Most people have heard of "buyer beware" but anyone selling their business would be wise to think "seller beware". When someone decides to sell their business they naturally want to find a buyer as quickly as possible for the highest possible price. But business owners and advisors should take care to avoid litigation traps in
Business Litigation
Business to Business Litigation on the Rise
North Carolina business litigation attorney, Thomas Kerner, has an excellent post about the rise in business to business contract litigation. Kerner says this is happening for two main reasons. First, many businesses do not use lawyers to draft their contracts. Second, many businesses often rely on form contracts that are outdated.
Kerner provides some…
Law Blogs, Laptops and Burritos
Last week was a momentous week as Brett Trout and I concluded the first ever full-day CLE devoted to lawyer blogging in the country through LAWpportunities. We were fortunate to have been joined by blogging experts Mike Sansone and Sandy Renshaw. Mike delighted the crowd with his tutorial on RSS feeds. Any lawyer…
Five Ways to Avoid Lawsuits Against Your Business
As evidenced by a recent study from Iowa Association of Business and Industry, Iowa companies are concerned about the legal climate in Iowa.
Here are five ways to avoid lawsuits against your business:
1. Use written agreements. Unfortunately the day is over when you could rely on a handshake. Make sure that your agreements…
Iowa Consumer Case Against Microsoft Begins Tomorrow
The Iowa consumer class action case against Microsoft begins tomorrow, November 13, 2006. It is anticipated it may take weeks to pick the jury and the trial itself could take several months. The jurors will be expected to complete a 31-page survey before the questions even begin. Surveys are often used by Plaintiffs’ attorney, Roxanne…
Managing Small Business Risks
New York Small Business lawyer Imke Ratschko presents a helpful e-book on her blog "Small Business Guide to Risk Management – A complete guide for business decision-makers" published by the Association of Small Business Development Centers.
This easy to read guide discusses the many risks that businesses face and provides checklists to assess those risks…
Think Twice Before Deleting Electronic Records
A $1.888 million dollar judgment in favor of a Delaware bankruptcy trustee stresses the importance of careful consideration before deleting electronic records from your company’s computer system. In the case of In re Quintus Corp., 2006 WL 3072982 (Bankr.D.Del.Oct. 27, 2006), the Bankruptcy Court of the Delaware District imposed a penalty of summary judgment against…
Judge’s Throws Out Loss of Innovation Theory in Microsoft Case
In pre-trial rulings, Polk County District Court Judge Scott Rosenberg has thrown out the "loss of innovation" damage claim alleged against Microsoft . Plaintiffs’ counsel, Roxanne Conlin, had alleged that Microsoft’s market dominance prevented other software companies from developing products that competed with Microsoft’s web browser Internet Explorer and other Microsoft products.
The Judge sided…
Judge Delivers Another Blow to Microsoft in Iowa Consumer Case
Judge Scott Rosenberg delivered yet another blow to Microsoft in the Iowa consumer case when he refused to limit the size of the Iowa class-action lawsuit. Microsoft had argued the interests of volume buyers were not the same as consumers who made individual purchases. Microsoft also argued that the plaintiffs could not show "that all…
Formation of Iowa Business Should Include Buy-Sell Agreement
An often neglected agreement in the formation of a small business is the buy-sell agreement. Every business that has multiple owners should consider having a buy-sell agreement. Such an agreement covers how an owner can sell shares and how to value those shares. Further, a good buy-sell agreement sets forth what happens in the…