Part of your business team
Being successful in your business requires surrounding yourself with a solid team of professionals that you can depend on day to day. There is enough uncertainty in operating a business, you need a team member you can depend on to fully explain the legal implications of your business relationship. Here are a lists of some ways we can help you out.
Whether it is a contract with suppliers, purchasers, customers, contractors, or otherwise, having clear terms regarding the obligations of each party is incredibly beneficial for each party. Ambiguity and unaddressed risks in a contractual relationship can cause stress, tension on working relationships, time, and money. Having clear expectations of each other is key to success. A well drafted contract will address and avoid issues before they occur. If you are having contractual issues or want to avoid potential future issues, North & Company would be happy to help.
Running a franchise business brings with it great potential and substantial, but controllable risk. Understanding the relationship you have with the franchise is important. An agreement can be for a substantial period of time and having clarity about your duties and obligations from the start helps promote a successful relationship. Having a lawyer review and clarify the franchise agreement for you may be the difference between failure and long term success. Whether you own multiple franchises or are looking to get into one for the first time, North & Company is here to help you.
A joint venture (JV) is a business agreement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. There is huge potential to accomplish things that one would be unable to do alone but a solid working relationship is the base of that potential success. Having a comprehensive and clear joint venture agreement helps address conflicts before they arise. Having a legal advisor with an extensive knowledge on how to curb these issues is important to a joint venture.
A partnership involves two or more people that are going into business together with a goal to make profit. In a partnership your personal assets are at risk if the partnership fails. Having a partnership agreement outlining the responsibilities and obligations of each party can help mitigate that risk. Though you don't need a formal written partnership agreement, having a discussion with a legal professional about the partnership will help shed light on risks you may have not considered. Formalizing the agreement in any business relationship helps ensure clarity for all parties as to their roles.
The purchase and sale of a business involves many considerations beyond the specific terms of the sale. Some of the considerations involve taxes, employees, real estate, wills and estate implications and more. Having a legal partner you can rely on helps keep the deal moving forward in your best interest. The considerations differ depending on the type of business being sold, whether it is a farm, coffee shop, trade, or in the oil and gas sector, having an experienced and knowledgeable legal advisor is key. If you are involved in the buying and selling of a business, North & Company would be happy to discuss the deal with you.
In Alberta there is a process in place to ensure that people who take a business loan from the bank are aware of the effect it will have on them personally. We provide a frank, honest, and easy to understand opinion so you know what you are getting into. If you are borrowing money from the bank for a business you will be required to see a lawyer. If you want an open and honest conversation about what a business loan means to you and your family, come see us.