Apr 13

When a lender makes the money available to a buyer for the purchase of property, the lender may receive a “security interest in the purchase money.” In the typical sale of heavy equipment, the supplier of shovels that buys heavy equipment must borrow money for the purchase. The seller of the heavy device, or the bank, lends money to the outsourcing of the excavation to buy the equipment. The seller of heavy equipment or the bank “keeps” a security interest in the purchase money. If the excavation subcontractor grants a pawn for this equipment at a later date after the purchase, the safety interest is not an interest in the security of the purchase. “In accordance with Section 9-504 (2), which authorizes the use of a supra-Genoese description in a financing report, [the bank] could have improved its security interest by specifying its guarantees in the financing statement as “all assets” or “all personal assets.” The commentary on the Single Code of Commerce in Section 9-504 refers to the alternative of supergenerative description as a “safe haven,” which “expands the class of sufficient collateral references” to reflect the current practice of debtors who give an interest in securities to all or, for the most part, to all of their assets. Once the security agreement is established, it should be attached. To be considered “secure,” the agreement would need to be refined. These terms are described in detail below. In addition, the agreement should be authenticated, ideally before a notary or witness (or both). – The collateral descriptions contained in UCC-1 funding returns should contain super-general descriptions (e.g. B, “all of the debtor`s assets”) while avoiding reference to definitions in an underlying agreement. The bank submitted that the filing of the financing statement was sufficient to terminate other creditors. “…

The purpose of submitting a financing statement is simply to let third-party creditors know that the debtor`s ownership may be of previous security interest and that further investigation may be required to determine the identity of the assets.” In practice, UCC`s security interests are often unavailable to equipment suppliers or suppliers. Customers are often not willing to pay security interest on open bank loans, and competition from other providers will most likely prevent you from charging them. However, don`t forget security interests as a possibility, as they must be kept in your arsenal of credit management tools.

Apr 13

To determine whether information is a trade secret, states following the Restatement of Torts will generally consider the following six factors: If an employer learns that a new lessor has a restrictive contract, the employer should receive a copy of the restrictive pact for the legal advisors it must consider. Prohibitive activity may not correspond to the duties of the position to be filled. The agreement may also seem too broad. There may also be no consideration for the signing of the agreement. If, as of May 11, 2016, you have signed or amended a contract with a staff member and this contract deals with trade secrets or confidential information, make sure that it contains the DTSA whistleblower protection clause. If this is not the case, you should consider amending this contract. Your business secrets thank you. The company should, in the form of its directors, senior managers, superiors and employees, regularly evaluate all company information in their area of expertise to determine what information should be kept as trade secrets and take appropriate measures to preserve the secrecy of that information. It is advisable to do without the secrecy of company information. Only workers who must be aware of a trade secret in order to fulfil their professional obligations have access to this trade secret. The company should ensure that trade secrets are only available to employees who need to know them and only to the extent necessary to carry out these tasks. Access should be appropriately limited to the different materials containing the information that the staff member should know. A confidentiality agreement may prevent an employee from using or disclosing confidential information from an employer in the new job.

One of the advantages of this type of agreement is that the employer can define confidential information in such a way as to include more things than common business secrets. Moreover, such a signed agreement would prevent workers from pleading, unknowingly, as an excuse for the exchange of confidential information. It would, of course, be difficult to prove an offence if the confidential information provided by the employer could be obtained from sources other than the worker. Other agreements are narrower and only limit contact with customers. Such an agreement is called an innaccessibility agreement. By using competition, non-acquisition and confidentiality agreements, employers try to prevent workers from seizing the opportunities they have acquired during the employment relationship. The best competition bans are closely adapted to the most important needs of the organization, are reasonably applied only to persons in sensitive positions and are firmly invoked in the event of an infringement.

Apr 13

LO 15.1All assets invested in a partnership by a given partner – LO 15.5 Before liquidation, the partnership should be – The most frequent conflicts in a partnership are due to decision-making problems and disputes between partners. The partnership agreement sets conditions for the decision-making process, which may include a voting system or other method of monitoring and balancing between partners. In addition to decision-making procedures, a partnership agreement should include instructions for resolving disputes between partners. This objective is generally achieved by a conciliation clause in the agreement, which aims to provide a means of resolving disputes between partners without judicial intervention. LO 15.3How does a newly created partnership deal with the contribution of previously depreciated assets? LO 15.4Thandie and Marco are partners with $60,000 in funds. They each share 50% of the profits and losses. Chris participates with $30,000 in the partnership for a 1/3 action. How much should the partnership save as a bonus for Chris? Partners may agree to participate in gains and losses based on their share of ownership, or this division can be allocated to each partner in equal shares, regardless of participation. It is necessary that these conditions be clearly outlined in the partnership agreement in order to avoid conflicts throughout the period of activity. The partnership agreement should also provide for the date on which the profits can be deducted from the transaction. Partnerships can be complex depending on the size of the activity and the number of partners involved. The creation of a partnership agreement is a necessity to reduce the potential for complexity or conflict between partners within this type of business structure. A partnership agreement is the legal document that determines how a business is managed and describes the relationship between the different partners.

LO 15.2What are the following points not taken into account in the development of a partnership agreement? Partnerships often continue to operate for an indeterminate period, but there are cases where a business is destined to dissolve or end after reaching a certain stage or a certain number of years.