Being Sued for a Breach of Contract? What Can You Do?
Contracts play a crucial role in business transactions, and in an ideal scenario, both parties involved would reap benefits from the agreement without any conflicts. Nevertheless, unanticipated events like delays, financial difficulties, pandemics, among others, can arise and impede a party from carrying out its obligations or fulfilling the commitments outlined in the contract, potentially leading to a breach of contract. If you are facing legal action for breaching a contract, what steps should you take?
Can you sue a business partner for fraud?
Entering into a business with a partner may result in unexpected outcomes. Being in business together means that your partner’s actions have consequences. These consequences can be both professional; and personal. In some cases, partners may need to resort to legal action for wrongful actions committed by the other party. The complexity of these lawsuits is heightened due to the unique nature of partnerships.
The Pros and Cons of Hiring A Business Broker
Business brokers can play a crucial role in facilitating connections between buyers and sellers, as well as assisting with business valuation and preparation for sale. Nonetheless, it is important to note that a broker should not be considered a substitute for a lawyer in any transaction. It is advisable for both parties to seek the guidance of legal counsel to safeguard and advocate for their respective interests. Without a local business lawyer guiding you, you might get caught blindsided.
Putting Assets into an LLC or Corporation
Individuals who are in the process of forming a corporation or limited liability company (LLC) can use the help of a business counsel attorney when they’re launching their business. Often, these individuals have already acquired business assets, such as cash, a building, equipment, vehicles, patents, trade names, or other types of assets, which may be held in their personal name.
How does arbitration work in Nevada?
We get a lot of questions from business owners about what is arbitration, and how does arbitration work here in Nevada? What is arbitration? Arbitration is an alternative way to resolve a business legal dispute, and a lot of contracts require arbitration. So all the sides in the dispute pick someone to be the arbitrator, and oftentimes they pick an organization like the American Arbitration Association. That arbitrator will have a mini-court proceeding. There will be an opportunity for the sides to exchange information with each other, request information, there will be a hearing where each side puts on its witnesses, shows the arbitrator documents that bolster their case, and the arbitrator will take all of that information and make a ruling. Once that arbitrator makes the ruling, it’s really hard to appeal from that or change the ruling.
What is a Nevada Domestic Asset Protection Trust?
All right. So question number one; What is a Nevada Domestic Asset Protection Trust? It is just flat-out legal, and legitimate, and not even sneaking around asset protection. You create this trust, you appoint a friend or someone you trust to be the trustee of that trust. And then you can put whatever assets you want into that trust. And after two years, those assets cannot be touched by any of your creditors. Anybody who’s coming after you for money, they can’t touch what’s in that trust.
Do Business Owners Need Asset Protection?
Do Business Owners Need Asset Protection? Here at the Sierra Crest Business Law Group, we have a lot of conversations with business owners, and a lot of them involve how to protect their wealth and their assets from predators, creditors, and other unsavory people.
What are the top five reasons to settle a business dispute?
Most business people seek to resolve their business disputes before litigating. If litigation becomes necessary or cannot be avoided, they will continue to seek a solution.
The Three Biggest Risks That Small Business Owners Face Today
Going out on a limb, taking a chance, and starting your own business is not easy and all business owners and entrepreneurs know this.
When I was a senior in high school, Jim Glennon, my history in the making teacher, liked to challenge our class by running “simulations.” It was his way of making history relevant and real. He would create a scenario and assign each class member a role and an objective. And, of course, the objectives created […]