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Baton Rouge Business and Commercial Law Blog

How to determine a breach of fiduciary duty

As a previous post highlighted, businesses in Louisiana and elsewhere have to be conscious of the relationships they establish. Whether it is in the normal course of business or for business development, these relationships come with benefits, duties and obligations. The failure to uphold the terms of these specific relationships, such as one that is created with a fiduciary, could mean a breach. Even more so, this could mean a complex business dispute regarding the damages incurred from this breach of fiduciary duty.

In order to understand when such a breach occurs, it is important to be aware of when and how this relationship is formed. This not only establishes fiduciary responsibilities but also helps identify when a breach occurs.

What is a breach of fiduciary duty?

For those owning a business in Louisiana or elsewhere, it is likely that a variety of professional relationships are formed in the normal course of business. No matter the size of a company, a fiduciary relationship is established at any point when a party places confidence and trust in another party with that party having full knowledge of this.

When a fiduciary relationship is formed, this is called a fiduciary duty; when a fiduciary duty is established, this means that the duties of the fiduciary can be enforced if the relationship is formed under the law. Additionally, if a fiduciary breaches the duties they owe to another party, this could be cause for litigation.

How to determine if construction defects are present

Initiating a construction project can be an overwhelming experience. And whether individuals or businesses in Louisiana are building a home, commercial space or any other type of building, there are some key factors to consider when ensuring construction defects are not present.

A building, no matter the size or type, must be on a solid foundation and the materials used to construct the building must not be defective. Taking the step to notice the signs and dangers of these conditions is imperative when checking the progress of a construction project and ensuring that a completed building is safe.

Document retention and construction defect claims

Whether you are building a new home, breaking ground on a new office building or planning an addition to your home, construction projects of all sizes have many working parts. There is the planning phase, design phase and the building phase, and during all those phases, the parties involved in the construction project will conduct quality checks, making adjustments where need be.

The process of taking a design to an actual building can be lengthy and complex. Moreover, it is likely to leave a huge paper trail, detailing all vendors, suppliers, contractors, designers and subcontractors used for the entire project. These details on these countless documents might seem just a part of the process and unimportant once that part of the project has been completed. However, these documents become very imperative if defects are discovered.

Why is valuation important for a business acquisition?

As a previous post discussed, mergers & acquisitions are major events that could take place among companies, possibly improving the overall function of a business and even extending the longevity of the company. While many opportunities could present themselves during a merger or acquisition, some businesses in Louisiana and elsewhere might profit more from selling their business. In these transactions, however, it is important to take certain steps, such as valuing the company.

Why is business valuation important when you are selling a business? Business valuation is imperative because it is a method to arrive at the best possible price one could get for selling the business. In order to sell a business, one needs to have an idea of where to set the asking price. There are three basic approaches for business valuation.

Protecting businesses during complex business transations

Businesses in Louisiana and elsewhere have a wide range of business goals; however, a business will always seek to take steps that are in the overall best interest of the company. If it is clear that a business standing alone will not thrive or reach its bounds, owners might consider a merger or acquisition. Such a process is considered a complex business transaction, but when all the steps are properly taken, such a transaction could be the best thing for a current business.

At Dunlap Fiore, LLC, our legal team understands that the term mergers & acquisitions or M&A might sound overwhelming and could induce various emotions for businesses in the Baton Rouge area. Nonetheless, business owners should not stray away from such an opportunity just because it can be a lengthy and complicated process.

Deceptive trade practice laws in Louisiana

Companies in Louisiana and elsewhere have to be careful in the way they conduct business. The owners of a business are expected to act in a certain way, and specific actions are looked down upon when they are carried out continuously by anyone within a company. Deceptive trade practices not only harm the people the company does business with, but also could harm the reputation and longevity of a business. Therefore, any accusations of unfair business practices or deceptive trade practices should be taken seriously.

Because competition often guides businesses to alter the way they do business, some companies might decide to take extreme measures to gain more business. While this could be legal in some cases, if these actions include acts such as misleading or making false claims, this is considered a deceptive trade practice.

What is an asset purchase agreement?

Businesses in Baton Rouge and other cities across the nation have to make minor and major decisions regarding the best interest of the business. In most cases, these decisions are made to keep the business thriving well into the future; however, this does not always mean that the business will remain as it currently is. For some business owners, selling a business is the proper step to take, but this process can be confusing and time-consuming. Thus, some companies opt to just sell a business asset; therefore requiring an asset purchase agreement.

What is an asset purchase agreement? This agreement is a legal document that details all the assets being sold from one business to another. This document is a contract that is prepared and signed prior to closing on the deal. Along with this document, other important and essential documents are also included. This frequently involves a broker or finder agreement, letter of intent, exhibits to asset purchase agreement, which includes a list of assumed contracts, list of assumed liabilities, security agreement, disclosures, warranty claims and other pertinent documents.

Avoiding an ADA claim against a business

Employers in Louisiana and elsewhere take certain steps to not only protect themselves but also the company or business they own, manage or operate. Because not all employees are the same, certain laws and regulations have been passed to protect specific differences and characteristics an employee might embody. For example, the Americans with Disabilities Act protect an employee with disabilities. And even when employers are well aware of this Act and the rights it affords, this does not prevent an employee from asserting a claim against his or her employer.

Therefore, an employer has to be prepared to defend itself against an ADA claim just like any other employer liability claim that could be filed against a business. Whether it is a means to avoid employment litigation or save the reputation of the business, it is essential to understand ways to navigate these actions. Moreover, it is important to note five steps employers could take to avoid ADA claims altogether.

Helping you assert an employer liability defense action

Business owners of all sizes have a variety of daily issues they might encounter. In fact, every year, there is a laundry list of required legal issues that business and company owners in Louisiana and other states across the nation must address. One frequently encountered area of law is employment law because a company cannot thrive without the working parts of its employees. And unfortunately, employers face minor and major obstacles when hiring small and large staffs.

At Dunlap Fiore, LLC, our legal team understands that employers want to take every necessary step to not only protect themselves but also the longevity of the company. Therefore, we are dedicated to helping businesses in the Baton Rouge are navigate employer liability claims.

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