Letters of Intent – Are they Binding?
“A good intention, with a bad approach, often leads to a poor result.” — Thomas A. Edison Parties to commercial transactions often enter into letters of intent prior to negotiating and documenting a definitive agreement regarding the transaction. For example, a potential seller and purchaser of real property may sign a letter of intent outlining…
Read MoreProtecting Trade Secrets
Protecting intellectual property is not just an issue for large companies who can incur the expense of filing registrations with federal patent, copyright and trademark offices. Most small businesses have confidential information that may qualify as a trade secret. Trade secrets are protected by maintaining the data’s secrecy, not by registration with a governmental agency.…
Read MorePiercing the Limited Liability Company Veil
The Michigan Limited Liability Company Act (“LLC Act”) extends absolute immunity to members of a limited liability company (“LLC”) from the liabilities of the entity “unless otherwise provided by law.” The LLC Act arguably does not permit a court to extend the doctrine of “piercing the corporate veil” to LLCs. However, many courts have extended…
Read More7 Tips for Handling Email
“Before you speak, think- Is it necessary? Is it true? Is it kind? Will it hurt anyone? Will it improve on the silence?” Sri Sathya Sai Baba If you do not have one in place, consider an email protocol or policy for your company. Email can create risk for a company if used improperly. For…
Read More5 Reasons to Create an Operating Agreement for your LLC
While Michigan law does not require limited liability companies to have an Operating Agreement, the Operating Agreement is important because it sets forth the rules for operating your Michigan limited liability company (“LLC”). An LLC is formed in Michigan by an organizer filing the Articles of Organization (the “Articles”) with the Michigan Department of Licensing…
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