Contract disputes can be especially costly and harmful to small and mid-sized business owners, and there are a lot of small business owners in North Dakota. Data from a 2022 profile by the Small Business Administration shows that 98.8% of companies in the state are...
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Business Law
4 ways to prevent a consumer lawsuit
In the vast landscape of North Dakota, businesses thrive on providing goods and services to consumers. However, with the growth of consumer awareness and regulations, the risk of facing lawsuits has also increased. Luckily, there are ways to prepare for the...
Key elements to include in your partnership agreement
A well-drafted partnership agreement not only helps prevent conflicts but also provides a roadmap for the growth and success of your venture. The agreement you sign with your business partner sets expectations and addresses potential conflicts. Creating a...
Determining if it is time to sell your business
Running a business in North Dakota has its own unique challenges and rewards. However, there may come a time when you ask yourself: Is it time to sell my North Dakota business? This is a major decision that can greatly impact your life and the lives of your employees....
When should business partners sign a non-disclosure agreement?
Non-disclosure agreements play a vital role in preserving the confidentiality of sensitive business information. They bind parties to secrecy and can help safeguard intellectual property, business strategies and other confidential data. Business partners often have...
What steps do I need to take to close my business?
If you decide to close your business, there are important things you must do. You cannot just walk away because there are things you legally have to do to finalize the business operations and shut the doors for good. The best way to approach the process is to create a...
Avoiding common partnership formation mistakes
Launching a business with another party means establishing a partnership agreement to protect both of your interests. Sometimes, people overlook the details in their excitement for the new venture, leading to some costly mistakes. There are a few things you need to...
Do you need a business plan?
One of the top reasons for creating a business plan is to secure financing. If you do not need to get funding, you may think there is no point in wasting the time to create a plan. But you would be incorrect. A business plan is so much more than a financial document....
3 common methods of resolving business disputes
Most North Dakota business owners find themselves facing some type of employment dispute during their professional careers. Sometimes, these disputes have the potential to take considerable time and money away from operating your business. However, this does not...
How strong is your LLC’s corporate veil?
If you are an entrepreneur, you undoubtedly have extensive knowledge about your product or service. You may not be so familiar with business organizations, however. If you have taken advantage of the benefits of forming a limited liability company, you should be...