One of the most effective aspects of American law is its flexibility. This may be best exemplified in contract law, and specifically how contract agreements may become the “law of the parties” once they are entered into; in some ways our freedom of contract and association serve as a separate legal system that may be designed by the parties and applied to their specific circumstances.
There is no better example of this than disputes involving business associations and entities. Here, depending on how the business is formed, there may be articles of incorporation and by-laws that act as the applicable rules governing your agreement. Your incorporation makes your forming documents the law of the land when it comes to your disputes, and so a decision to alter this corporate constitution must require serious reflection.
When Should I Think About Modifying My Business Agreement?
The shortest answer is: before you have to.
A modification in business agreement can significantly change the structure and operation of your organization, but modifications aren’t always the result of a long-considered decision. Rather, the death of a partner-owner, or the death of a high level officer, or the destruction of some critical asset-all of these circumstances could trigger a necessary change to your business agreement.
If your business is at a critical inflection point, if it is in need of change–seriously consider consulting a business associations and entities expert today.
The premier business dispute law firm in Indianapolis
McClure McClure & Davis is the premier business dispute law firm in Indianapolis. If you’re searching for Indianapolis business lawyers, look no further. The professional experts at McClure McClure & Davis are the only lawyers you need to consult with when determining whether or not to modify your organization’s business agreement. Consult with us today to begin your case.
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