creates more legal liability, this approach also has some advantages. Partnerships are relatively simple structures that take the form of limited or limited liability partnerships.

Limited liability partnerships (LLPs) differ from the limited variety in that they cap the owner’s legal liability. The LLP safeguards both partners against the partnership’s debts and respective partners’ actions.

In contrast, limited partnerships are characterized by a single general partner with unlimited liability. The remainder of the partners have limited liability. Partnerships are generally favored by enterprises with multiple owners looking to test out their value proposition before developing a more formal organization.

LLC

LLC is an acronym short for legal liability company. If you are launching an enterprise that you suspect might face legal liability down the road, lean toward an LLC. Whether that liability stems from a product, employees, or overly litigious customers, the LLC structure shields your personal assets.

Choose an LLC, and only your company’s assets will be subject to liability from lawsuits. LLCs are highly flexible, easy to maintain, and also have the potential to be converted to a corporation. LLCs are also commonly favored as they have more favorable tax obligations than corporations.

Corporation

Corporate structures are advantageous in that they make it easier to raise capital. Corporations raise funds through the selling of shares of stock. Extending such a partial ownership stake to outsiders also facilitates the attraction of new hires.

If your business is looking to raise money through new owners or if you think it will increase in value as a publicly traded company, choose the corporation structure. Unlike LLCs and partnerships, corporations are required to pay income tax on all profits generated. It is also possible for corporate profits to be double-taxed. The initial tax is when the company generates a profit. The second tax is implemented after shareholders receive dividends.

Though corporations provide strong legal liability protection, they are comparatively expensive to form. Moreover, there are different types of corporations to choose from. As an example, C Corporations are legal entities completely separate from their owners.

S corporations sidestep the aforementioned double taxation. This corporate structure allows for profits and even some of the corporation’s losses to move directly to owners’ income without a corporate tax.

Learn More During a Consultation With Our South Carolina Business Attorney

Trusts are powerful tools for incapacitation and estate planning. They also assist in asset protection and tax planning. You can learn more about trust agreements during a consultation with an experienced estate planning attorney in South Carolina. Contact us for a consult today.

Work-from-Home: Considerations for Remote Work Arrangements

Posted on September 3, 2024

Working from home creates a distinct set of legal hurdles. If you own or manage a business or work from home as an employee, you should be aware of the relevant legal requirements. Our South Carolina business attorney’s guidance will help you maintain full compliance with employment law.

Be Aware of WFH Compliance Requirements

Employment law compliance requirements differ by state. Employers and employees should both be aware that there might be additional work-from-home employment compliance requirements when one works outside of the company’s home state. Moreover, remote workers also have the potential to present hurdles in the form of registration requirements and even tax implications.

Consider a situation in which an employee works in a state different from that of the employer. State tax withholdings from wages and even unemployment taxes are two unique payroll challenges to overcome. Employees are to pay taxes to the state where they conduct work in accordance with the language of the physical presence rule.

There is also the potential problem of double taxation in which income tax is applied in the state the work-from-home employee resides in and where the employer is located.

Those engaging in work-from-home or considering it should be aware of the foreign qualifications. This qualification is applicable to businesses that are formed as limited liability companies (LLCs) or corporations and have workers in a state outside of the organization’s state of incorporation/formation. It might be necessary to qualify the LLC or corporation in the foreign state to formally obtain authority to conduct business there.

Permission to Work at Home

Though few know it, some municipalities mandate that those who work from home secure a home occupation permit. Several states require such strict licensing and permitting yet few remote employees are aware of the rules. The failure to obtain a home occupation permit has the potential to present problems at tax time.

Remote Worker Classification

Employers sometimes classify those who work remotely as independent contractors to cut payroll costs. However, the mere fact that one works remotely does not automatically make him or her an independent contractor. The classification of employees is a complex process that often requires the expertise of a South Carolina business attorney.

Additional Considerations of Note

Every remote worker should be trained in data security. Moreover, such workers should be aware of potential legal liability for the improper disclosure of data. Employees should also have clear guidelines regarding the role’s duties and work hours for workers’ compensation purposes.

Remote workers and their employers should also be aware of a potential tax nexus. This term describes situations when businesses have a tax presence established by conducting business in a state outside of their primary location. The specific activities of the remote workers have the potential to affect tax status.

Learn More During a Consultation With Our South Carolina Business Attorneys

You don’t have to navigate the employment law maze on your own. Our South Carolina business law attorneys are a call away. Reach out to us today to schedule a consultation.

Business partners shaking hands after working on confidentiality agreement

Drafting Non-Compete & Confidentiality Agreements: Legal Considerations for Protecting Company Interests

Posted on September 1, 2024

The details of your company’s confidentiality and non-compete agreements play an important role in protecting the organization. Consult with an SC business attorney when drafting and reviewing such agreements, and you’ll safeguard what matters most: your bottom line.

Without further ado, let’s take a quick look at the main points of concern when writing legal agreements.

The Top Legal Considerations When Drafting Agreements

The small print of confidentiality and non-compete agreements has the potential to prevent losses that amount to thousands, hundreds of thousands, or even millions of dollars. An SC business attorney’s expertise is necessary to write and analyze the language of such agreements. Even one grammatical, punctuation, or linguistic misstep has the potential to pave a path toward an unfavorable court ruling.

As an example, timeframes, and geography play important roles in some agreements. Legally “bulletproof” non-compete agreements narrowly identify specific timeframes and geographic restrictions.

Such limitations are to directly address the interests of the business and also reflect the nuances of the field’s landscape. Even the specific locations where the company does business or is planning to conduct business should be addressed.

The prevailing theme is that legal agreements are to be written with the company’s interests in mind. The end goal of such agreements is to protect the organization’s interests in the form of the following:

Client relationships
Proprietary information
Trade secrets
Additional intellectual property

Ideally, the language will be clear and cogent with a sharp focus as opposed to broad in scope with extensive restrictions that will likely be ruled unenforceable.

Restricted Activities and Length of Restriction

The best confidentiality and non-compete agreements are specific to the point that they identify specific activities that are restricted. Moreover, the length of the restriction of those activities must be identified.

Restrictions in non-compete agreements encompass the exact actions that employees cannot take after departing a position. The overarching aim of such restrictions is to prevent departed employees from sabotaging or otherwise hurting their previous employer.

In general, most such agreements typically last between six months and a couple of years. However, individual states have specific legal requirements for confidentiality and non-compete agreements. There is no sense in attempting to understand the nuanced rules of legal agreements in South Carolina when experienced professionals are a call away.

When in doubt, lean on an SC business attorney to write, review, and amend your confidentiality and non-compete agreements. Those with experience drafting and analyzing such agreements are capable of achieving the delicate balance between employer and employee interests.

The best agreements are fair to both parties, withstand scrutiny in court and ultimately prove effective for the duration of the contract.

Learn More During a Consultation With Our South Carolina Business Attorneys

The subtleties of your confidentiality and non-compete agreements have the potential to make the difference in wins and losses in and out of court. Our SC business attorneys are here to help create, review, and modify your company’s legal agreements.

Reach out to us today to schedule a consultation.

Wills, trusts, and all other essential documents for estate planning

What Are the Benefits of Establishing a Power of Attorney in Estate Planning?

Posted on August 26, 2024

If you’re meeting with a South Carolina estate planning attorney, power of attorney will be at the forefront of the conversation. Though power of attorney is sometimes referenced in legal dramas on TV, it is rarely explained. This is your in-depth guide to the importance of power of attorney in estate planning.

The Purpose and Benefits of Power of Attorney

Consider a scenario in which your mother or father becomes incapacitated. Your parent is incapable of speaking and moving beyond slight hand gestures. A healthcare power of attorney is invaluable in such a situation. This legal tool empowers you to make health-related decisions on behalf of your incapacitated parent.

Power of attorney is also applicable to asset management. Such a financial power of attorney empowers a trusted family member or other individual to make financial decisions on behalf of yourself in the event that you become incapable of doing so. Illness, injury, or another unforeseen event, such as dementia, has the potential to prevent you from thinking and acting clearly.

A South Carolina estate planning attorney will establish power of attorney on your behalf so you can live the rest of your life in full confidence, knowing a trusted family member or friend will make sound decisions on your behalf.

The Role of the Agent

The signature on a durable power of attorney authorizes an individual other than yourself to serve as agent. Also referred to as attorneys-in-fact, such agents act on one’s behalf to complete specific acts. Such an agent manages your affairs in the event of incompetence, ultimately preventing the need for a potentially expensive and complicated trust or guardianship.

In short, assigning an agent to handle your affairs through a power of attorney makes it easier for trusted people to make life easier and more comfortable in your final years. In some instances, spouses provide one another with power of attorney. Others choose their children, grandchildren, or trusted neighbors to act as agents.

When selecting a power of attorney agent, do not automatically choose your oldest son or daughter. Rather, it is better to select an individual with the intellect, time, and maturity necessary to handle your affairs exactly as you desire.

The Limits to Power of Attorney

A person with power of attorney over another’s bank account does not have full financial control over that person’s money. Rather, such a power of attorney provides authorization to write checks and pay bills yet not sell real property such as a house. However, if you trust your power of attorney agent to handle your real property on your behalf, our estate planning attorney can assign him or her the power to sell real estate.

Learn More During a Consultation With Our South Carolina Estate Planning Attorneys

If you don’t have an estate plan or haven’t updated yours in years, be proactive. Our legal team will do all the work on your behalf. Contact our South Carolina estate planning attorneys today to schedule an estate planning consultation.

What to Do After an Accident With a Commercial Vehicle

Posted on August 20, 2024

An accident with a truck or other commercial vehicle has the potential to change your life forever. If you are in such a predicament, it is important that you take specific actions immediately after the collision. Above all, consult with a South Carolina personal injury attorney for guidance in maneuvering through the legal maze.

Be Civil and Safe

Though there is the potential for tempers to flare during the drama of a commercial vehicle crash, it is best to remain cool, calm, and collected. Your demeanor in the aftermath of a crash with a truck driver shapes his or her willingness to cooperate, share information, and remain civil. Pull over to the side of the road, flag down the driver, and speak politely.

Exchange Information With the Other Driver

The first thing to do in the aftermath of the truck accident is to obtain information. Use your smartphone or pen and paper to write down the following information:

Opposing driver’s name
Employer name
Truck number
Auto insurance information

Provide your name and the name of your auto insurer. Refrain from offering additional information.

Record the entirety of the conversation with your smartphone in the event that the driver of the commercial vehicle admits fault. Such evidence can be used to prove negligence in a court of law.

Seek Medical Attention

Now that you’ve collected the bare minimum of information, reach out to an emergency medical services provider for assistance. Start collecting evidence while waiting for the ambulance to arrive. The ambulance driver will take you to the closest hospital for medical evaluation. The treating doctor’s hospital report will detail the accident’s causal relationship to your pain.

Even if you don’t feel immediate pain or don’t have a visible injury, it is still in your interest to visit with a doctor for a formal medical report. There is the potential for whiplash and other injuries to manifest in the days ahead yet you might not feel those pains right away.

Preserve Evidence

Commercial vehicle accidents are inherently complex. Even a small piece of evidence has the potential to tip the scales of justice in your favor. Take pictures and video of the crash site including the intersection with your smartphone. If you don’t have your smartphone on your person or if your phone was damaged during the accident, draw a picture of the accident scene for future reference.

Contact the police for a formal accident report. The responding police officer’s accident report will attempt to piece together the accident to assign blame.

Take a close look at your surroundings for video surveillance cameras. If anyone witnessed the accident, retrieve their name and contact information for future reference. Ideally, you’ll record their witness statements from the accident site using your smartphone’s video recording feature.

Learn More During a Consultation With Our South Carolina Personal Injury Attorneys

A personal injury has the potential to significantly change your life. This is a time to ask for help. Our South Carolina personal injury attorneys are here to provide guidance. Contact us for a consult today.

Common Causes of Struck-By Incidents on Construction Sites

Posted on June 1, 2024

Workers are often injured in a variety of ways on construction sites, despite the best efforts of OSHA (the Occupational Safety and Health Administration) to push for sites to be completely safe for workers. Serious injuries and even death may result. Some of those deaths can be attributed to tools or materials falling and striking construction workers. If you’ve been injured on a construction site, let South Carolina construction site accident attorneys help you understand your legal options.

Understanding Struck-By Incidents

OSHA categorizes “accidents” as situations where something entirely unforeseen caused injury or death. However, they feel most injuries are the result of poor training or safety rules violations, and so should be categorized as “incidents” instead of “accidents.”

A variety of objects may be found rolling, swinging, falling, or flying on a construction site. Cranes often must lift heavy materials high into the air. Materials may roll off of scaffolding. Tools or building materials can fall from a very pitched roof. Even when safety precautions are taken, many factors can cause struck-by accidents. Winds, rain, mud, darkness – all can contribute to the problem.

Workers are often struck, resulting in many types of injuries. For example:

A closed head injury or scalp laceration
Spinal cord or neck injury
Eye injury
Broken bones
Burns

In rare cases, struck-by accidents can cause death. According to OSHA, there were 5,486 worker fatalities in 2022.

Inadequate Training and Safety Standards: A Major Contributor to Struck-By Incidents

Inadequate worker safety training commonly causes issues with falling or flying objects but that’s not the only cause. Failure to wear protective headgear like hard hats can also cause struck-by injuries. Human factors can cause or contribute, and they can be especially tricky to pinpoint. For instance, worker fatigue may be the root cause due to many factors, for instance:

Inadequate sleep
Working too fast due to deadline pressures
Fatigue due to illness
Operator error due to substance abuse

Whatever the cause, construction sites are inarguably hazardous, and when property owners, contractors, or subcontractors don’t follow safety standards, everyone on the site is at risk.

The Role of Heavy Equipment and Machinery in Struck-By Accidents

Cranes and other heavy equipment are commonly found at construction sites. Cranes that lift heavy materials often cause struck-by injuries. As materials rise into the air, they often tilt or spin around, making it hard to control where they come down. Unbalanced loads are difficult to control. Workers often don’t see the hazard before they are struck.

Other times, the cranes have been improperly assembled, or they fail to safely signal someone on the ground before lifting a material.

Whatever the cause, whether operator error or safety violations, struck-by incidents are preventable.

Protecting Your Rights: Seeking Assistance From a SC Construction Site Accident Attorney

If you’ve been hurt by a falling or flying object on a construction site, you have rights. Drawing in medical bills? Unable to work due to your injuries? An experienced South Carolina construction attorney can assess the value of your case and help you to get the compensation you deserve. Contact us today for a no-cost consultation.

Man walking over a small puddle while at work

What Are the Legal Steps After a Slip and Fall Accident?

Posted on May 7, 2024

A slip-and-fall accident can cause severe injuries and damages. Property owners can be liable for damages if someone is injured on their property. However, you must prove a legal claim before you can recover compensation for damages. Our South Carolina slip and fall attorneys discuss the steps you should take after a slip and fall accident to protect your rights.

Understanding Slip and Fall Accidents

Common locations for slip and fall accidents include, but are not limited to:

Restaurants and bars
Shopping centers and grocery stores
Parking lots and garages
Entertainment and sports venues
Playgrounds and parks
Swimming pools
Workplaces
Hotels and resorts
Nursing homes
Apartment buildings
Government offices
Schools and daycares

A trip-and-fall accident occurs when you trip over something, causing your body to pitch forward. A slip-and-fall accident occurs when your foot loses traction with the floor, causing you to fall backward. Common causes of slip and fall accidents include:

Broken steps and staircases
Slippery or wet floors
Loose or damaged carpeting, floorboards, and other flooring surfaces
Missing handrails
Debris or items on the floor
Broken or damaged sidewalks and walkways
Wires and extension cords
Inadequate lighting
Potholes, cracks, and holes in surfaces
Uneven surfaces, including elevators and escalators
Lack of warning signs

If you are injured in a slip-and-fall accident, the steps you take after the accident could significantly impact the outcome of your personal injury claim.

Initial Steps to Take After a Slip and Fall Accident

If you are injured in a slip, trip, and fall accident, the steps you should take include:

Document the accident scene and gather evidence by taking photographs and videos, especially of the hazard that caused your fall.
Ask eyewitnesses for their contact information and names.
Seek immediate medical treatment for your injuries. Delays in medical care could make proving the fall caused your injuries more difficult.
Report the accident to the property owner. If a written report is generated, ask for a copy.
Follow your doctor’s treatment plan and keep detailed records of all expenses related to the fall and your recovery.
Document your damages by keeping medical records and copies of all documents related to expenses and financial losses.

Seek legal advice from an experienced slip-and-fall accident lawyer as soon as possible. In a slip-and-fall case, proving the property owner’s negligence can be difficult.

The Role of Negligence in Slip and Fall Cases

Slip and fall claims are considered premises liability in South Carolina. As the injured victim, you must prove that a property owner or other responsible party was negligent. The elements of negligence for a slip and fall claim are:

A dangerous condition existed on the premises.
The property owner knew or should have known about the hazard.
The owner did not take reasonable actions to correct the problem or warn people of the hazard.
You were injured as a result of the dangerous condition and incurred damages because of the fall.

Once you prove negligence, you can seek compensation for your financial losses (economic damages) and your pain and suffering (non-economic damages).

Many slip-and-fall accidents are settled with insurance providers through settlement negotiations. However, you may need to file a lawsuit against the property owner.

Get Help Filing a Claim for a Slip and Fall Accident From a South Carolina Personal Injury Lawyer

Slip and fall cases may involve non-owners who may have had control of the property. Sorting out liability is one reason you need an experienced lawyer to handle your case. Call Willcox, Buyck & Williams, P.A. to schedule a consultation with a South Carolina slip and fall attorney to discuss your case.

How Does the Choice of Business Structure Impact Liability?

Posted on May 3, 2024

When you begin a business, you must choose the business structure for your company. Your business structure affects how the business and the owners are legally and financially liable for company debts and obligations. Therefore, it is crucial for every business owner to work with a South Carolina business attorney to be aware that the decisions they make regarding the business structure affect potential personal liability.

Overview of Business Structures and Their Liability Aspects

The level of personal liability for business owners differs depending on the business structure they choose for their company. The most common types of business structures in South Carolina include:

Sole Proprietorship

A sole proprietorship is the most straightforward business structure to form. Because it is not a legal entity, the owner is personally responsible for all business debts and liabilities. If someone sues the business, they are suing the owner. A sole proprietor pays personal income taxes on the business income on their personal tax return.

Partnership

There are two types of partnerships – a general partnership and a limited partnership.

A general partnership is a business entity of two or more individuals who agree to operate a business. The partners are personally liable for all business debts and obligations. Unless the partnership agreement states otherwise, all partners can make decisions for the business that are binding on all partners.

A limited partnership has at least one general partner and one or more limited partners. Limited partners do not participate in the management of the company. Therefore, a limited partner’s personal liability is restricted to the amount they invested in the company.

Partnerships are pass-through entities for tax purposes. The partnership does not pay taxes on income. The partners pay personal taxes on the income they receive from the partnership.

Corporation

Corporations are legal entities. Individuals own shares of the corporation. They are not responsible for the debts and liabilities of the corporation. Corporations provide the highest level of protection from personal liability.

A C-Corporation files tax returns and pays taxes on the income the company earns. Shareholders pay personal income taxes on the amount they receive in dividends. However, if the shareholders elect to be classed as an S-Corporation, income passes through the company like a partnership and is taxed on the shareholder’s personal income tax return.

Limited Liability Company (LLC)

An LLC is a legal entity created under state law. It offers members (i.e., the owners) limited liability from personal responsibility for company debts and obligations. It does not provide the same level of protection from personal liability as a corporation.

Unless the LLC elects to be taxed as a corporation, income passes through the company to the owners. The owners report the income on their personal tax returns.

Consult With a South Carolina Business Lawyer About the Elements to Consider When Choosing a Business Structure

Personal liability and tax liability are two critical elements to consider when choosing a business structure for your company. However, understanding all of the legal and financial implications of each business structure is also essential.

Before setting up your business, it is wise to meet with an experienced South Carolina business lawyer. A business attorney will review the various business structures, explain the implications for personal liability, and discuss how the business structure impacts the company’s operations. Call Willcox, Buyck & Williams, P.A. to schedule a consultation to explore business structures with an attorney.

What To Do Immediately After a Car Accident

Posted on April 25, 2024

Suffering injuries during an automobile accident is a traumatic experience. Accident victims often do not know which steps to take immediately after an accident. Sometimes people may not be able to think clearly during the first moments after an automobile accident. However, if victims focus on remaining calm and doing everything in their power to remain safe, then it is likely that accident victims can take productive action after an automobile accident.

Our South Carolina car accident attorneys explore what to do after a car accident.

Check Yourself and All Passengers For Injuries

A collision may occur unexpectedly, and it can take a few minutes to determine if you suffered any injuries. Concussions may not produce symptoms immediately after an accident. However, you should focus on checking your body for lacerations and determining if any passengers in your vehicle are injured.

It may be difficult for you to move during the immediate aftermath of an automobile accident. If you believe it is impossible for you to move without injuring yourself, then you should remain calm and wait for emergency personnel to arrive. The presence of elevated levels of adrenaline and cortisol in the body can make it difficult for accident victims to recognize their injuries in the first moments after an accident.

Seek Medical Treatment As Soon As Possible

You must seek medical treatment after you are involved in an automobile accident. Sometimes, drivers and passengers may believe they have not suffered any injuries, but some injuries do not produce immediately discernible symptoms. Sometimes physical pain and other issues may have a delayed onset.

Insurance companies will also want to see that you have sought medical treatment for your injuries. Waiting for a long period of time to go to the hospital or doctor may harm any future civil lawsuit associated with the accident. Therefore, you should seek medical care even if you think you suffered only minor injuries.

Collect Any Evidence Related To The Automobile Accident

Video recordings and photographs can help you support your legal claims if you initiate a civil lawsuit. Environmental conditions at the accident scene may be helpful to your potential case. It is important for you to try and collect any relevant evidence regarding the accident in which you suffered injuries. You can photograph the other driver’s vehicle and any property damage which may indicate which party caused the accident.

It is also important to keep a journal of your injuries and their progression. You can write down your physical symptoms and how you are feeling on a daily basis. An injury journal can help you substantiate your claim for non-economic damages in your automobile accident case.

Contact a South Carolina Personal Injury Attorney

You need to seek out a personal injury attorney in South Carolina if you want to seek monetary compensation for your injuries. A skilled personal injury lawyer will be able to help you determine if you have any viable legal claims. Also, if you retain an attorney, you will be able to benefit from the attorney-client privilege. Insurance companies will be able to negotiate with your attorney while you focus on recovering from your injuries. Contact us today to learn more.

From law offices in Florence and Myrtle Beach, South Carolina, Willcox, Buyck & Williams, P.A. serves Myrtle Beach, Surfside Beach, Garden City, the Grand Strand, and other communities throughout Florence County, Marion County, Horry County, Darlington County, and Georgetown County.

What Are the Key Elements of a Strong Business Contract?

Posted on April 10, 2024

An effective business contract can help you protect your business and achieve your economic goals. Consulting with a knowledgeable South Carolina contracts attorney can help you understand the risks you expose yourself in the course of building a business. Numerous elements can improve business contracts and make them more reliable for both parties.

Identifying All Contracting Parties

A contract should identify the parties to a contract and their legal relationships with one another. Business contracts should include explicit and detailed language regarding the liabilities of the parties and their corresponding legal duties. No parties should be excluded from the business contract.

The Business Contract Should Be In Writing

Specific types of contracts must be in writing to satisfy the statute of frauds. However, all business contracts need to be explicitly set forth in writing. Some contracts which must be in writing to be legally valid include contracts for the sale of goods of $500 or more, contracts for an interest in land, and contracts that cannot be performed within one year. Speaking with a knowledgeable business lawyer is the best way to obtain a clear, effective contract that will protect your economic interests and your legal rights.

The Purpose of the Contract is Explicit

The purpose of the contract should be explicit. All parties to the contract need to understand their duties and what they need to do to fulfill their contract obligations. Ambiguities regarding the purpose of the contract can cause problems at a later stage when a party does not want to perform according to the contract terms. The specific terms of the contract need to be expressed in clear language, and having their terms set forth explicitly can help you avoid contract disputes at a later point in time.

Non-Disclosure and Terms of Confidentiality

Non-disclosure and confidentiality are important terms in some business contracts. If a company does not want to expose trade secrets to competitors, then it may be necessary to have contracting parties sign a non-disclosure agreement. A skilled business attorney can help you draft clauses and separate agreements that can protect you and your business organization from liability and other forms of risk. Non-disclosure agreements are common in contracts concerning patents, copyrights, and other forms of intellectual property. It may be necessary to include specific terms with the non-disclosure agreement to help the other parties understand why a non-disclosure agreement is necessary.

Identifying Remedies Within the Four Corners of the Contract

An effective business contract should include a section devoted to remedies. Legal remedies are the tools used to make one of the parties whole if a party breaches the contract or does not perform according to the terms specified in the contract itself.

A party may want to include a liquidated damages clause that specifies the exact amount of damages that will be owed if one of the parties breaches the contract. It is vital that you speak with a skilled business attorney so you can understand the different remedies that may be included in a contract. Contact us today to learn more.