BUSINESS MANAGEMENT - LEGAL
This is the 21st of a series of newsletters published on Business Management and Management Skills. Not all topics will apply to your business, but each section will be beneficial to establish company goals and objectives. By reading and studying these newsletter articles, youre taking the first step in achieving your goals.
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As a business owner, there are many areas concerned with legal affairs that you should have a basic knowledge of. Attorneys possess not only knowledge of the law and the courts, but legal advice as well. Advice can be divided into three types: good, bad, and free. Free legal advice can be worth just what you paid for it. Lawyers (both yours and the other guys) are expensive. Be prepared before you bring in an attorney; learn a bit about the laws that relate to business.
It is suggested that you enlist the aid of an attorney when preparing contracts and other legal documents. They know the specific words and terms that must be included in order for you to come out on top in a court of law. Ask your advisors for the name of a good attorney, get to know your attorney, and develop a solid business relationship. If you dont have confidence in your attorneys ability to fight for and defend you, then you need to find another one. The following are some basic recommendations relative to legal business affairs:
Learn the basic requirements of contracts, and the meaning of contract terms, such as: formal, informal, expressed or implied, parties to a contract, compensation, meeting of the minds, breach of contract, oral and written contracts, and valid and voidable contracts. Learn a few of the basic concepts of torts and product liability. Learn some of the basics of constitutional, case and administrative law.
Know the Mechanics Lien Law, if its applicable to your business.
Know when to bring your attorney into the loop.
Ask your attorney to look over a few contracts that youre considering signing, and have them explain what each specific clause means, and what it requires you to do.
Be sure that your field supervisors have and use job progress diaries, and help them to truly understand why they must use them.
Develop an intimate understanding of the differences between the law and justice, fairness and equity, contract rights and obligations.
Mike Holts Comment: This newsletter article was extracted from Mike Holts Business Management and Management Skills Workbook. Watch for our next newsletter, and as always, we invite your comments and feedback. Send us your real-life experiences. We value your opinions and participation. Please respond to Barbara at firstname.lastname@example.org. And be sure to visit Mike Holts Website at www.mikeholt.com
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