As a business owner or entrepreneur, purchase agreements are an essential part of many transactions. To create a smooth and fair deal, it is important to make sure the representations and warranties in the agreement are clear, accurate, and reliable. That is where knowledge qualifiers come in. These short phrases are one of the most important tools for allocating risk in a purchase agreement. What Are Representations and Warranties? Representations and warranties are statements or promises of...

Selling a business can feel like a huge undertaking, but with the right lawyer at your side, the process can be far more manageable than you might expect. In Michigan, the key steps usually include preparation, valuation, deal structure, tax planning, and closing. Each step matters, and each one can affect not only the deal itself but also your legal and financial protection after the sale. Prepare for the sale Preparation is the foundation of a smooth business sale. Before you ever sit...

Although operating agreements are not always legally required when forming a Limited Liability Company (LLC), creating one is often one of the smartest ways to protect both your business and yourself. Whether your LLC has many members or just one, an operating agreement can help avoid future disputes, confusion, and lost opportunities. Protection from state default rules An operating agreement serves as an internal rulebook for your LLC. If your LLC does not have one, the company will...