When your company enters into a contract with another party—a customer, client, or vendor, for example—both you and the other party are obligated to fulfill the provisions of that agreement. If either party fails to fulfill any of the conditions in the contract, a breach of contract has occurred. What’s the Next Step After a Contract Breach? So, after a contract has been breached, what
Two common types of small business formations are corporations and limited liability companies. If you have multiple owners of either type of company, it is important to make sure that the ownership structure is clearly defined and clearly understood by all shareholders or members. Operating agreements are used for limited liability companies with multiple members, and shareholder agreements are used for corporations with multiple shareholders.