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Contract Law Archives

Protecting Your Home's Equity with A Homestead

Nevada homeowners should embrace the protections Nevada Homestead Law offers and protect their equity. The Nevada Homestead Law is designed to protect homeowners from entirely losing the equity of their homes. Generally, a homeowner may claim homestead protection for their primary residence, the home where they reside, and this has been defined as a Homestead. A Homestead may be a house, including the land or lot it sits on, an apartment, a condo, townhome, mobile home, etc.

Small Business Legal Strategy for Coronavirus

As the calamity continues to change and governments around the world organize to solve the immediate threat, the long-term strategic impacts of COVID-19 also require analysis and strategic planning. All businesses, regardless of size, should prepare for the long-term impacts of COVID-19 in the workplace. In addition to the immediate effects on their operations, it is equally important to make sure they are prepared for a possible economic downturn in these moments. Confronting legal needs can seem like a daunting task at this time, but it's always best to start protecting your business before it's too late. There are several key legal documents that are essential and will need to be analyzed before you get back to business operations.

Why Your Contract Needs a Contingency Provision

There are many reasons why you or your company should consider adding a contingency clause or provision in you contracts. These provisions can be easily overlooked before entering into a binding agreement. However, it should garner more importance since it can be used as a type of "escape clause" for your formal agreements. A contingency clause is a contract condition that requires a specific event or action to take place for the contract to be considered valid. If the events or actions do not satisfy the contingency clause, the parties will be released from the contract's obligations.

Nevada Series LLCs

A series LLC is a limited liability company with one or more internal divisions. Each division of a series LLC may have separate business activities, objectives, liabilities, assets, members, and even managers. Each series of the limited liability company is protected from the liabilities of the other divisions and even from the LLC itself. The flexibility of a series LLC is convenient for those looking to form a single legal entity that is composed of separate distinct asset portfolios and/or ownership structures.

What to Include in a Non-Compete Agreement

A non-compete agreement aids businesses in protecting sensitive information. A well written non-compete agreement can protect a business' interests in many scenarios. This information can range between a wide variety of business aspects which include strategies, financial info, specialized training, clientele - you name it. These types of agreements are important for any business that employs people who are subject to sensitive information. We've discussed the most recent changes to Nevada non-compete agreements in a previous blog (Is Your Nevada Non-Compete Agreement Still Valid?) and today we'll go into more detail as to what you would want in a non-compete agreement as a business owner.

Merger and Acquisition Archetypes

There are many ways to help your business's bottom line. One of the fastest ways to achieve this goal, if done correctly, is through mergers and acquisitions. You've probably heard of the term before, and have a general understanding of what happens to companies when this occurs, but what exactly happens when a company merges with another or is acquired? The answer to that depends on the goals of the businesses involved. In this blog, we'll cover the options you have to consider as it relates to structuring your business entity for a merger or acquisition.

Operating Agreements for a Nevada LLC

We've mentioned operating agreements in a few blogs, and we thought we'd go over it in more detail in this entry. What is an operating agreement and why does my LLC need one? An operating agreement is a key document for an LLC with a sound legal foundation. An agreement that is acceptable to all managing members of the LLC, even if you are a sole member of the LLC, will help your business run as it was intended. Well written operating agreements should give the LLC members peace of mind. We'll map out the basics of a good operating agreement below.

Understanding Your Commercial Lease Agreement

Earlier in the year, we talked about things to consider before signing your commercial lease. However, we didn't dive into understanding your lease or cover the common mistakes business owners make before signing their lease. As you read this, keep in mind that a lease between a landlord and tenant can supersede certain sections of Nevada law to the extent of any conflict. Since a lease can have an enormous influence on your business, we thought it would be best to follow up on this topic. In this blog, we'll discuss the key points you'll want to keep track of as you review your commercial lease.

Do You Need a Nondisparagement Clause?

Nondisparagement clauses have gained popularity due to the many outlets consumers have available to leave reviews about businesses. The internet has made it much easier for customers and consumers to voice their opinions about businesses, both positive and negative. As much as these reviews have helped the everyday consumer's purchase decisions, it's also mired and hurt the bottom line for many businesses - large or small. So, what is a nondisparagement clause? It is language inserted in a contract or agreement that attempts to prevent the receiver of a good or service from posting negative reviews about the seller or service provider. They are also known as a "gag clause." If you are considering adding this clause into your contract or terms of service, you might want to consider seeking legal counsel before doing so.

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