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Legal contracts are indispensable in the modern business world that extends across state boundaries and country borders. They function as legal “stakes in the ground,” signifying to all the scope and limits of an agreement. The best contracts are indisputable and essential to the smooth functioning of commerce, giving their makers peace of mind, protecting the parties involved, and defining a resolution process.
Many business owners have no idea that the legal entity for their business is not setup up properly or is incomplete. Operating a business that is not properly formed can put the business and its stakeholders in legal jeopardy for a whole swath of hidden legal issues.
An owners’ agreement is essentially a contract between the owners of a business, governing their relationship concerning that business. The goal of an owners’ agreement is to layout a structure of suitable rules to help owners overcome conflicting and unanticipated situations.
