New Orleans Real Estate & Corporate Law Blog

Starting and operating a Louisiana business requires a great deal of your attention. Every day, you have to make decisions that will probably affect its success. While you make those choices, you cannot forget to address legal matters that could also make or break the future of your company.

For instance, regardless of the type of business entity you decide to structure your business under, there are at least some legal issues you need to address. You may need to register your business, its name and other information with the state of Louisiana. If you own the business with others, putting together partnership agreements, operating agreements or bylaws is essential. These agreements outline the relationship of the parties, including who handles daily operations, who makes certain decisions and how individuals leave or join the company.

In the business world, a company's reputation can make or break it. Though Louisiana business owners often do their best to ensure customer and client satisfaction and operate their companies without questionable actions, some individuals may try to tarnish a company's reputation. In some instances, business litigation could result if libelous rumors are spread.

It was recently reported that a jury came to a verdict regarding such a case in another state. The situation began when three college students were accused of attempting to obtain alcohol illegally at a bakery. The students were taken into custody by police, and one was charged with attempted robbery and two others were charged with misdemeanor assault. One student confessed to attempting to purchase alcohol illegally, and the two others pleaded guilty to attempted theft and aggravated trespass. However, because the students were African-American, the college that they attended accused the bakery of racial profiling and discrimination.

Though verbal contracts are still legal, the days of doing business on a handshake are mostly behind us. In today’s uncertain world, a well-drafted contract can protect you in case a dispute arises.

In order to provide protection, a contract has to be enforceable. Here are the essential elements of a legally binding contract.

Louisiana business owners usually have big dreams for the future. For some, this involves merging with or acquiring another business. Business transactions such as these can seem complicated and even somewhat overwhelming, but a letter of intent can help address any concerns that a business owner might have.

A letter of intent is what some people refer to as a precontract. These written documents are generally -- although not always -- not legally binding, and instead act as blueprints for future contracts and other legal actions. It also confirms that all parties have an understanding of the general basics and main points of the upcoming deal.