Recent Articles

Contract

Article 1 of the Uniform Commercial Code copyrighted by the American Law Institute is considered the primary source for the definition of a contract. All of the 50 states have incorporated all or most of the definition of this code as statue. A contract is defined as a legal obligation between two or more parties. A contract has to have four elements for it to be binding on the parties. These are 1) an offer, 2) acceptance, 3) consideration and 4) performance.

Booth Rental – Legal and IRS Compliance

01/13/2015

A long standing custom in the hair salon industry is owners of salons leasing out booths to hair stylists.  If not properly documented and exercised appropriately, the owner opens the door for many legal issues.  Booth rental is legal in many [...]

Vertical Integration in Business

12/20/2014

Vertical integration in business refers to the process of gaining control over more steps of the product production stream.  Whenever a business obtains or can greatly influence any one of these steps along the process of producing and selling a [...]

Contract

06/22/2014

A contract is defined as any oral or written agreement between two or more parties that exchange rights and/or duties between the parties.  Every contract has four essential elements.  The first two create ‘mutual assent’ or what is commonly [...]

The Key Man

08/25/2013

One of the most misunderstood principles of business deals with the one or few individuals in a small business operation who are critical to operations.  This individual is referred to as the Key Man.  The best example is that of the primary wage [...]

What are Trusts?

01/03/2013

A trust is an agreement for one party to care for the assets of another party for the benefit of a third party.  In essence, it is a business agreement.  The person creating or the original owner of the assets is referred to as the Grantor.  The [...]

What is a Contract?

12/24/2012

Article 1 of the Uniform Commercial Code copyrighted by the American Law Institute is considered the primary source for the definition of a contract.  All of the 50 states have incorporated all or most of the definition of this code as statue.  A [...]

How to Find a Good Business Attorney

11/27/2012

In my 17 years of practice as an accountant I have met around 30 or so attorneys.  All the interactions were in reference to business issues for my clients.  Out of the 30 I have dealt with, I would hire two of them. So I’m dedicating this [...]