Types of Breach of Contract Damages

Types of Breach of Contract Damages Compensatory – Compensation for the monetary loss sustained by the non-breaching party as a result of the breach. Consequential – Damages caused indirectly due to the contract being breached. In other words, financial losses incurred by the...

What’s Your Exit Strategy?: The Importance of Business Succession Planning

“Failing to plan is planning to fail.”   Are you a small business owner or planning to start a business? If so, keep reading. If not, still keep reading. When’s the last time you reviewed your business succession plan? Better yet, do you have a one? Or right now are you...

Non-Disclosure Agreements (NDAs) 101

Non-Disclosure Agreements (NDAs) ……… may also be called Proprietary Disclosure Agreements, Confidentiality Agreements, Confidential Disclosure Agreements, and Trade Secret Agreements are written contractual agreements where one or both parties agree not to share information...

Characteristics of Business Entities

Selecting the right structure for your business is one of the most important decisions you will make.  Here is a list of some of the characteristics of the main business entities. Sole proprietorship A sole proprietorship is a business made up of one individual, the sole...

12 Things to Consider When Drafting NDAs

A Non-Disclosure Agreement or NDA is a contractual agreement between the Discloser (the party sharing the information) and the Receiver (the party receiving the information) to share information for a specific purpose with a promise not to disclose or use the information outside...

Forming a Virginia Limited Liablity Company (LLC) in 5 Steps

1. Select a Name for your Limited Liability Company (LLC) The first thing you need to do to start the process to formally set up a Limited Liability Company (LLC) is to pick a name. The name must be distinguishable from other business entity names, either active (excluding...

10 Common Contract Clauses and What They Mean

Have you ever signed a contract without fully understanding it? Does all the legalese begin running together? Better yet, have you ever signed a contract without even reading it? Well if your answer is yes, you are not alone; I am sure most of us are guilty of doing this at some...

5 Easy Tips for New Virginia Small Businesses

Owning your own business is not an easy task.  There is so much to do, so much to learn, and so little time; with that in mind, I put together a few simple tips and resources to help you get started with building your dream. Develop a Strategy & Plan of Attack Define your...

The Big “O”!

Check out the Fredericksburg Chamber of Commerce, Chamber Buzz to find out what TNG Legal has to say about The Big “O”! http://www.fredericksburgchamber.org/chamberbuzz/the-big-o  

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