Business Law | O'Keeffe O'Brien Lyson Attorneys - Part 2

Business Law

October 19, 2018

Beware of Offering Stock to Friends and Family

One of the most important parts of business is raising capital.  When raising capital, regulation by the Securities and Exchange Commission (SEC) or your state securities department may become involved.  Some might assume that business contributions by friends and family are not subject to securities laws. Offering friends and family […]
October 6, 2018

Contract Tips for Avoiding Litigation

Generally, it is in everyone’s best interest to avoid litigation.  Litigation is expensive and time consuming for all parties.  One way to avoid litigation is to draft a contract with the possibility of future litigation in mind.  Even if you think your contract will never be the basis of a […]
September 25, 2018

What You Should Know About Judgments from Litigation Settlements

What is a settlement? A litigation settlement is a decision between the parties to end a dispute before trial.  A settlement may be reached after only a few conversations between attorneys, or it may happen a few hours before trial ends.  Oftentimes, a settlement is a preferable outcome to litigation […]
September 19, 2018

Choosing a Business Name in North Dakota

Selecting a name for your business is an important part of business formation.  There are some rules about naming your business in North Dakota, depending on the type of business structure you are planning.  Generally, a business name cannot include any words that indicate it is involved in anything other […]
August 13, 2018

All About Buy-Sell Agreements for Businesses

When the ownership of a business changes hands, it can be a dream come true for both the buyer and the seller. Founding and cultivating a business to the point where someone wants to buy it is a mark of successful entrepreneurship. After the sale, the sellers can establish a […]
August 9, 2018

The Importance of Writing Corporate Minutes

Operating a business successfully always requires a certain amount of record keeping, even if it is a small business run by someone with a very good memory. At the very least, you need to keep accounting records to show to your tax accountant. If your business is large enough to […]
August 7, 2018

Contract Tips to Avoid Litigation

Contracts protect you in the event of a lawsuit, since they are the best evidence of the terms to which two parties agreed before getting into a dispute. A lesser-known but equally important advantage of contracts is that they can stop lawsuits from happening in the first place. It is […]
August 2, 2018

North Dakota “At Will” Employment and Wrongful Termination

The phrase “gig economy” sounds thrilling, unless you have actual financial responsibilities.  What is not to love about turning your talents and determination into financial gain and not having to answer to a boss?  Of course, making your living through freelance gigs means no job stability and no employer-sponsored retirement […]
July 5, 2018

When to Call a Lawyer to Protect Your Rights as a Creditor or Debtor

Consumer debt is so prevalent in American society that most people just accept it as a fact of life. You make monthly payments on home mortgages, student loans, car loans, and credit card debt and look forward to the day when you can finally pay off one of the debts. […]
June 13, 2018

Protect Your Business with Sound Contracts

People have always told you that you have a great mind for business, but what do they mean by that? Do they mean that you carefully weigh risks and opportunity costs before you decide to commit money for a project? Do they mean that you are unusually observant about people’s […]
June 5, 2018

Using Standard Form Contracts May Hurt Your Business

As a small business owner, you have probably developed a number of time-saving strategies.  Using standard forms of documents, such as invoice templates and form letters, has probably allowed your business to accomplish a lot in a limited amount of time. Contracts, however, are too important to assign to a […]
May 16, 2018

Do I Really Need to Form a Corporation?

The nature of business is changing rapidly in the United States. While owning one’s own business or being one’s own boss may still be a big part of the American dream, businesses take many forms. A recent article by Rachel Paige King describes how career advice books released over the […]
May 9, 2018

Why Do I Need a Small Business Attorney?

There is a whole industry of offering services to small businesses. If you do an online search for almost any question related to your business, you will find advertisements for products and services marketed to small business owners. From accounting software to productivity apps to executive life coaching, it is […]
April 19, 2018

The Definition and Benefits of an LLC

The first decision you have to make when you establish a business, whether in North Dakota or in any other state, is to choose a business structure. When you read the definitions of the business structures, it seems simple, but each business structure has its own fairly complex set of […]
April 17, 2018

ND Supreme Court Clarifies Contractor License Requirements

The North Dakota Supreme Court recently issued an opinion that clarifies the rules for contractors about when they need to obtain a contractor’s license and the risks they face if they are not properly licensed. Importantly, the decision makes clear that a contractor is not entitled to recover for services […]
April 9, 2018

Why You Need an Attorney When Setting Up a New Business

It is possible, at least in theory, to learn to do almost anything just by finding the instructions online or watching a tutorial on YouTube. Type “how to” into a Google search, and you will find instructions on everything from how to tie a tie to how to learn a […]
March 28, 2018

Repairmen’s Liens – A Complex But Powerful Remedy

For blacksmiths, machinists, farm equipment dealers, construction equipment dealers, welders, garage keepers, mechanics, or aviation operators with an established place of business in North Dakota who have not received sufficient payment after providing services, there are few options that are as effective as a repairman’s lien, which allows a party […]
March 26, 2018

What if an Employee Takes Trade Secrets to a New Job?

Trade secrets are the ins and outs of a company’s operations that those companies have the right to keep as their private intellectual property. In many cases, employers have spent a large amount of money in hiring, training, and retaining employees. When employees transfer to another employer, there is a […]
December 28, 2017

North Dakota’s Prohibition on Non-Competition Agreements Prevails Over Choice of Law and Forum Selection Clauses

As most corporate and commercial litigation attorneys in this state already know, North Dakota law provides that a non-competition agreement is void as a matter of law except in a few, limited circumstances. See N.D.C.C. § 9-08-06. Enterprising attorneys have attempted to circumvent the prohibition on non-competition agreements by utilizing […]
December 29, 2016

Increased Penalties for OSHA Violations Could be Scary for Businesses

For the first time in 25 years, the Occupational Safety and Health Administration (OSHA) increased monetary penalties for standards violations under the provisions of the Federal Civil Penalties Inflation Adjustment Act. In November 2015, the U.S. Congress enacted legislation requiring federal agencies to adjust their civil penalties for inflation, and […]
December 19, 2016

Business Liability for Data Breaches

Recent news is often dominated with the latest and largest corporate data breach, and even the 2016 U.S. election was not immune to hacking. According to Symantec’s 2016 Internet Security Threat Report, small businesses having 1-250 employees were the victims of 43 percent of all data breach attacks carried out […]