Certain contract provisions are essential to every contract, such as attorney’s fees and interest terms. Unfortunately, in this down-turned economy, breach of contract actions are on the rise and the terms of the contract generally govern the parties’ agreement. A party generally will not be allowed to recover attorney’s fees unless their contract so states, or the dispute is over what is called an “open book account.”
There was recently an article in the Daily Journal about “Business Divorces.” The main argument in the article was that when a business partnership turns sour, it is as difficult as a divorce to get out. Our firm frequently prepares clients for these situations.
This timely article from Trust and Estates should be of interest to any closely held business owner. Should you have any question don’t hesitate to contact me, Mark Doyle.
The top 10 things owners should be considering now
Large public companies have the luxury of in-house staff and large outside consulting, accounting and law firms. During this economic downturn, they’ve gotten loads of expensive, expert advice on how to manage risk and take advantage of opportunities to gain a competitive edge when the recovery inevitably arrives.
Closely held business owners are more alone and—busy putting out fires to stay solvent—can lose perspective.
So attention advisors! Help your smaller business-owning clients grab hold of the big picture. Walk them through this list of the top 10 things that closely held business owners should consider in these turbulent economic times:
I frequently receive questions regarding the tax treatment of employment damage awards. At Tredway, Lumsdaine & Doyle, LLP we are ready to handle both the questions posed by employers as to how best to resolve disputes with current and past employees as well as advise these employers on the tax consequences of the actions they take. We stay current on both employment law issues and business tax issues to thoroughly advise our clients.
