Negotiating with Confidence: Key Strategies for Business Transactions in Idaho

Negotiation skills are essential for success in the dynamic world of business transactions. Whether buying or selling a business, entering contracts, or navigating other legal matters, a strong understanding of negotiation strategies is crucial. As an Idaho small business owner, it's important to confidently approach these transactions and seek professional legal guidance when needed.  

Due Diligence in Business Transactions

Whether you're looking to buy or sell a company, form a partnership, or acquire assets, due diligence is an absolute must. Idaho's vibrant business environment presents abundant opportunities for entrepreneurs and investors, and understanding the critical role of due diligence is key to ensuring successful outcomes. Join us as we delve into the intricacies of business transactions in Idaho and uncover why due diligence is paramount for achieving favorable results.

Avoid These Business Loan Scams

You finally came up with that million-dollar business idea! No more nine-to-five shifts, working for a boss you don’t see eye to eye with. Your idea fits your lifestyle and passions, and you can’t wait to get it up and running. Your business plan is complete, and you’ve located the perfect storefront that’s up for lease. Although you don’t have enough cash reserves to finance this endeavor, that’s okay. The next step on your to-do list is to secure a business loan to get you going.

While this is an exciting step that will make your business dreams a reality, it is important to keep your guard up. Don’t let your emotions get the best of you because people will try to take advantage of your situation. Business loan scams are happening more frequently, so knowing what to look for is essential. Here is a list of business loan scams to avoid.

Good Faith & Fair Dealings in Contracts

You’ve done it! You worked and negotiated for months, and all parties have finally signed that contract. You compromised where you could, you held firm when you needed to, and the business contract was finally signed. Everything is laid out as it should be, but in America, there is more to that contract. Now that it is signed, both parties are required to act in good faith and deal fairly. 

4 Crucial Elements Of A Construction Contract

When it comes time for you to draft a construction contract, there are certain tasks and considerations that you need to be cognizant of to protect you from any unnecessary challenges. Some of these things include:

  1.  you are a registered contractor under the law 
  2. identifying whether you do private or public work
  3. identifying whether you are working to alter or repair a structure

Additionally, you want to account for these four parts in the construction contract. 

How an Attorney Can Help with Business Contracts

A contract is a legally binding agreement that helps govern business responsibilities and relationships. It protects you and your interests, ensuring that all people and entities uphold their responsibilities. In business law terms, considerations are promises of monetary payment, goods and services exchange, and debt repayments. Consideration is the main element of a contract.

Why Are Contracts Important?

Any business or partnership will need contracts to ensure protection and smooth transactions. Whether you work in sales, real estate, construction, distribution, or any other type of business, you will likely need a contract drawn up. Contracts are also needed for employment, partnerships, confidentiality agreements, and other personnel matters.

Avoiding Fraud when Buying or Selling a Business

Owning a business is a highly personal endeavor. It is something to be proud of because you’ve worked long and hard for it. When it comes to starting your own business, selling your business, or buying a new business, there may be people trying to take advantage of you. Make sure you’re on guard to avoid these swindlers at all costs.

Avoiding Fraud when Starting your Business

You’ve finally figured it out! You thought of that perfect business venture that will bring you joy, freedom, and profit. After getting your idea and creating your LLC, many start-ups will look for investors to get their business off the ground. Unfortunately, this is an opportunity that scam artists take advantage of. Don’t let the excitement of your new business blind you to potential fraud–be sure to hire a business attorney for your protection.

Idaho Contractors Disclosure Requirements

Idaho attorney Chad Moody summarizes the disclosure requirements under Idaho Law. These required disclosures are important to help protect contractors working on residential construction projects.

Below is a formatted transcript of the video. 

Hi, my name is Chad Moody. I am an attorney here at Johnson May. We have offices in Boise and Twin Falls, Idaho, and we're a full-service law firm.

Recent Idaho Lien Amendments [3 Specific Changes Contractors Should Be Aware Of]

Idaho attorney Chad Moody gives an overview of the recent changes to Idaho lien law for Idaho contractors that went into effect on July 1, 2022.

Previously in another video, Wyatt Johnson discusses mechanics liens in Idaho. We highly encourage you to watch that video before this one for a better understanding of the content.

A recent change to Idaho's mechanics lien statute is especially noteworthy for contractors, subcontractors, and rental equipment providers. Idaho law provides complex details pertaining to the scope, rights, and obligations and, ultimately the enforcement procedures of these mechanics liens. [This video does not address each of these issues.]

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