Some business litigation lawsuits are based on a breach of fiduciary duty. In the most basic of terms, fiduciary duty means that one party has an obligation to handle financial decisions in the best interest of another party. When that duty is breached, the person who held the fiduciary duty might face a legal action in civil court.
A "trade secret" is any proprietary information that someone possesses that may give them a competitive advantage over others. Anyone who claims rights to a trade secret must be able to clearly define what it is and take reasonable steps to protect it from being made public.
Legal action between companies is often challenging. These matters can be complex, and they might negatively impact the business. For some owners, trying to find the least disruptive method to end the matter might be a priority. Mediation is one option they have.
Employers are required to comply with applicable employment laws, and there are many that you need to be familiar with if you own a business. One of these is the Family and Medical Leave Act (FMLA), which entitles covered workers to take up to 12 weeks off work over the course of a 12-month period.
If you and your business partner have a partnership agreement in place, it may take legal action to end that official relationship. Ideally, the partnership agreement lays out some of the steps to take and the rights you both have, but it's not always that simple.
Litigation may not be the first thought of every business owner when one wakes up in the morning, but it can have a great effect on business' strategy and operations. Issues of liability must be sidestepped or managed so the risk of landing in court is reduced. Court cases can be expensive and time-consuming even when a business or its manages have done nothing wrong.
Most of the time, you're not thinking about the legal background of your business environment. It's one of many elements of operations, like logistics and marketing. But the law matters a lot more during important moments of change, like buying or selling a business.
Businesses do everything possible to protect themselves from lawsuits filed by customers, employees, vendors, contractors and other businesses. Despite this, companies can still wind up in litigation. These lawsuits can force a business to close its doors if they do not have the proper insurance protecting them. So, what are some common reasons businesses end up in litigation?
Owning a business is stressful. You have a lot to worry about and focus on. Many business owners have trouble delegating projects because they don't think they will be completed the right way. One of the biggest mistakes owners make is with the intellectual property of their company. Today, we will examine the mistakes companies make and why.
Almost every company will have its employees sign a confidentiality agreement when hired. This is a document that protects the company from secrets and other information getting out to the public or to its competitors. Employees are to follow the stipulations listed in the agreement or risk being fired and sued for breach of the agreement. Here's how to handle a breach of a confidentiality agreement.