Starting a new business means taking a lot of risk. People can’t know for sure how the market might respond to a new business endeavor, and rapid changes might render a once-viable concept unprofitable in a matter of weeks, months or years. Entrepreneurs not only need...
Business Law
What are contract recitals and do you need them?
As a business owner, you probably have agreements governed by legal contracts with businesses, employees or others. Do you ever skim over the introductory paragraphs of your contracts, dismissing them as mere formalities? Those segments, usually starting with...
Tips for effective business succession planning
Business succession planning is crucial for ensuring a smooth transition of a business to new leadership or ownership when its current owners retire, become incapacitated, pass away or decide to exit the company. An effective business succession plan can help a...
Issues to consider during a business merger
Mergers can be a promising avenue for business growth, offering a chance to combine resources, eliminate competition and access new markets. While they come with their set of opportunities, they also present challenges. Integrating two distinct companies requires...
3 main elements of a business contract you should know
In business, contracts are the backbone of every agreement and transaction. Whether you are a seasoned entrepreneur or just starting your business journey, understanding the key elements of a business contract is crucial. These legal documents can be complex, but...
When should you draft contracts when forming your business?
Forming a business can be exciting and overwhelming. You may be excited that you are fulfilling your dream, but simultaneously have to make crucial decisions regarding financing, business structure, marketing approaches, objectives and hiring among others. And as a...
What employment mistakes do business owners often make?
Operating a business in the modern world often means juggling dozens of tasks simultaneously. It is easy to lose track of your activities and make a mistake with employment matters. Unfortunately, errors that violate state and federal labor laws may pose severe...
Avoid these common business succession mistakes
As a North Dakota business owner, it's essential to have a solid succession plan in place. Whether you plan to pass on your business in the next two years or the next 20, your succession plan should detail how the company will continue after you've left and ensure the...
3 tips for employers to avoid litigation
As an employer, you certainly do not want to be involved in litigation stemming from an interaction with an employee. This can be damaging to your company’s reputation. It can be costly and time-consuming. Additionally, you just want to make sure you’re treating your...
3 common risks that undermine the benefits of a merger
Business growth and development can be very challenging, and companies sometimes struggle to keep up with the increased demand for their products. Other times, they may have a hard time pivoting to meet changing consumer standards. A merger can be the perfect solution...