Drafting the right contracts and agreements is crucial for protecting your business interests, managing relationships with stakeholders, and ensuring compliance. You first start with business formation agreements. Depending on your business entity you may have an operating agreement, partnership agreement, bylaws or a shareholder’s agreement. These documents provide clear responsibilities, rights and procedures to those involved with the business and indicate how business matters should be conducted.
Once you’ve established the basic business agreement, you may need to consider employment agreements for employees or independent contracts, nondisclosure agreements depending on the type of work being conducted, and even non-compete or solicitation agreements. Other agreements to consider are service agreements if you are a business offering a service, or a sales or purchase contract, if you are an entity offering a product for sale. Drafting an agreement is really dependent on the type of agreement necessary, goal of the agreement and the parties involved.
These examples are only a few of the many types of agreements a business can utilize. Having well-drafted contracts in place from the beginning will help protect you, your business, and will help clarify expectations, setting a solid foundation for smooth operations and positive relationships.
If you have any questions about the topic discussed in this article, or any business law matter, please give us a call at Bononi & Company 724-832-2499.