Also called an integration clause, a merger clause is a provision in a contract. A merger clause limits the content of the agreement to just what is written in the contract. For example, if Bob and Tina have a contract, Tina may not use promises made by Bob that weren’t written down. This is a […]
What is a Savings Clause?
What is a Savings Clause? This is a common question I get regarding contracts. Firstly, savings clauses and severability clauses are the same thing in contracts. Their origins may be different. I don’t know. However, you can use them interchangeably. Severability is the most common for me. Unfortunately for you, lawyers typically write these with […]
What is a Severability Clause?
What is a severability clause? This is one of the more common questions I get, especially from those new to small business. That’s not a bad thing! This is boilerplate. It sounds relatively meaningless, but does actually carry a lot of meaning. On the other hand, lawyers rarely read these because they all tend to […]
What are Compensatory Damages?
What are compensatory damages? They are one of several types of monetary awards that can be won at trial. Purpose The purpose of compensatory damages is to “make the plaintiff whole again”. In other words, they exist to cover all of the damages that were created by the defendant’s bad actions. These do not include […]
What is a Contract?
What is a Contract? Simple question. Everyone conceptually knows what a contract is. However, there are a lot of finer details. What is a Contract? At its simplest, a contract is a legal agreement between two or more people. Legally speaking, a contract is a legal device that exists once certain conditions are met. It […]
What is Breach of Contract?
What is breach of contract? Breach of contract is the cause of action that arises when one party fails to perform under a contract. That’s too legalese. If one party doesn’t do what they’re supposed to in a contract, they’ve breached that contract. However, it is not always that simple. What is a contract? Contracts […]
Intro to Estate Planning for Business Owners
Estate planning for business owners is slightly different than for everyday people. Estate Planning for Business Owners You probably already know a little bit about what estate planning is. It is the process by which you prepare for death or disability through legal means. Most commonly, your estate plan will include a will and […]
A Business Trust may be something that could benefit you. However, in most circumstances, you’d be better off without it. Read through our blog to see if it is something you can use versus something the internet says you need. The last thing we want to do is sell you something that you don’t need […]
Company Divesting: Diversification for Entrepreneurs
Company divesting is an important consideration for entrepreneurs. It is a fairly easy concept to understand, yet very difficult in practice. That said, there are ways you can go about this without ruining your company. What is Company Divesting? Company divesting is just a fancy way of saying you shouldn’t have all your eggs […]
Ways to Increase Company Value and Saleability
If your ultimate goal is to sell your company, you want to focus a bit on your company value. This blog will help with some tips to increase your company’s value. How is Company Value Calculated? Although there is no set rule on calculating company value, conceptually, they’re all basically the same. Ultimately, the […]
Intellectual Property Value: Increasing Your Company Value
The sale price of your company increases or decreases with your intellectual property value. This is the price someone would pay specifically for your intellectual property. What is Intellectual Property? Intellectual property (IP) is one realm of property. It includes copyrights, trademarks, patents, trade secrets, and sometimes goodwill. We’ve covered copyrights and trademarks in […]
Temporary Emergency Video Notarization
Edit as of 7/2/2020: The Emergency Video Notarization has been extended until March 1, 2021. This is part of the House Bill 308: AN ACT TO PROVIDE FURTHER REGULATORY RELIEF TO THE CITIZENS OF NORTH CAROLINA. Text of this bill: https://www.ncleg.gov/Sessions/2019/Bills/House/PDF/H308v7.pdf Part of Senate Bill 704 included a provision allowing the emergency authorization for all […]