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Newport Beach California Legal Blog

What is the difference between a promise and a contract?

As a California business owner, you are probably already aware that a contract may be enforceable even when it is not written down, but by making a thoughtless or ill-conceived statement or promise, could you unwittingly be entering into a contract? 

A promise is not legally binding, but a contract is. While people of honor and strong moral character strive to keep promises whenever possible, there are no legal repercussions for breaking one the way there are for breaching a contract.

Take these steps to secure venture capital

As a business owner, there may come a point when you realize that you require outside funding. While there are many ways to get your hands on money, some options are better for your organization than others.

Venture capital is something many entrepreneurs dream of, as it allows them to secure the money they require, while getting involved with investors who can help them take their business to the next level.

Basics of venture capital funding

Among the many challenges associated with getting a new business venture off the ground in California is the issue of how to fund it. Many grand ideas may well have never come to fruition because money was not available to make it happen. Venture capital money can offer entrepreneurs the cash needed to do this. However, it is important to carefully assess the pros and cons of accepting VC funding before jumping in.

As explained by Techvibes, one of the attractive features of venture capital funding is that there is no need to repay the money as with a bank loan. Investors know they are essentially taking a risk that may or may not pay off, literally. In addition to carefully evaluating a company's plan and its leadership, many venture capitalists may request a share of the business and even some say in how the company is run.

Working with international business partners

We have focused on numerous issues related to conducting business on the global stage, and this is an important aspect of conducting business for many companies. In this post, we will look into some of the advantages that may come with international business partners and some of the things you might want to take into consideration before moving forward. From new opportunities to expertise that a business partner located overseas may be able to provide, there are a variety of reasons why these relationships can be crucial for companies in Newport Beach and all over the state of California.

First, it is always crucial to select the right partners, regardless of where they call home. Since international business transactions can be particularly complex, this is especially true when it comes to international business partners. It is also important to understand some of the concerns they may have and various issues they could be going through. With that said, doing business with someone based in another country can be incredibly beneficial because they may have a much better understanding of business matters in a foreign nation. From language barriers to differences in how business is conducted, this can be a crucial part of successfully taking your business global.

What are you doing to prevent a commercial lease dispute?

It doesn't matter if you are renting space to conduct business or renting out space as a property owner, it's important to have all the details in place up front to avoid trouble in the future.

When signing a commercial lease, regardless of what side you're on, you're glad to finally have a deal in place. Unfortunately, this can lead to a situation in which you don't focus enough time and attention on the finer details.

When estate disputes involve siblings

Estate disputes arise for diverse reasons and no two are identical. Unfortunately, we know that some estate disputes can be especially disheartening and tough to work through, such as those which involve family members. If you are going through an estate dispute with your sibling in Newport Beach, or another part of California, it is especially important to make sure that you handle the disagreement appropriately.

Sometimes, people allow themselves to be taken advantage of because they do not want to initiate a conflict within the family. For example, someone who is a beneficiary may not receive assets that were supposed to be given to them, but they are afraid to take action because the executor of the estate is their brother or sister. Estate disputes of any kind can be emotional, but those involving siblings can be very tough to work through. To make things worse, these disputes can come on the heels of a traumatic loss and many people do not want to go through additional emotional pain.

How should you prepare to finance a new business venture?

Your company is considering exploring the option of a new venture in California and the opportunity can provide incredible success if leveraged the right way. A significant portion of beginning your new venture will require you to create a plan for financing the operation that will account for potential challenges you may face. 

The financial aspect of starting up a new venture will play an integral role in how effective your efforts are at yielding the results you desire to see. According to Bank of America Corporation, going into your new venture, you should create a robust network of professionals who can provide support and the core competencies that will be needed to create a synergistic team. Delegating essential responsibilities to capable professionals will open up your time to focus on the details of your operation. 

Lack of agreed-upon payments leads to dispute, lawsuit

One of the most critical aspects of any business relationship is a contract that clarifies the nature of the relationship, who is responsible for what and under what conditions the agreement may be voided. For many companies in California, articulating the details of such transactions is critical in protecting the relationship, as well as keeping confidential information about intellectual assets private and secure. 

In a recent story out of Sitka, Alaska, a Sitka Assembly member is under fire and embroiled in a lawsuit with a well-known businessman in a dispute that has captured the attention of many. The lawsuit claims that in the initial contract, it is said that the defendant promised to pay consistent payments in cash to use the buildings he operated his business in that were owned by the plaintiff. Additionally, he agreed to transfer 10 percent of the stock from his company to the plaintiff. 

What to do after a breach of contract

In the business world, you hope that every contract you execute is followed down to the finest of details. Unfortunately, this doesn't always happen. Even if you live up to your end of the bargain, there's always the chance that the other party will attempt to breach the contract for one reason or another.

There are many things that can result in a breach of contract, including but not limited to:

  • If one party fails to fulfill its obligations on time
  • If one party does not provide products or services based on the terms of the agreement
  • If one party fails to make payment for any reason

Structuring partnerships for success

A partnership is one of the easiest, least expensive business entities to form in California. However, they are also filled with risk if the operational and administrative requirements for each partner are not clearly defined. At Daily Law Group, we have expertise in assisting clients to form and structure their startup business.

There are several steps you and your partner(s) can take to help the company flourish. According to Entrepreneur, defining roles and responsibilities can help create and maintain productive, successful partnerships. Whether you plan to have one partner or several, it is important to have balance. The strongest organizations are those in which each founder brings complementary skills to the endeavor.

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