Are red flags putting your business partnership into question?

On behalf of Richard Lambert of Dunn Lambert, LLC on Friday, October 2, 2020.

Starting a business partnership likely had its benefits for you. You may have been able to start your company earlier because your partner brought in needed funds, or your business faced greater success because you both brought important skills and ideas to the table. While this seemed like the ideal situation for a time, you now wonder whether your partnership has reached a point where it is no longer beneficial.

After all you and your business partner have been through, you certainly do not want to make a hasty decision. However, some major red flags may have presented themselves that make you believe that it would be in the best interests of your company to dissolve the partnership.

Has a breach of contract caused your company to suffer damages?

On behalf of Richard Lambert of Dunn Lambert, LLC on Friday, August 7, 2020.

When entering into a business relationship with another person or company in New Jersey, it is vital that everyone involved know how the relationship will work. As a result, you took the steps necessary to create a contract that included details important to the relationship you intended to carry out with the other party.

Though everyone involved signed the appropriate documents to indicate that they understood the terms, you have found yourself in a difficult predicament because the other party did not abide by those terms. You believe that a breach of contract has occurred, and now, you want to go over the details of the situation to be sure.

Is it time to dissolve and terminate your business partnership?

On behalf of Richard Lambert of Dunn Lambert, LLC on Thursday, June 11, 2020.

When you finally make the decision to move forward with starting a business, you and your business partner may have vigorously shaken hands, hugged and celebrated your coming venture. Over the years, you and your partner may have established a thriving company and met many of your business-related goals. However, times change, and the desires of individuals change as well.

You or your partner may have reached a point where continuing on as a partner in the business is no longer the desirable course of action. If you established your company as a partnership when you chose your business structure, one partner leaving could mean that your enterprise needs to dissolve. If you or the other partner wants to continue the business alone, changing the structure to a sole proprietorship or other entity may be necessary.

A letter of indemnity could head off a breach of contract issue

On behalf of Richard Lambert of Dunn Lambert, LLC on Thursday, April 16, 2020.

As a small business owner, you have likely had many contractual obligations during the course of your company's operations. Because you understand the importance of upholding contract terms, you do your best to always remain compliant with any agreements you come to with other parties. Of course, you expect the same from them.

However, certain circumstances could end up out of your control, and though you agreed to certain terms, some extenuating factor may make it nearly impossible for you to carry out your side of the deal. You do not want to end up in breach of the contract terms, so what can you do?

Commercial leases may have complex terms

On behalf of Richard Lambert of Dunn Lambert, LLC on Thursday, February 20, 2020.

Finding and leasing a commercial property can be complicated and time consuming. Whether you are looking for the perfect place to launch your small business or seeking retail and warehouse space for a major expansion of your company, you will be dealing with landlords, contractors, zoning officials and other entities.

As eager as you may be to get your business going in its new location, the last thing you want to do is to rush to sign a commercial lease before carefully considering every contingency. A lease is a contract, and signing it may bind you to terms you are not willing or able to meet.

What you need to know about shareholder derivative actions

On behalf of Richard Lambert of Dunn Lambert, LLC on Friday, December 27, 2019.

Owning your own company may have been a lifelong dream. When you chose to form your business as a corporation, you knew you would take on shareholders.

They have responsibilities to your company, but you also must extend them certain rights. One of those rights allows your shareholders to keep an eye on the company, along with what you do with it.

Thinking of starting a business after retirement?

On behalf of Richard Lambert of Dunn Lambert, LLC on Tuesday, November 5, 2019.

Like many in New Jersey and elsewhere, you may be looking forward to retirement. In fact, you may have spent most of your career planning for the day when you would clean out your desk or locker and say goodbye to your job forever. Lying on a beach, sleeping late or traveling are not your goals for retirement. You have more of a challenge in mind.

If you are like a rising number of retirees across the country, you have a passion you want to pursue, and that means starting your own business. While this may be something you plan to do for self-fulfillment, it may also be a necessary source of income during your retirement years. Because of this, you will want to take the appropriate steps to ensure the success and profitability of your business.

Can an angel investor help get your business going?

On behalf of Richard Lambert of Dunn Lambert, LLC on Friday, September 6, 2019.

You may have seen comedy shows in which a character repeatedly goes to friends and family, asking them to invest in his or her next great idea. While the joke is that the character's schemes are never going to be successful, the thought of going to friends and family for financial help with getting your business started may not seem funny to you.

If you are ready to start your own New Jersey business but lack the capital to make it happen, you may wonder where you can go for help. Perhaps you are not able to acquire the loan amount you need, and your loved ones are not able or willing to sink what they have into your business. You may want to explore the option of seeking an angel investor. These wealthy individuals often look for opportunities to invest in new businesses they feel have potential for success.

What are your options if you suspect a business partner of theft?

On behalf of Richard Lambert of Dunn Lambert, LLC on Wednesday, July 17, 2019.

When you started your business, you likely hoped that you and your business partner would see smooth sailing for the most part. You undoubtedly expected squabbles now and then simply because any type of relationship has that possibility, but you may not have expected to face serious problems with your business partner that put your company at risk.

Unfortunately, not all partnerships work out as individuals intend in the beginning, and in some cases, the problems can stem from a partner stealing from company accounts. This idea may have seemed outrageous if you had thought of it when you first started your company, but now, you understand all too well how real a problem it is.

Take your time when starting a second small business

On behalf of Richard Lambert of Dunn Lambert, LLC on Monday, May 20, 2019.

Starting your own New Jersey business can result in a mixture of excitement and terror. You may have little to no idea what to expect, but you know you are taking a heavy risk. Many first-time business owners are not successful, so you may have been pleasantly surprised when your company took its place in the market and began to make a profit for you.

Now, you have a new idea, perhaps one that is radically different from the inspiration that brought about your first business. The success of that first venture may give you confidence to dive right in, but there are some points you should keep in mind before you place both investments at risk.