5 Important contracts to know when starting a Small Business
Starting a small business in Ohio can be a challenging but rewarding endeavor. One important aspect of running a small business is understanding the various types of contracts and agreements that you may encounter. These legal documents can help protect your interests, establish clear terms and conditions, and ensure that you are able to operate smoothly and efficiently.
Here are five common types of contracts and agreements that small businesses may encounter:
- Employment contracts: If you are hiring employees, it is important to have a written employment contract that outlines the terms and conditions of their employment. This can include details such as salary, benefits, job duties, and the duration of the employment relationship. Employment contracts can help protect both the employer and the employee by clearly defining the expectations and responsibilities of each party.
- Lease agreements: If you are renting a space for your business, you will need to enter into a lease agreement with the landlord. This document will outline the terms of your tenancy, including the duration of the lease, the amount of rent, and any other terms and conditions that apply. It is important to carefully review a lease agreement before signing to ensure that it meets the needs of your business.
- Service contracts: If you are providing a service to your customers, you may enter into a service contract that outlines the terms of the service being provided. This can include details such as the scope of the service, the payment terms, and any guarantees or warranties that apply. Service contracts can help protect both the provider and the customer by setting clear expectations and establishing a clear resolution process if there are any disputes.
- Supply contracts: If you are purchasing goods or materials from a supplier, you may enter into a supply contract that outlines the terms of the transaction. This can include details such as the quantity of goods being purchased, the price, and any delivery or payment terms. Supply contracts can help ensure that you receive the goods you need in a timely manner and at a fair price.
- Non-disclosure agreements (NDAs): If you are sharing confidential information with someone, you may want to enter into a non-disclosure agreement (NDA) to protect that information. NDAs can be used to prevent the disclosure of trade secrets, business plans, or other sensitive information.
Contact a lawyer before signing a contract.
It is important to carefully review any contract or agreement before signing to ensure that it meets the needs of your business and protects your interests. If you have any questions or concerns about a contract or agreement, it is a good idea to seek the advice of an attorney. Please call Brenden Kelley Law at 216-644-3359 so that we can assist you.
More on Business Law | Contact Us