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WBL » General Business
Vendor Contracts – Key Provisions & Avoiding Disputes

Vendors, aka "suppliers," are the companies that supply your company with goods and services necessary to be in business. They range from small businesses that provide office supplies and maintenance services to global organizations that source raw materials for manufacturing and skilled operators for IT management. Vendors sell, lease, or rent almost anything of value needed to be in business, including space, people, and time. The relationship between a vendor and buyer is both strategic and symbiotic in nature. Buyers depend on vendors supplying what they need in a predictable manner with consistent service and performance. Similarly, vendors depend on buyers to pay for the goods and services on time and in the agreed manner.

The Gaps in LLC Liability Protection

While the liability protections of an LLC are broad, they are not absolute. Members of LLCs are sued in State courts every day, and many plaintiffs win. Florida has pretty robust laws protecting the rights of corporate and LLC shareholders. Nevertheless, in certain instances, plaintiffs are able to “pierce the corporate veil” so that owners are liable through their actions or inaction, knowingly or unintended. Understanding the limits of LLC liability protection can help business owners, especially new ones, avoid legal and financial issues.

Do You Need a Partnership Agreement?

Business partnerships are subject to the same tensions as married couples. Issues arise and must be settled. Partners who rely on simple or implied agreements may learn that each partner has a different interpretation of their relationship and memories of their understanding. Control and financial issues are especially challenging, affecting business objectives, strategy, operations, personnel, and finance.

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