Protect Your Assets and Business
By using well-thought-out asset protection strategies, business owners in Alabama may protect their assets from loss. What type of loss might a business owner face? Both business and personal assets may be vulnerable to seizure due to lawsuits, creditors, or bankruptcies.
Some business entities in Alabama offer greater protection than others. Limited liability companies and corporations offer different management benefits and considerations. Therefore, entity selection is a very important choice.
This is where Bruce Adams can help in selecting the right business entity and the greatest protection of your assets.
You want to start or grow your business and it is only natural that you want to protect it and yourself.
Good fences make good neighbors. There’s some dispute about the literal interpretation of that saying, which is taken from a Robert Frost poem. However, there are times when boundaries are a good thing. That’s especially important in business relationships where everyone needs to know what they can and cannot do. A good contract can make that happen.
Here are some things you should keep in mind when drafting a contract. If you think you need legal assistance or more information, contact me via phone or email.
Contracts Need to Be Enforceable
All the parties must agree to the contract freely and without being under duress. The parties also must have the ability to understand the contract.
Contracts Can Address Problems Before They Happen
In addition to just making sure that the language is clear and complete, contracts include provisions covering how to handle contract disputes. For example, the contract may state what courts will decide on major disagreements. If parties from different states fight about the performance of the contract, in which state will they file the ensuing lawsuit?
In an effort to avoid costly litigation, contracts may include language calling for alternative dispute resolution like mediations or arbitrations. Force majeure provisions cover unavoidable delays in performance of a contract, which could head off potential litigation.
Always Talk to an Attorney Before Signing a Contract
What may seem obvious on its face could actually have unintended consequences for everyone. Make sure you fully understand a contract before signing it.