Legal

Laws and regulations governing conducting of business is covered in this section of basic business principles.

Non-Disclosure Agreement (NDA) – Introduction

Non-Disclosure Agreement

A document used to protect the secrecy of information is called the non-disclosure agreement or NDA.   With business, it is customarily a legal contract signed by employees, owners, vendors and in some cases customers.

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Tenancy in Partnership

Tenancy in Partnership

Tenancy in partnership is an important principle in understanding an individual partner's ownership right as it relates to the partnership and the law of partnership.   Does he own the assets jointly or as tenants in common?

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Joint Venture

Joint Venture

The average person may not realize this, but the most notable joint venture in existence today is the National Football League.  It figuratively owns every Sunday in the fall of each year.  It is an association of 32 clubs agreeing to compete with each other, i.e. engage in athletic entertainment.  Each venturer is its own business entity; the league generates its own revenue stream (mostly TV rights) and shares these profits with its members equally.

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Forms of Business Ownership

Forms of Business Ownership

When an entrepreneur starts out on his long journey of building a legacy with his business; he almost immediately focuses on the legal status of his business.   His thoughts include:  'Should I become a limited liability company or an S-Corporation?';   'What if I take on partners?'; 'How do I get more capital without giving up control?' 

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Corporate Documents – Introduction

Corporate Documents

'The job isn't done until the paperwork is complete', a popular axiom used especially in business.   It identifies with the requirement that every corporate entity maintain its legal status and understanding between all investors and the management team.  These understandings are the essence of the "formation" of the corporate entity.  Failure to do the paperwork can create legal snafus such as the loss of corporate protection for both officers and owners of the company

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Aggregate and Entity Theories of Partnership

Aggregate and Entity Theories of Partnership

A partnership is defined as an association of two or more persons to carry on as co-owners a business for profit.  The premise is built around the notion that the combined power of the partners exceeds the sum of the value the partners could generate independently.

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Limited Liability Company – Step By Step Setup

Limited Liability Company

There is multi-step process to establish a Limited Liability Company (LLC).  You must first be recognized by the state of origin and then apply to the Internal Revenue Service to identify the particular tax entity arrangement.  Both recognition processes have several steps involved.  This article guides the entrepreneur through each of the steps to create a Limited Liability Company. 

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Partnership Agreements – Managing, General and Limited Partners

Partnerships

Every partnership consists of at least two or more partners.  In many partnerships, there are dozens of partners.  Each partner is classed into a particular group.  There are Limited Partners, General (sometimes referred to as Operating) Partners and of course somebody who is in charge – the Managing Partner.  Each of these classes of partners has some form of financial, fiduciary and appointed powers. 

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