Blog – Page 12 – Schwartz Law Firm

Published On - July 14, 2021

Brandon UncategorizedTags: board of directors, Judgement rule

WHAT IS THE BUSINESS JUDGMENT RULE?

If you serve on the board of directors of a corporation or if you are a shareholder in a corporation, you may have come across the “business judgment rule”. What is the business judgment rule and who is it meant to protect? Generally speaking, the business of a corporation is committed to ...

Published On - July 7, 2021

Brandon UncategorizedTags: family, personal, time off, vacation

Take time for family

We all need the occasional break. Working all day, every day for a business owner can seem like the only way to get ahead and serve your clients however if you never take a break you never refresh and replenish. July and August are often vacation months and this week while not taking a traditio...

Published On - June 30, 2021

Brandon UncategorizedTags: business documents, business partner, partnership

GIVING YOUR BUSINESS PARTNERSHIP THE BEST CHANCE AT SUCCESS.

Few people go into a business relationship thinking about when the partnership will fail. Partnership agreements can help ensure that the business does not fail (at least not due to internal fighting) as well as set a path towards amicable separation should disputes arise. Of cours...

Published On - June 23, 2021

Brandon UncategorizedTags: direct claim

DIRECT VS. DERIVATIVE CLAIMS – WHAT IS THE DIFFERENCE?

If you business relationship has found its way to litigation or is on its way to litigation, you have likely heard the term “derivative” claims. But what is a “derivative” claim? What is the difference between a “derivative” claim and a direct claim? Hopefully this post provides so...

Published On - June 16, 2021

Brandon UncategorizedTags: SLC, special litigation committee

HOW DO I PREPARE FOR THE SLC?

We previously discussed what a Special Litigation Committee was and what the SLC does. The benefits on whether to appoint an SLC depends on which side of the derivative claim you find yourself. From the company’s perspective, the SLC can save the company significant time and expense in...

Published On - June 9, 2021

Brandon UncategorizedTags: litigation, partner dispute, SLC, special litigation committee

WHAT DOES “SLC” MEAN?

If your dispute with your partner has ended up in litigation, or maybe you have a friend or family member who has had a business dispute end up in litigation, you may have heard the term “SLC”. But what does that mean? SLC is an abbreviation for Special Litigation Committee. Th...

Published On - June 2, 2021

Brandon Uncategorized

PREVENTING PROBLEMS IN PARTNERSHIP/OPERATING AGREEMENTS.

Whether it be a small business owned with family, with friends, or with strict business partners, none of us go into business hoping for litigation. The Operating Agreement for a limited liability company (“LLC”) and the Bylaws for a corporation each respectively govern the internal relations ...

Published On - May 26, 2021

Brandon UncategorizedTags: family business, mediation, negotiation

RESOLVING SMALL BUSINESS DISPUTES OUT OF COURT

Often small business owners, especially when working with family or friends, seek to resolve business disputes without having to bring litigation. Avoiding litigation may be of paramount importance. While it is not always feasible to resolve such disputes short of litigation, in certain circumstan...

Published On - May 19, 2021

Brandon UncategorizedTags: disputes, owner, shareholder

HOW BUSINESS DISPUTES TYPICALLY START AND EVOLVE.

The reasons an owner dispute is triggered are never the same. Having handled several member and shareholder litigations, none of the disputes started the same way or involved the exact same circumstances. There are, however, some common themes that oftentimes lead to a dispute between owners. ...

Published On - May 12, 2021

Brandon UncategorizedTags: closely held, public, shareholder, stock

WHAT IS THE DIFFERENCE BETWEEN A CLOSELY HELD CORPORATION AND ONE THAT IS PUBLICLY TRADED?

Most businesses in Minnesota are considered “closely held”. As it relates to a corporation, that means having 35 or fewer shareholders. Shareholders are the individuals that hold stock in the corporation – they are the owners. Being a shareholder in a closely held corpora...

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WHAT IS THE BUSINESS JUDGMENT RULE?

Take time for family

GIVING YOUR BUSINESS PARTNERSHIP THE BEST CHANCE AT SUCCESS.

DIRECT VS. DERIVATIVE CLAIMS – WHAT IS THE DIFFERENCE?

HOW DO I PREPARE FOR THE SLC?

WHAT DOES “SLC” MEAN?

PREVENTING PROBLEMS IN PARTNERSHIP/OPERATING AGREEMENTS.

RESOLVING SMALL BUSINESS DISPUTES OUT OF COURT

HOW BUSINESS DISPUTES TYPICALLY START AND EVOLVE.

WHAT IS THE DIFFERENCE BETWEEN A CLOSELY HELD CORPORATION AND ONE THAT IS PUBLICLY TRADED?

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