Category: Business Law

The Operating Agreement: Basic Provisions

Starting a business with partners can be fun, but complicated. Many entrepreneurs even recruit their family and friends as co-founders to get things off the ground. They tend to believe mob boss Michael Corleone’s assertion that “It’s not personal, it’s strictly business”. I disagree. Business can become deeply personal, especially when there are disputes or close […]

Michigan LLC Annual Statement Filing Requirements

Michigan Limited Liability Companies (LLCs) must file an annual statement with the Corporations Division of the Department of Licensing and Regulatory Affairs (LARA) every year to keep their business in good standing. In this week’s article, I discuss the requirements for filing Michigan LLC annual statements. Please note that this article does not discuss separate […]

Non-Compete Agreement Basics for Small Business Owners

Non-compete agreements (or Non-competition agreements) are used in contracts to prevent one party from directly competing with another party in the same industry or profession. You’ll typically see them in employment agreements to prevent employees from using a company resources or information to benefit competitors. Or worse, to harm their employer. Yikes. This past July, […]

Michigan LLC Formation Essentials

Before beginning your journey as a business owner, you should form a legal entity. Legal entities offer business owners liability protection to facilitate responsible risk taking in the marketplace. They also establish statutory and contractual guidelines that define your relationship with partners, employees, and customers. Entity selection is complicated and must be tailored to the […]

Top Four Reasons To Send an NDA

When contracting with others, you may need to disclose valuable commercial information to achieve the best results. To do this more efficiently and safely, you should consider sending a Non-Disclosure Agreement (or “NDA”) to the other party. An NDA is a legally binding agreement between two or more parties that ensures certain information will remain […]

Get a Lawyer

Are partners or team members in a startup really equals? When you start your business, you are filled with enthusiasm and excitement about the possibilities that the future holds. You’ve even managed to inspire others to follow you on your journey into the abyss. Maybe you disregarded my advice not to involve family and friends. […]