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Denver Business & Commercial Law Blog

Before signing, seek legal support with contract questions

A good contract can place a Colorado business in a strong position for the future. Whether it is for securing a useful vendor, leasing a new location for operations or hiring a critical employee, a well-drafted contract can provide a business with security and confidence in their actions. Not long ago this blog discussed the basic elements of a contract, but depending upon what type of contract a business needs to execute, the terms of the agreement may vary from those of others.

For example, employment-based contracts may discuss benefits and pay terms, partnership options, and other matters related to keeping business positions filled. Contracts that cover materials or supplies may focus on quantities, product details, price and delivery terms. A contract for a new corporate space may discuss rent, modifications to the space and penalties for nonpayment.

The elements of a basic contract

Contracts are an essential component of many business relationships. When a small Colorado business chooses to hire a new employee or work with a new vendor it will likely create and execute a contract to govern the terms of their relationship. Contracts, also called agreements, are based on an offer and an acceptance of the offered terms.

A party can offer to do or not do something to form the basis of a contract. The party that has received the offer can accept it outright, reject it or may counter-offer modified terms to the offering party. When a party agrees to accept an offer, it must offer valuable consideration - often a payment in the form of money - in order to secure the terms of the agreement.

Why might someone want to own a franchise?

We all have our favorite franchises, whether they are department stores, fast food restaurants or other popular business establishments. In fact, many franchises are now household names and have seen decades of success.

Some people in Denver wishing to establish their own business will choose to do so through franchising.

Corporate acquisitions hit the cannabis industry

As Colorado's legalized cannabis industry grows, large corporations are taking notice.

Starting November 1, publicly traded companies could legally invest in our state's cannabis businesses, and within days one of Colorado's biggest cannabis dispensary chains announced it had been sold. Canada's Columbia Care, Inc., acquired Colorado's Green Solution for a reported $140 million.

Social media policy changes can cause havoc for small businesses

Social media has upended the traditional ways businesses advertise and generate word-of-mouth among their customers and potential customers. Many small businesses in the Denver area have built their entire media strategies around social media. However, these strategies can be destroyed overnight when the social media companies change the ways they present a business' posts.

Many Denver businesses were concerned by news that the popular, photography-centered social media service Instagram is experimenting with changing the way it presents "likes," the indicators in which users show their appreciation for a post. Under the experiment, Instagram will begin hiding the number of likes on some users' posts. These users will be able to see how many likes their posts received, but the public will not.

Protect your business and yourself

When you are developing your new business, you have a lot on your mind. Perhaps you are putting the finishing touches on an invention, or working out the logistics for your new service. You may need to buy or rent a space, hire employees and take care of endless details. Hanging over all this are your considerations and worries about your potential customers.

With all that and more on your plate, it can be hard to think beyond the immediate future. Still, some of the very basic decisions you make about how to structure your business can have profound consequences months or years from now.

Craft brewers contend with a crowded marketplace

The craft brewing business has been growing for decades, but recently it has run into some serious growing pains. As new businesses have sprouted up, brewers must contend with an increasingly marketplace crowded with competitors.

Some have responded to this pressure through mergers and acquisitions. Some have been bought by large corporations, while others have tried to consolidate their industry positions by acquiring other businesses. Still others have responded by scaling back.

Businesses trying to do good things for their community

We often talk about business as though its only goal is growth and profit. Certainly, a for-profit enterprise needs to make money. But it can also do some good for the community.

Denver recently became home to a new pizza restaurant that employs mostly people with disabilities. Located in the Cherry Creek neighborhood, Pizzability looks much like any other pizza place in the front of the house. It serves pizza by the slice or the pie, beer and other beverages, and scoops of gelato. In the back of the house, things are different. Almost all the employees have disabilities. The kitchen is designed with wheelchairs and other tools in mind, and there are a number of features for disabled workers, including tools and other things for people with sensory needs.

Build a better contract

Drafting a contract that accomplishes all your business goals while addressing all possible complications is not easy. The language in a contract should be clear and the parties should make sure they agree on every point.

The most important point in drafting a contract is simply to get it in writing. It is possible to form a legally binding contract without putting pen to paper, but if any problem arises later on it is a lot better to have a written document to which you can refer.

Different approaches to business valuation

One of the most difficult aspects of buying or selling a business is determining its value. One might say that, as with so many things in our society, a business is only worth whatever someone is willing to pay for it.

However, it's essential to get a professional valuation of the business so that the buyer and seller know a baseline for their price negotiations.

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Virtual General Counsel LLC
7900 E Union Ave
Suite 1100
Denver, CO 80237

Toll Free: 800-229-1646
Phone: 303-395-0259
Fax: 303-766-0990
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