Types of Legal Agreements Every Business Should Consider
From getting your enterprise off the ground, to ensuring that it can operate optimally, Legal Agreements of all kinds will be necessary for your business goals to become a reality.
Operating Agreement / Partnership Agreement / Corporate BylawsAlthough the name of this document varies depending on the type of business structure * operating agreements pertain to limited liability companies (LLCs), partnership agreements to partnerships, and shareholder agreements to C and S corporations * the same overall purpose remains the same: setting forth the rules, guidelines, functions, and duties governing your business. These legal agreements are imperative to the smooth functioning of your business since they ensure all members are on the same page regarding roles, duties, and interests in the enterprise.
Moreover, in the case of LLCs and partnerships, the lack of an agreement will bind your business to default Florida rules, which may not necessarily be in the best interests of you and the other members. If drafted clearly and comprehensively, these documents will significantly reduce the likelihood of a dispute or litigation. We have enough business litigation experience to know what an airtight and protective legal instrument should entail for your enterprise.
Employment ContractTo reach its fullest potential, your business will need employees. Whether you are a startup or a multinational company, your personnel must have a clear and comprehensive understanding of their relationship to the company and their duties and responsibilities to it. An effective employment contract will clarify employee benefits, attendance requirements, grounds for termination, and how disputes are to be handled. The more details you have, the lower the likelihood of a lawsuit. That is why our firm will take the time to get to know your company and its personnel requirements to ensure that the most effective and protective employment contract is drafted.
Non-Compete AgreementAfter a certain point, every company will have to deal with turnover. Yet having an employee resign or get terminated may potentially put your competitive edge at risk, as they could always take their talents to a rival business. A non-compete agreement lessens the chances of this happening by clearly establishing reasonable restrictions on where an employee can work after termination. For example, an ex-employee would be obligated not to work for a competitor in the same industry in the same city for two or three years (the usual length of time). The specifics will vary from business to business and industry to industry, but the idea is to protect yourself from the inevitability of turnover.
Bear in mind that if you want your non-compete agreement to be backed by a court of law, you must be able to prove its necessity and fairness for your situation. This requires careful wording and construction that is best handled by attorneys with ample experience in protecting businesses across all industries.