Essay Sample about Business Law-Agreements

Published: 2022-05-13 23:03:57
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A business law-agreement is a mutual agreement between parties that creates obligations that cannot get altered with. Bonnie, the owner of the company, wishes to sell her real estate brokerage business whereby she is needed together with her company's accountant to come up with a list of the types of agreements that should be in place and the right parties to these agreements. The following are formal agreements that ought to be drawn up for the company to get legally covered;

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Operating agreement-it is a document in a limited liability company (LLC) and defines the person who has the responsibility for the company. Members of the company are listed here and internal operations specified, showing various roles and who has responsibilities for them.an operating agreement should, therefore, be signed between the members of "Bon sell-It Real Estate" and Bonnie and it should outline their roles and responsibilities.

Founders' agreement-it is a contract that gets drawn between the founders of a company on critical issues concerning their company. We need this agreement to provide for allocation and distribution of resources. This agreement should be signed between Bonnies and her sister Sassy together with Harry, her husband.

Worker agreement-these are the people designing your website, managing database or that performs legal accounting of the business. It is not necessarily for them to be full-time employees. Bonnie therefor should have a worker agreement with Fred, Sonny's friend for having used his software to digitize the company's database of client and accounting information. An agreement also should be filed between Bonnie and her seven real estate salespeople (employees) that sets out duties, payments, timings and other details that are specific to the engagement.

Customers agreements-customers are a vital source of revenue to the business therefor when you have contacted with any of them, that contract should be designed to help frame the relationship with them. "Bon sell-It Real Estate" should have an agreement with its customers, therefore, to ensure all parties get provided with the legal protection and to ensure a good relationship with them.

Business purchase agreement-this is a contract that is used to transfer business ownership from the seller to the buyer. The agreement includes terms of sale, optional clauses, warranties that protect both the seller and the buyer and all that is included or not included in the sale price. In our case above, this kind of agreement should be between Bonnie and the potential buyer.

Franchise agreement-this is a contract between two separate parties, the franchise and the franchiser whereby the franchiser gives the franchise permit to use the franchise name and whatever package of training, trademarks and all the assistance that goes with it to start a new business. Bonnie allowed the franchise to use her company's name in exchange for a waiver of the franchise fees. Thus they should both sign this agreement (Nicholls, R., & Buchan, 2017).

From the current arrangements, nothing seems questionable in my view.

Bibliography

Macaulay, S. (2018). Non-contractual relations in business: A preliminary study. In The Law and Society Canon (pp. 155-167). Routledge.

Nicholls, R., & Buchan, J. (2017). The Law of Unintended Consequences: The Effects of Voiding Ipso Facto Clauses in Business Format Franchise Agreements. AUSTRALIAN BUSINESS LAW REVIEW, 45(6), 433-447.

Postigo, A. (2016). Institutional spillovers from the negotiation and formulation of East Asian free trade agreements: Government-business relations in the policymaking of bilateral free trade agreements. Review of International Political Economy, 23(3), 379-417.

Picciotto, S. (2017). Rights, responsibilities and regulation of international business. In Globalization and International Investment (pp. 177-198). Routledge.

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