Category: Business Law

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Mastering the Art of Successful Business Negotiations

Mastering the Art of Successful Business Negotiations

Negotiation is a key part of doing business in today’s world, and successful business negotiations are somewhat of an art form. It takes the perfect balance of finesse and the right knowledge to enforce your stance. The most important thing to know about negotiating is that it’s crucial you have legal counsel represent you, and that your attorney reviews any paperwork or contracts before you sign them. Here are some tips you can use to master the art of successful business negotiations by our experienced team of commercial attorneys in New Jersey.

The Importance of Legal Counsel in Business Negotiations 

We said it once and we’ll say it again to make sure it sticks: You should always retain legal counsel when engaging in business negotiations. Even if you’re a seasoned negotiator with decades of experience, your lawyer has specialized expertise that will ensure you don’t run into any conflicts or issues down the line. They can also ensure all the fine print in the contract accurately reflects what you and the other party verbally agreed upon. 

Developing a Negotiation Strategy: Ask a Business Law Attorney

At a high-level, smart negotiation strategy consists of the following elements:

  • Do your research and prepare thoroughly 
  • Understand which alternatives you’re willing to accept
  • Use clear and assertive communication
  • Listen and show respect for the other party, and use the information they’re giving you to inform your responses
  • Aim for an outcome that both parties are satisfied with
  • Be patient and keep your emotions in check
  • Be prepared to walk away 

Common Legal Issues in Business Negotiations

Some of the common legal issues we’ve seen during business negotiations include the risk of fraud, misrepresentation, breach of contract, and, perhaps most often, the inability to agree on the terms and conditions. It’s imperative that both parties fully understand the complete contract and what is being agreed to, and it’s essential that both parties are acting in good faith and not taking any measures to misrepresent themselves and their true motives. 

Overcoming Challenges: Proven Tactics for Dispute Resolution

Having legal counsel by your side during negotiations can help immensely with dispute resolution. Disputes are bound to happen from time to time, but that doesn’t mean things need to get ugly or uncomfortable. Many disputes can be resolved by bringing all the involved parties together to talk in person because that allows you to build a rapport with each other, and eliminate any opportunities for miscommunication and misunderstanding. So many things can get lost in translation if you’re emailing back and forth and it’s generally much more productive to have a face-to-face conversation. Be sure you take your lawyer with you to any in-person meetings to ensure everything is properly documented after the fact. 

If you would like to learn more about successful business negotiations, or if you have any questions about how our experienced estate planning lawyers can help you, please contact our team at SCC Legal today and visit our website at: https://www.scclegal.com/

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How To Review A Commercial Lease Agreement

How To Review A Commercial Lease Agreement

Are you getting ready to sign a commercial lease agreement? Have you hired a lawyer to review it with you? Signing a commercial lease is a big deal, and there are important aspects you need to be aware of and certain terminology to look out for. Our team at SCC Legal will explain some of the most important parts of a commercial lease below, as well as how you can avoid entering a bad agreement.  

The Rent Due

A commercial lease will state clearly how much the rent is in US dollar amount, on which days it’s due, and how the tenant must pay it. A common time frame for a commercial lease is three to five years, after which the landlord will probably want to negotiate a small rent increase in line with the market. If you’re the tenant, ensure you’re clear on how much you must pay, the exact dates you must pay, and how you pay. 

Clauses To Look Out For

  • Service charges clause: This clause is separate from the rent, and usually covers the costs of any upkeep and maintenance that the property owner must do on a regular basis. 
  • Indemnity clause: This clause protects you from being held liable for any negligence or willful misconduct by the landlord. 
  • Insurance clause: The landlord usually has their building insured, but additional insurance clauses stipulate which party is responsible for other items and areas on the property. 

Is There A Break Clause?

A break clause means that the lease can be terminated earlier than stated in the contract, on a date that both parties agree to. For example, with a one-year lease agreement, there will typically be a six-month break clause where the tenant can end the lease early if they wish to do so. 

What Are The Tenants’ Obligations?

As a tenant, you must be fully aware of your obligations while you occupy the property. Typical tenant obligations include keeping the property clean and in good working order, reporting any damage or maintenance problems to the landlord, and maintaining the lawn or garden area on the property. 

To ensure you don’t enter a bad commercial lease agreement, it’s best to consult an attorney with plenty of experience in this sector. They will know exactly how to amend each clause to make certain that your best interests are legally protected. For legal guidance with your commercial lease agreement in New Jersey, or if you have any questions about the terms and conditions of your lease, contact our team at SCC Legal today or visit us at: https://www.scclegal.com/

 

 

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What happens to my business when I die?

Small business owner

As a small business owner, you undoubtedly have a lot on your plate. There’s the day-to-day operations of running your business, managing your staff, budgeting, inventory, and much more. With your busy schedule it can be easy to forget about succession planning, but it’s an important question all business owners must ask themselves: What happens to my business when I die?

We often hear about the importance of planning for your personal estate, but small business owners must also have a plan in place for their businesses. Having a clear succession plan in place helps avoid confusion, litigation, and disputes when you are no longer here. Lawyers who specialize in small business law can help you create and secure a succession plan that ensures your business is run exactly the way you desire. 

How to find the right small business lawyer for you:

  • Ensure your lawyer specializes in succession planning. There are many types of small business lawyers: bankruptcy, compliance, trademark, copyright, litigation, and more. You want an attorney that specializes in helping people plan for what happens to their business after they pass away. It’s especially important if you own a large business with multiple locations and many employees.
  • Make a list of your company’s needs. Your industry, the size of your business, the number of staff, and the number of locations will all be factors in your succession plan, so we recommend working with a firm that has experience with companies that are similar to yours. It may be worth asking fellow owners in your industry if they have any recommendations. 
  • Come to the initial meeting with all your questions ready. The lawyer you meet with should be able to provide answers that are more than satisfactory. If the firm is experienced then they’ll be able to tell you exactly how they’ll help you, and what your options are. 

Make a plan with a New Jersey business lawyer 

We know it can be unpleasant to think about end-of-life issues, but you’ve worked so hard to get where you are and the legacy of your business should be treated like the valuable asset that it is. Whether you own a small, family-run business or a larger, franchised company, it’s crucial to make decisions about succession planning. 

For more information about succession planning, or if you have any estate planning questions, please contact our team at SCC Legal today. As both an elder law firm and small business firm, we are uniquely positioned to help you navigate the succession planning process. Discover why so many small business owners in New Jersey choose us as their trusted counsel. 

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When Do You Need A Business Lawyer For Your Small Business?

business lawyer

Small business owners have so many things to think about on a daily basis, and one common question they ask themselves is: Do I need a small business lawyer?

Many small business owners believe it’s too expensive to hire an attorney, however working with a business lawyer sooner rather than later can help you prevent expensive incidents down the line. Prevention is often cheaper than the cost of remedying mistakes and missteps, and hiring an attorney helps you ensure your bases are covered. 

Here are a few situations for which we recommend consulting with a business lawyer:

  • Your company is being sued by a prospective, a current, or a former employee. While many businesses will deal with lawsuits, they can quickly get messy. You need a professional to keep the situation under control and to act on behalf of your company. Whether it’s a discrimination suit, a hostile work environment suit, or something else, a business lawyer can help.
  • Your business is being investigated at a local or state level for violation of any laws. Certain inspections and investigations are routine, but when someone files a complaint and your local or state government takes action, you need an attorney to guide you through the process.
  • For a sale, a merger, or an acquisition. These are complicated financial transactions that must be done correctly, so whether you’re acquiring another business and its assets, or you’ve decided to sell your business, you’ll need a lawyer.
  • Your business is involved in an environmental issue. The government is increasing regulations around the way small businesses impact the environment. Which means you may be subjected to penalties if you aren’t in compliance, even if you weren’t previously aware of the latest regulations. 

How small business lawyers can help 

In addition to the above issues, small business lawyers can also help you with issues related to copyrights, trademarks, compliance, and more. We recommend finding a trusted business attorney before you actually need one because being prepared is always in your best interest. Unfortunately litigation is something many small business owners will experience at least once, and you want an experienced small business lawyer representing you and your company in court. Don’t wait until you’re in the middle of a potentially messy legal incident to seek the advice of an attorney.

For more information about how our attorneys can help you as a small business owner, or if you have any questions, please contact SCC Legal today. Discover why so many people in New Jersey choose us as their trusted small business lawyers. We look forward to hearing from you.

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