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Cincinnati Business and Commercial Litigation Legal Blog

Could an auction eliminate any chances of an estate dispute?

In trying to plan around potential estate disputes, you realize that children probably are not going to fight over money. You plan to split it all up equally.

Instead, any disputes will likely settle on sentimental items and things that the children have an emotional connection to. If two children both want a book you used to read to them as kids -- even if it isn't technically worth anything -- then how can you settle it? Sure, one child could buy another copy, but that's not the point of a sentimental dispute.

Be careful about entering into a quick business partnership

If you're thinking about starting a new business with a partner, you need to make sure you do not move too quickly. This isn't something that you want to rush into.

After all, people often start companies with close friends, co-workers and even family members. Some companies are owned and run by married couples. Essentially, they just turn to people that they already know and decide to work together. This makes it easy to just rush into business as soon as you have the idea, eager to get it off the ground.

Why you should try to negotiate the terms of a commercial lease

One of the most difficult aspects of running a small business in Ohio is finding the right space from which to do it. Commercial real estate can be complicated, and it is not always easy to find an affordable store front or industrial space for your operations. Once you find a place, you may be tempted to sign the lease as quickly as possible, but there is clear evidence that it is most beneficial to negotiate the terms of this type of lease.

You may not know that the terms of many commercial leases are negotiable. This means that you do not have to sign without first taking steps to ensure the protection of your best interests. Many business owners find great benefit in having experienced legal guidance as they navigate this specific commercial real estate process.

When should you require a nondisclosure agreement?

One of the key sources of confusion around nondisclosure agreements (NDAs) for business owners and entrepreneurs is when they should require someone to sign one. Generally, an NDA is warranted whenever someone is going to be privy to valuable and/or confidential information about your company or those who work for or are served by your company that you don't want them to share without your approval.

Generally, NDAs are recommended before you begin discussions with potential:

  • Investors
  • Partners
  • Buyers
  • Licensees
  • Marketing companies

Signing a employee contract rarely benefits both parties

If you think of how many people that you've known that have been asked to sign an employment contract before they were hired on to take a job, then you would probably mention teachers, doctors or company executives. There are varying reasons that an employer may request them to sign one.

One of perhaps the most common reasons that employers require their workers to sign employment contracts is to protect their trade secrets from being shared with potential competitors. In some cases, an employer may have a worker sign a nondisclosure or noncompete to ensure that this doesn't occur.

Benefits of a limited liability company you may not have known

Everyone knows that a limited liability company, or LLC, offers benefits to the owners that protect them from personal liability, in the event the business incurs more debt than it can afford to pay.

In fact, this is the primary reason why many business owners seek to create an LLC. They want to protect their family's personal wealth and assets. However, there are some other benefits that come with an LLC that you might not have known.

The responsibilities of an executor of an estate can be daunting

While being asked to be an executor of someone's estate is something that most will only be asked to do once or twice during their lifetime, it's a role that carries with it a tremendous responsibility. When you're appointed to the role, it's your responsibility to handle everything regarding an estate from locating and filing a decedent's will with the probate court to paying final expenses.

If you've been appointed as executor of someone's estate, then they've likely told you in advance that they've selected you and where they keep their will. Immediately after the decedent's death, you'll want to procure many copies of the testator's death certificate.

Can your company benefit from a buyout agreement?

As a shareholder in a closely held company, you have every reason to want to protect your interests. Since the shares in a closely held company are privately owned, your financial welfare may depend on your agreement with other investors about the fate of those shares if certain contingencies should arise.

It is not logical to believe the company or its shareholders will go on forever, and having a plan in place that covers many plausible possibilities is a wise move. A buyout agreement is one critical plan you and your fellow shareholders can consider.

Signs you have a bad business partner who needs to be removed

When you start a business, it is wise to set up an operating agreement or a partnership agreement with your business partner. This should spell out the specific steps that need to be taken to remove someone from the company.

Why would you have to get rid of your business partner and perhaps even take them to court? Here are a few signs that could indicate that's where your business relationship is heading:

The responsibilities of an employer for an injured worker's claim

No matter what type of company you operate, you have a duty to your employees to keep them safe on the job. Even if your company does not perform dangerous tasks or services, it's still possible for your employees to be injured at work. Let's take a look at the responsibilities of an employer when an employee files an injured worker claim in Cincinnati.

One of your first duties as an employer when an employee is injured on the job is to file a report of injury or some other type of documentation to the carrier that provides the workers' compensation insurance for your company. This is an important step in the process that cannot be overlooked. If it is, you could be accused of purposely avoiding such a claim.

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