A bill of sale is a written document that provides evidence of the transfer of property from one individual to another. This can be for cars, boats, houses and other items. The seller is called the vendor and the buyer is called the vendee. A bill of sale can be used in place of a […]
Franchise Agreement: How They Work, 8 Key Elements (2023)
Introduction A franchise agreement is a contract between two parties, typically a parent company and its franchisee, which determines how the franchised business will be operated. A franchise agreement can cover nearly every conceivable aspect of running a successful business, including everything from trademark usage to advertising practices to pricing. Because of this wide-ranging scope, […]
Single Member LLC: How They Work, Are They Right For You?
Introduction A single member LLC is a legal structure that’s similar to a corporation or partnership, but with fewer rules and restrictions. It’s also known as a disregarded entity in some states. The term “single-member LLC” can be confusing because it refers both to the fact that there is only one owner of the company […]
Employment Contract: What Is It? Important Terms To Include
Introduction An employment contract is a legally-binding document between an employer and an employee. It outlines the responsibilities of each party, including pay, benefits and termination procedures. Contract of employment A contract of employment is a legally binding document between an employer and employee. It outlines their rights and responsibilities, as well as any compensation […]
LLC Operating Agreements: 5 Components Of The Agreement
LLC operating agreements are a document that describes the relationship between members of the LLC and the way in which the business will be run. It also spells out each member’s rights and responsibilities within their respective roles. Operating agreements can vary greatly from one company to another, but here are five components that you […]
Note Payable: Key Terms and How They Work
Introduction A note payable is a short-term, unsecured loan from one company to another. Notes payable are often used to raise capital quickly – especially in the form of promissory notes. The term can also refer to a type of bond that is issued by a government or municipality and traded in the secondary market […]
Profit Sharing Contract: Everything You Should Know
Introduction Companies use profit sharing contracts to help motivate employees and reward them for their hard work. These types of contracts are also known as employee stock ownership plans (ESOPs). What is a Profit Sharing Contract? A profit sharing contract is a document that details the terms and conditions of a company’s profit-sharing plan. The […]
What is a As-Is (No Warranty) Bill of Sale Template
A bill of sale is an agreement between a buyer and seller that records the details of a transaction. Bills of sale can be used for many different kinds of transactions, including buying or selling vehicles, real estate and other property. When a bill of sale is used in an ‘as-is’ transaction, it means there […]
Non-Solicitation Agreement: When Are They Used?
Introduction Non-solicitation agreements are legally binding contracts designed to prevent one party from soliciting the employees or business clients of another. They’re frequently used when a company is planning to sell its assets, such as a merger or acquisition. But non-solicitation agreements aren’t just for big businesses: they’re also common in employment contracts and partnership […]