Small businesses come with a considerable amount of stress, financial planning, developing and emotions. You, as well as many other small business owners, have poured your heart and soul over the development of your small business. As a result of all of this work, you will most likely want to put some safeguards in place that will protect your little treasure and keep it prosperous for years to come. At Kisner Law Firm, LLC, we know that there are some contracts that are crucial when protecting your business.
Partnership agreements are a must when you are going into business with someone else, even if it is a close friend or family member. These contracts spell out who contributes what to the company when it comes to labor, cash, property, time and customers. Furthermore, the contract determines who is to be paid what. Is there a salary involved or does the money go back into the investment? Also, it is critical to name who has the decision-making power in the company. When these terms are spelled out, it minimizes the room for conflict later on down the road.
Non-disclosure or confidentiality agreements are also important, as they keep people from sharing the trade secrets of your business to potential competition. Once signed, people cannot disclose any information regarding your marketing plan, finances, business plan, client list of the future plans for your company.
Other contracts, such as independent contractor contracts or non-compete agreements may also be essential to your company. To learn more about protecting your small business, visit our page on employment contracts.