Bad things happen to good people (Speaking from experience).
Personal History:
Several years ago I owned a large middle market company. The bank or secured creditor took over the company using the Universal Commercial Code Article 9 (UCC Article 9), sometimes referred to as a ‘UCC Article 9 takeover.’ I did not react as quickly as I should have. What I should have done was contact a competent business attorney / bankruptcy attorney early on to review [ . . . ]
Following is a brief overview of a few different types of business entities. All individuals and business entities wishing to operate under a different name or fictitious name need to register the fictitious name with the Pennsylvania Department of State.
Sole Proprietorship:
A sole proprietorship is one of the simplest forms of business ownership. As the name implies, it has a single owner who controls and runs the business. As a single owner, when the owner dies [ . . . ]
In general terms, a valid contract requires offer, acceptance, and consideration. An offer is made by an outward manifestation or the offeror, and may contain language as to what is required for acceptance. Acceptance is made by the offeree, and in many instances actions, payment, or performance can be considered valid acceptance. Consideration can come in the form of payment or performance. Promissory Estoppel however allows for promises without consideration if certain terms are met. [ . . . ]
Besides the obvious description of work, performance, and payments, many contracts also address several other issues. Other issues can include warranties, technical specifications, record keeping, finance charges, insufficient funds for checks, collection, and currency.
Construction contracts also often include information on how additional work will be handled, and whether it will be handled on a competitive bid basis or a time and material basis (T&M basis). Standard labor rates and overtime rates are also often listed [ . . . ]