Starting a new business requires taking numerous steps prior to opening your doors. One potentially critical decision you will need to make is choosing an entity structure. This is just one of many considerations you will need to address when starting a new maritime or transportation business here in California or elsewhere.
The issue of terminating contracts for convenience has been detailed on this blog in the past. Yet as has been explained in said details, this is a benefit that is not automatically afforded to every organization or individual. Indeed, unless your contracted partner is a government agency, they can only terminate a contractual agreement with you if they have legitimate cause to do so (unless the right to terminate it for their convenience is afforded to them per the terms of your contract).
Business owners and executives in California routinely enter into contracts with other companies and individuals. It seems almost impossible to avoid these types of agreements in today's intertwined and complex marketplace, regardless of the industry in which a particular company operates. Whether a sales contract, a non-disclosure agreement or something else, the fact that these business contracts are so commonplace anymore does not by any means negate the importance of how they are structured.
If you are a business owner in California or are in a management position in a company, there may be situations in which you will need to share some sensitive information with another party in order to move your business forward. It can be hard for companies to feel that the only way they can really get work done or advance their positions is to hand out confidential information but that is the reality at times. This is when it is important to have a nondisclosure agreement in place.
For entrepreneurs who are setting up new businesses in California, one decision they must make is what type of management structure they wish to use. There are a variety of options from sole proprietorships to corporations. When it comes to a corporation, there are two forms that must be reviewed: the traditional C corporation and the S corporation.
Many people dream of being business owners. While fulfilling, starting your own business is a full-time job, and you'll be responsible for all necessary actions to ensure your startup has the best chance of success. Forbes offers the following tips to small business owners so they can have the information they need to push forward with their vision.
Securing a business contract with a government agency can be a boon for your business in Long Beach. Such organizations tend to be much more secure and stable than private companies. Yet at the same time, they are afforded special privileges, such as the right to terminate contracts for their convenience rather than needing to have actual cause. Many clients have come to us here at Russell Mirkovich & Morrow after having agreements ended in such a way distraught at the prospect of losing out on the value of their contracts. If you face the same situation, you should know that you are still entitled to compensation for your services.
Entrepreneurs in California who are looking to start their first company or who are interested in expanding their already existing business ventures must always decide on what type of operating structure they would like a company to use. There is no perfect organization but there can definitely be the right structure for a given business. One option available is the limited liability company, generally called an LLC.
Despite the best intentions, a large number of startup businesses in California fail. The challenge is that it may take some time to understand the industry and the best means for business operation. And in its early phases, mistakes made during day-to-day operations could produce costs that lead to closing the company’s doors.