News
Restrictive Covenants in Employment Agreements: Non-Disclosure Clauses
Restrictive covenants are often contained in employment agreements and designed to protect the employer’s legitimate business interests. Three restrictive covenants are often included in employment agreements: 1.) non-disclosure clauses, 2.) non-solicitation clauses, and 3.) non-competition clauses. With respect to the first category, non-disclosure clauses require an employee to maintain the confidentiality of an employer’s proprietary…
Read MoreContractual Consideration
One of the necessary elements to create an enforceable contract is consideration, which is based on the concept of a “bargained for exchange.” This means that both parties to the contract are getting something of value in exchange for giving something of value. Consideration is not always monetary. It can be anything of value, such…
Read MoreElements of an Enforceable Contract
Whether you are purchasing a car from a dealership, or a vase from someone on Facebook Marketplace, all contracts have elements that must be met to be legally enforceable. A contract is a set of legally enforceable promises, entered by two or more parties, to make their dealings predictable and to prevent risk. For a…
Read MoreOperating Agreements for LLCs
With all business entities, there are certain documents that need to be drafted at the time the entity is formed. In a previous article, we discussed the importance of a shareholder agreement, which owners of a corporation, known as shareholders, should enter into at the time the corporation is formed. When forming a limited liability…
Read MoreFederal Employment Identification Number
When forming a new business entity, there are several tasks that must be performed prior to operating the ne w entity. One of those tasks is applying for and obtaining a Federal Employment Identification Number (“FEIN”) for the new business. FEINs for businesses are analogous to social security numbers for individuals. FEINs are unique nine-digit…
Read More