Business Contracts 101: 14 Common Business Legal Relationships
In the normal course of business, all business entities must interact with other parties or institutions. All of these relationships are legal relationships that your newly formed business entity will create as it grows. Depending on the industry and entity type, the number, scope, and even names of these contracts can change. This can make it very difficult to know which contracts your business needs and which it doesn’t.
And yet you NEED TO KNOW because these relationships are vital to a company’s profitability and functionality. You can’t NOT work with your suppliers and customers! In order for the company to protect itself, its assets, its owners, and its employees, it must create legally binding, written contracts. Without properly drafted and executed contracts, you, your business, and your business assets are vulnerable!
Here is a handy chart that we here at Alexander Abramson have created to help you get acquainted with the 14 most common legal relationships your business will create in the normal course of business and the various noms de guerre that these contracts and agreements go by.