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Blog #27; (5 Important Tips To Remember For Contracts; Jim Kaat)

May 30, 2012

I would like to thank my colleague Linda Hatcher for this week's legal portion.

1. Get The Parties Right. The names used for the parties should be their actual legal names. If a party is an individual, use the full legal name of the individual. If a party is an entity, use the name of the entity as registered with the state in which the entity is organized. If that entity operates its business under a fictitious name (commonly referred to as a "dba," which stands for "doing business as"), then include the fictitious name, too. For example, "ABC Company, Inc., dba Westside Services Corp." If your business is organized as an entity (e.g., a corporation, a limited liability company, a partnership), be sure to use your entity name for the contract, rather than your individual name, in order to control your personal liability exposure and to assure the related rights, interests, and obligations are properly in the name of the entity.

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