When Florida business owners like you run into issues with litigation, who do you turn to? What can you do about it? Handling conflicts and disputes in a quick and efficient manner can help you maintain good business relations and recover from potential setbacks with greater ease.
Most in Daytona Beach might assume that business litigation is limited to legal conflicts between two different companies. Yet oftentimes such cases can arise from internal strife. In many ways, internal employees can pose the greatest threat to business owners in that they know a company' vital business information (their trade secrets and intellectual properties) and they often have the explicit trust of those owners. If and when such trust is violated, those with a stake in a business that has been compromised might justly want to seek legal action.
For many business owners in Daytona Beach, their goal is to grow their businesses to the point of making them attractive to potential buyers (putting them in a position to make a significant profit from the sale). Yet you may have contrary aims to keep your company under your control as it continues to expand. That, however, may not keep your business from being targeted for acquisition. You could reasonably find your company the target of a hostile takeover bid.
Businesses in Daytona Beach understand the importance of their proprietary information. It is for this reason that concerns are often raised when an employee leaves a company. Many may view these fears to be justified, and thus warrant requiring staff members to sign non-compete agreements. Such an agreement typically seeks to limit what a person can do when pursuing opportunities similar to the work they provide while in a company's employ. The question is whether or not such agreements are enforceable.
As business markets expand and information sharing proliferates, the question of what exactly is it that your company owns becomes more important than ever. Many clients in Daytona Beach have come to us here at Smith Bigman Brock with this very question, and oftentimes coming up with an answer proves difficult. There are undoubtedly unique aspects of your company that contribute to its competitive advantage; you of course want to ensure that those aspects are protected as your business' intellectual property (thus guaranteeing that they cannot be shared with or duplicated by others). Yet what exactly counts as IP?
Small business owners need payment to continue providing quality service to customers. Ignoring an invoice is all too common in the business world, and if the invoice remains unpaid a business owner can choose to pursue legal action to recoup his or her losses. Before that happens it helps to recognize the signs that an invoice will likely be unpaid, as explained by Inc.
Finding ways to achieve competitive advantages or differences in the marketplace is a common goal for businesses in Florida and across the country. At the same time, companies often seek ways to prevent others from leveraging their strengths or assets. Intellectual property protections like trademarks or service marks can assist with this.
Business owners and executives in Florida know that entering into contracts is an important and delicate part of operating a company. The manner in which a contract is developed and the specific verbiage it uses can help or hurt one or both parties if a dispute ever arises. The terms and verbiage of one contract between a major car rental company and a marketing agency will likely be under close examination in a new lawsuit.
Disputes between business partners can tear a Florida company apart, which is why many businesses build ways to resolve conflicts into their contracts. Some companies employ mediation or civil litigation, but arbitration is commonly used to handle many disputes. Arbitration mimics a civil trial in that the disputing parties make their case before a person who looks at the evidence and renders a judgment. Arbitration, like any form of resolution, has its benefits and drawbacks which should be carefully considered before going forward with it.
If you plan to start a business in Florida, or if you already own and operate one, you may benefit from a sound buyout agreement. A buyout agreement, also known as a buy-sell agreement, is an agreement between the owners of a business that details what will become of an owner's share of the business should he or she choose to back out for any reason. The agreement also goes into effect when certain triggering events such as death, disability or conflict occur. FitSmallBusiness.com explains why you need a buy-sell agreement and what elements to include in yours.