Due diligence is checking up on the details of a transaction. Typically, due diligence occurs when there’s a purchase of a business. The buyer of the business is, of course, wanting to find out are the representations of the seller accurate? They’re going to want to go look through the…
A trade secret is a form of intellectual property that is something that is of independent value because it is not generally known. The trade secret must be kept secret and the way it’s protected is in 2 ways: 1) It’s secrecy has to be maintained. For example, the Coca-Cola…
There are many different types of contracts, but the most common component of a contract is offer, acceptance, and consideration, meaning that one party offers something, the other party supplies something else, and there’s mutual promises exchanged. There are other types of contracts also, such as unilateral contracts, where one…
Liquidated damages are an agreed fixed amount of money that parties enter into in a contract where they said if another party breaches it, this is going to be the amount they agree upon in damages. Liquidated damages frequently exceed what the law permits and there are legal limitations as…
A registered agent is for a corporation and the purpose is to accept service of process. A corporation is a pay per person and that person can designate an individual, a human being or another company to accept legal papers, such as, a lawsuit, and that is the designated person…
Whenever your business is sued, the most important thing is to promptly address the situation. Retaining legal counsel, getting legal advice is very important. Sometimes people wait and they wait til the last second. A default sometimes can be entered if you wait past the deadline. It’s very important to…
The fictitious business name is typically how you do business under. It’s not necessarily your legal corporate name. For example, a corporation may have a Do Business As McDonald’s, or it may Do Business As the Chicken Place, but its corporate name is something different. It may have an actual…
A shareholder derivative lawsuit is a lawsuit that a shareholder will bring to recover money that is owed to the corporation where that shareholder is an investor in. For example, if one of the officers of the corporation is stealing from the corporation a shareholder may recognize that and then…