As a small business owner, one of the most important things you can do to ensure you get paid is to streamline your accounts receivable practices. Solid collections practices will help you get paid, get paid faster, and be more likely to be successful if you do end up in a dispute. Here are a few tips from a recent inVigor Law Group blog post:

Be thoughtful in creating your agreement with your customers: this includes collecting money upfront, having a written contract, providing your customers with incentives to pay on time, and shortening your payment terms.
Keep good records: the easiest way to avoid a drawn out dispute over unpaid accounts is to maintain quality records and be ready to present…

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Employee handbooks are great for laying out your small business’ policies, employee expectations, and they can be particularly helpful if (for some reason) your business is ever sued. The most important thing is that these handbooks will clearly communicate your expectations and rules by which employees will be governed. Below are some tips for putting together an employee handbook for your small business.

What should you include in your employee handbook?
There are certain essential topics that all employee handbooks should cover. Here are some of the essential topics that we recommend you include in your employee handbook:

Company overview: By stating your overall philosophy and vision for the company will set the tone for the entire handbook. You can also make clear…

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When reviewing contracts, you’ve probably noticed the phrase “representations and warranties” or “represents and warrants” a dozen or so times and, perhaps, you’ve been curious about how those terms differ, and is it redundant to use both terms? Both representations and warranties are functionally the same, especially in this day and age. In this post we’ll define representations and warranties, and inform you why the traditional use of both terms in your contract may no longer be the best practice.

Understanding the Terms
First, let’s explore the legal definitions and examples of each term:

Black’s Law Dictionary defines “representation” as a statement of fact which was made to induce another to enter into a contract. Typically, representations are statements that a party has…

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What is a partnership?
A partnership can be created automatically when two or more people engage in a business for profit. The Uniform Partnership Act states: “The association of two or more persons to carry on as co-owners of a business for profit forms a partnership, whether or not the persons intend to form a partnership.” This means that the neighbor kid and his friend who run a lemonade stand on the corner of your street technically have formed a partnership.

A partnership can offer owners flexibility and relatively simple organization and operation. While it’s generally not the preferred method for starting a business, knowing some of the basics about a partnership can be a useful tool when starting a new business.

Pros…

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