Common Business Contracts
Contract development and negotiation require an attorney with the skill and foresight to accurately consider a growing business’ needs. Contact our firm to discuss how we can help you with your contract needs.
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Common Business Contracts
As a business owner it is important to have a basic understanding of common business contracts. In this article you will find information regarding contracts commonly used when forming or expanding a business. To learn more about contracts specific to your business needs, contact an attorney from McNaughton & Associates, PLLC in Charlotte, North Carolina, today.
Shareholder Agreements
Shareholders are the owners of a company and as such, they must put into writing the details of their powers, abilities, rights and procedures. Often called a buy-sell agreement or a stock-transfer agreement, a shareholder agreement not only binds the shareholders to company rules, but also provides an outline of many crucial elements of a company’s structure:
- A shareholder agreement may detail how many shares can be bought or sold at any given time.
- A shareholder agreement may provide instruction regarding the sale of a holder’s shares to a third party.
- A shareholder agreement may set out the steps to take when a shareholder dies or becomes incapacitated.
- A shareholder agreement may define who is eligible to sit on the board of directors of a company.
- A shareholder agreement may state whether shareholder disputes will be handled via litigation or through an alternate method such as arbitration.
When developing and signing a shareholder agreement you must feel comfortable that the agreement accounts for the multitude of circumstances that can arise over the life of the company. Developing or signing on to an inadequate shareholder agreement can often lead to protracted litigation, extreme financial risk and even tremendous loss. If you have concerns regarding a shareholder agreement, you should seek the advice of experienced legal counsel.
Partnership Agreements
A partnership agreement is a contract between two or more owners of a business. As with a shareholder agreement, a partnership agreement should take into account the multitude of events that can occur during the life of the partnership. A well-written partnership agreement will include items such as the date of the commencement of the partnership, the duration of the partnership, a buyout clause and clause for how matters will be settled when the partnership ceases.
The items listed above are frequently referred to as the articles of partnership. In addition to the articles of partnership, there are often separate articles within a partnership agreement to address rules and policies regarding business practices, annual accounting and reporting, and how the partnership will handle misconduct by any one partner.
Partnership agreements must be unique to the business and its partners. In order to develop a comprehensive partnership agreement it is wise to seek the advice of a lawyer experienced in contract negotiation and business partnerships.
Confidentiality Agreements
In today’s world employers frequently require employees to sign confidentiality agreements. These contracts require employees to keep industry and company knowledge gained through their employment confidential. Confidentiality agreements protect employers by keeping from market competitors valuable inside information. Confidentiality agreements may pertain to products, inventions, ideas or even market strategies.
Conclusion
The business world depends on a series of agreements between entities. Depending upon your type of business, you may utilize any combination of employee-, vendor-, customer- or consumer-focused contracts. In order to develop a detailed plan for the types of contracts your business will require, you should seek the advice of business-contract lawyer. Contact an attorney from McNaughton & Associates, PLLC in Charlotte, North Carolina, today to discuss your business and your contract needs.
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