Business Contracts: Negotiating Terms and Conditions

Business Contracts

As a law firm that does a lot of legal work for business owners of various sizes, we end up handling collection matters in which the business renders services to a customer and for which the latter does not pay. The business owner/client comes to our office to seek legal advice on how to collect that account receivable. The very first line of analysis is to obtain a copy of the agreement between the parties (hopefully, there is a written document, as opposed to a verbal agreement, and the parties have fully-executed same!). Once we obtain the agreement between the parties, the first thing we look for is the payment term…is payment due within a specific time period after the services are rendered/product delivered (i.e. 15 days for example)? If not, then the business owner is in a weak position to pursue collection. Make sure that the payment deadline date is clearly indicated in the agreement.

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What is an LLC?

What is an LLC?

A limited liability company (LLC) is a legal entity formed to operate a business. It provides many of the advantages of a traditional corporation, but it is easier to form and maintain.

There are fewer formal meetings and documentation than with a standard corporation.  All LLC owners are typically protected from personal liability for business debts and claims.  Normally, LLC owners stand to lose only the money that they’ve invested in the LLC.

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