When you start a business with a friend, family member or business associate, you may expect that partnership to last throughout the company's life. Unfortunately, for many companies, this is not always the case. When business partners split, it can feel as complex as a dissolved marriage. How you handle it, however, can make a difference in your business's future. Try to understand the situation About[ ... ]
Entering into a legal business contract obligates all signing parties to fulfill their designated responsibilities. Despite best intentions, breaches of contract may occur. These breaches may happen due to unrealistic expectations, financial hardship or simple non-compliance. If you face a breach of contract in your business, several options exist for seeking resolution. Renegotiate the terms Should one party realize they cannot meet the contract stipulati[ ... ]
In the unpredictable realm of business, accusations of fraudulent activities can be both damaging and disruptive. When faced with such allegations, businesses must adopt a strategic approach to navigate these challenging waters. 1. Conduct a thorough internal review Upon receiving an accusation, the first step is to initiate a comprehensive internal review of your business operations. Scrutinize financial records, transactions and any relevant documentatio[ ... ]
In an era dominated by technology, the significance of cybersecurity for small businesses is a necessity. As digital landscapes expand, so do the threats that can compromise sensitive information. It is not just about protecting data. It is about safeguarding the very foundation of your business. 1. Safeguard customer trust Customers are the lifeblood of any business, and trust is the cornerstone of customer relationships. A cybersecurity breach can shatte[ ... ]
According to the Florida Office of the State Courts Administrator, 62,654 mediation sessions took the place of traditional litigation proceedings in fiscal year 2021-2022. The Florida Court System has used the alternative dispute resolution method of resolving business disagreements since 1975. The strategy has gained popularity in recent years because of the advantages it offers Florida businesses. 1. Cost-effectiveness Court proceedings involve legal fee[ ... ]
In the world of business, conflicts are inevitable. However, rather than resorting to lengthy and costly court battles, many businesses are turning to Alternative Dispute Resolution methods to resolve disputes amicably. According to the Equal Employment Opportunity Commission, companies used ADR methods to resolve 27,492 disputes in 2019. Understanding the various ADR methods helps you decide which one is best for your situation. 1. Mediation Mediation inv[ ... ]
According to Upcounsel, 80% of American businesses involve strategic alliances or partnerships. Having a business partner to help launch a company has many benefits, but starting a company with a partner can be challenging. Launching a business with a partner can be an exciting venture, but it requires careful planning and coordination. Understanding how to start a business with a partner is important for long-term success. 1. Clarify roles and responsibilities[ ... ]
Embezzlement is a serious offense involving misappropriation of funds for personal gain. This crime can disrupt regular business dealings and cause your company to suffer direct losses. Resolving this kind of theft can be challenging within a partnership. Legal remedies Managers commit 85% of embezzlement cases. One-fifth of these incidents involve a chief-level executive. I[ ... ]
Now that consumers know how valuable their data is, they want more control over how businesses use and access it. As a result, several countries and states in the United States have enacted laws that grant consumers certain rights over their data. Just this year, Florida followed suit with the Florida Digital Bill of Rights (FBDR). Does the FDBR apply to your business? Compared to o[ ... ]
The Small Business Association reports that as of 2022, there were over 2.8 million businesses in Florida, and most of those businesses have proprietary information. Safeguarding proprietary information is paramount. Regardless of what type of business you have, protecting your unique business data is important for maintaining a competitive edge. If this information falls into the wrong hands, it can pose significant threats to your business, and being proactive in y[ ... ]