Understanding Mechanics Liens
A mechanics lien is a crucial legal tool for contractors, subcontractors, suppliers, and others in the construction industry to secure payment for their work and materials. The following post aims to provide a comprehensive overview of mechanics liens, covering what they are, how they work, and the steps involved in filing and enforcing them.
What Is a Mechanics Lien?
A mechanics lien, also...
Understanding Closely Held Businesses: Do You Need One?
In the realm of business entities, closely held businesses play a unique role. They are often the preferred choice for entrepreneurs and small business owners looking to maintain control over their operations while limiting their exposure to outside investors. In the following post, we will explore what closely held businesses are, their key characteristics, and whether or not you need one for...
Key Considerations When Acquiring a New Business
Acquiring a new business is definitely an exciting undertaking. However, the acquisition process is often complex and you need to keep several considerations in mind to protect yourself and your assets. While every acquisition is unique, and the legal complexities can vary widely, you should keep the below issues in mind.
Key Considerations
The following are the most important thoughts to...
Choosing the Right Business Structure: The Power of Partnerships
Starting a business is an exciting venture that requires careful consideration of numerous factors, with one of the most crucial being your business structure. The structure you choose will have significant implications for your company’s operations, taxes, legal liability, and overall success. Among the various business structures available, partnerships stand out as a popular and...
Can I Use Chat GPT for My Company’s Legal Documents?
For those unfamiliar with Chat GPT, it’s essentially an artificial intelligence (AI) chatbot that was created by a company called Open AI. It has received much attention as of late for its keen ability to generate all types of content and documents, from content for social media to memos to email content. You just ask the chatbot a question or enter in some search terms, and you have the...
Common Business Disputes: Understanding the Legal Landscape
In the world of business, disputes are an inevitable part of the landscape. Whether you’re a small startup or a large corporation, conflicts can arise from various aspects of business operations. Understanding the common types of business disputes and the legal principles surrounding them is essential for business owners, entrepreneurs, and legal professionals alike. In the following,...
Trade Secrets in Washington
Washington state law defines trade secrets as information that is both not generally known to the public and provides a competitive advantage to a business. This information can include such things as formulas, patterns, designs, compilations of data, customer lists, or any other information that is kept confidential and is important to a business.
Trade secrets can be critical to the success...
How Do I Remove a Member from My LLC?
A Limited Liability Company, or “LLC,” is a specific type of Washington business entity. The main benefits of an LLC are that it provides business owners with liability protection, a flexible management structure, and certain tax advantages. While most LLCs enjoy longevity and success, some become difficult to manage and questions abound on how to remove a member from the entity. Let’s take a...
What is a Non-Compete Agreement in Washington?
A non-compete clause is a common clause that you will see in a Washington employment agreement. The provision essentially prevents a former employee from working for another company in certain situations. Including a non-compete clause in your employment contract can work to effectively keep your competitors at bay.
What is a Non-Compete Provision?
A non-compete clause basically prevents a...
What is Indemnity and How Does it Work?
The term “indemnity” often arises in the context of business contracts. In particular, it helps explain how one party to a contract will get compensated following a financial loss because of another party’s conduct. But please keep in mind that the particular way an indemnity provision will work often depends on the specific language used in an agreement.
What Does “Indemnity” Mean?
Let’s...