When one business partner decides to move on, the ripple effects can be felt throughout the company. Whether it’s the result of retirement, illness, or a career shift, a partner’s departure doesn’t have to create instability. A clear, well-thought-out buyout strategy can keep operations on track and relationships intact. At Patrick, Harper...
Alternative Dispute Resolution Options for Commercial Conflicts
Commercial disputes are common in business, but going to court isn’t the only way to resolve them. Alternative dispute resolution (ADR) provides more flexible and efficient paths to resolve conflicts without the need for a lengthy trial. Whether you're facing a contract issue, a vendor dispute, or a disagreement with a business...
What to Include in a Business Operating Agreement
The owners of a limited liability company in North Carolina can create an operating agreement to establish formal rules and procedures for governing and operating their business. An operating agreement serves the same role for an LLC as the shareholders agreement and bylaws do for a corporation. Even single-member LLCs can benefit...
What To Do If You Suspect Fraud In Your Business
Do you suspect you’ve become the victim of fraud perpetrated by your employees? If so, here are some steps you can take to identify and respond to internal fraud.
Recognizing the Signs of FraudSome of the most common signs of fraudulent activity occurring in...
Corporate Transparency Act (CTA) Update: Enforcement of Beneficial Ownership Information (BOI) Reporting Suspended
Just days after previously extending the Beneficial Ownership Information (BOI) reporting deadline, FinCEN announced on February 27th that all reporting and enforcement of the Corporate Transparency Act (CTA) would be suspended until a new reporting rule was finalized.
On March 2nd, the US Treasury Department issued a press release in...
What Is Fraudulent Inducement?
Fraudulent inducement can undermine even the most carefully structured agreements, leaving one party unfairly disadvantaged or misled. This deceptive practice happens when someone is enticed into a contract based on false promises or misrepresentations, and the impact can be significant. Whether it involves financial commitments or business deals, fraudulent inducement can lead...
The Corporate Transparency Act: What North Carolina Businesses Need to Know
The Corporate Transparency Act is a federal law that was enacted in 2021. It is aimed at combating illicit activity like tax fraud and money laundering. This legislation places new obligations on businesses that meet certain criteria.
If your business meets any of these criteria, you should consult with...
The Importance of Damage Clauses in Contracts
A contract is a legal agreement between two or more parties that states the obligations and responsibilities each person agrees to uphold. Including damage clauses in contracts is one way to protect yourself if the other party doesn’t meet their obligations.
Many kinds of contracts include a...
Benefits of Developing Effective Corporate Governance Strategies
Corporate structures provide many benefits, from liability and asset protection to tax benefits. However, developing effective corporate governance strategies is crucial to ensure your company operates at maximum efficiency and profitability. Our North Carolina business attorneys discuss the importance of corporate governance strategies in this blog, including...
Essential Clauses to Be Aware of When Drafting Commercial Contracts
Well-drafted commercial contracts are an essential element of operating a successful business in North Carolina. Business owners entering into contracts without legal advice may find their rights restricted. Worse yet, the contracts may contain costly mistakes that result in time-consuming, expensive business litigation.
In this blog,
