O'Donnell Law Center : Lake of the Ozarks

As a small business owner, you will likely form multiple contracts. Employee agreements, purchase orders from vendors, services you provide to your customers, and lease agreements are just a few examples of the types of contracts you are likely to encounter. Contracts are designed to protect all parties involved in the agreement, ensuring that everyone receives the value promised to them. In most cases, all parties uphold their ends of the bargain and things progress without incident. However, in some cases, one party may fail to perform as agreed. In these instances, you may be required to take steps to enforce the contract in order to protect your interests. Our Lake of the Ozarks business attorney is here to examine what makes a contract enforceable and what steps you can take to begin the process. What Is A Contract? Essentially, a contract is formed when you agree to exchange things of comparable value with another party. For example, you agree to give customers your pr...

At a certain point, every business owner must face a critical question: what do you plan to do with your business after you retire? There are a lot of different options to choose from, such as selling your company or dissolving your business, but many entrepreneurs choose to pass business ownership down to their children. There are several unique benefits to keeping the business in the family, but there are also some potential drawbacks. It's important to keep your eyes open to all of the possibilities! Passing Business Ownership To Your Children: The Pros Business owners who pass ownership to the next generation can enjoy a unique set of perks that are not available to other entrepreneurs. Consider these examples. Family Pride Raising a child with the intention of passing the family business on to him/her someday instills a beautiful sense of familial pride in both the parents and the child. The child may be more likely to take on more responsibilities earlier, an...