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FAQ (Business Organization & Transactions

In what ways are joint ventures and partnerships alike?

Do shareholders of closely held corporations have any legal responsibilities to each other?

What is a shareholder voting agreement?

Why do corporate laws require that directors explicitly dissent from objectionable board decisions?

Do limited liability companies follow the partnership or corporation model for dissolution?

Can closely held businesses be bought and sold?

What are the possible consequences of personal liability for business debts and obligations?

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What are the benefits and drawbacks of nonprofit, tax-exempt status?

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Top 10 Reasons to Avoid Breaching a Contract

Top 10 Reasons to Avoid Breaching a Contract

  1. Your Business Reputation. You could damage your reputation in the business community.

  2. Your Business Relationships. You could sever your business relationship with the other party.

  3. Lawsuits. You could be sued.

  4. Time Away from Your Business. If sued, you could be forced to spend valuable time away from your business in order to respond to discovery requests, attend depositions, and litigate the matter in court.

  5. Legal Fees. You could incur significant legal fees.

  6. Specific Performance. Depending on the nature of the contract, you could be ordered by the court to perform your obligations under the contract.

  7. Contempt. If you do not obey the court's order, you could be held in contempt, fined, and/or imprisoned.

  8. Compensatory and Consequential Damages. You could be forced to pay money damages to the non-breaching party, in an amount that puts that party in as good a position as it would have been in were it not for the breach.

  9. Punitive Damages. You could be ordered to pay punitive damages, which are not limited by the amount of the other party's losses and can be very significant.

  10. You Lose All the Way Around. You could end up spending much more time, money, and mental and physical energy resolving the breach than you would have spent performing your obligations under the contract.

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Based in Alpharetta, Georgia, Briskin, Cross & Sanford, LLC, provides business and commercial law services throughout the greater Atlanta area in communities such as Marietta, Roswell, Smyrna, Cobb County, and Fulton County. A chief focus is the Georgia 400 Corridor, including Norcross, Cumming, Suwanee, Sandy Springs, Johns Creek, and Milton.

TREASURY DEPARTMENT CIRCULAR 230 DISCLOSURE: Pursuant to requirements imposed by the Internal Revenue Service, please note that any advice or information regarding U.S. federal income tax matters contained in this website (including any page hereof) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.