Contract Law

Contract law is different with each state.  Each state’s statues define ‘what is a contract’. The Uniform Commercial Code is the governing document used by all 50 states in setting their respective statues and the overall picture for contract law.

Booth Rental – Legal and IRS Compliance

Booth Rental - Legal and IRS Compliance

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 has both legal and IRS compliance issues that need to be addressed.  Booth rental is legal in many states but you must adhere to several contractual compliance requirements to completely separate your salon from the renter.

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Contract

Contract

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 referred to in law as a ‘meeting of the minds’. 

What are Trusts?

Trusts

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 party that will take care of the assets is known as the Trustee.  The third party to receive the benefits is referred to as the Beneficiary.

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What is a Contract?

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. 

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Use Phase Accounting in Construction – Part II (Trades)

This section covers the three traditional trades that require a license from their respective state. This is your HVAC installer, the electrician and the plumber.  In some contractor may wish to include the septic tank and water well installer.  However, I prefer these two be included in the site development phase as they do impact the site and there is only one connection to the main builder for these two particular trades. 

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How to Find a Good Business Attorney

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.

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