There's a difference between a merger and a joint venture. A merger involves two companies coming together to form one new company, meaning that the two former companies no longer exist in the end. A joint venture consists of the creation of a new, separate company. The two original companies remain in existence in the case of the latter.
If you've leased space for your business in an office building, shopping center or other commercial space, you may think you can only get out of it under extraordinary circumstances. However, if you find that the space isn't as conducive to bringing in business as you'd hoped or if you simply find another place you like better, you may be able to get out of that commercial lease early.
Most every Cincinnati business that offers a service or product has to enter into a contract at some point. Many Ohio companies draft these agreements to make sure that they get repaid for the inventory, equipment or service that they're about to lend out or perform. Two of the primary documents that every company should have their customers sign are a promissory note and a security agreement.
Individuals who have specialized expertise often prefer to lend their expertise to other companies on an as-needed basis as a consultant where they can set their own rates instead of working for a single employer for a set salary. While working as a consultant can be an exciting career, your consulting contract needs to be airtight if you want to make sure that you get paid.
Before you finalize any of your business contracts and leases, it is vital to make certain that you understand every word and every term appearing in the document. Failure to understand what you are signing off on can sometimes be detrimental to your operating expenses.
If you're going into business with a friend or someone you've known for a long time -- maybe from your college or military days -- you may not be very concerned about your partnership agreement. You both have the same goals for the business, so you assume that you'll work things out as issues come up.
When business owners are reviewing or negotiating the terms of a lease with a property owner, they don't always give sufficient attention to parking provisions. However, parking can make the difference between customers choosing your business or going somewhere else.
If you're starting a small business where you and your employees will primarily be working at your desks, one of the first things you need to do is find office space. You may also be in the market for new office space if you want or need to relocate from your current offices or if you need a satellite location for some of your employees to work.
A merger of companies does not have to be overwhelming for your employees, especially if you know the proper way to handle such a situation. Mergers often come with a reduction in staff, especially if the two companies have similar departments. Let's explore some tips for preparing your employees for a merger.
As a business owner, you likely have a workforce comprised largely of people who don't have employment contracts. These are considered "at will" employees.