The Learning Library

Employers have been using noncompete agreements to safeguard their secret sauce since the dawn of capitalism. Today, about 1 in 5 workers, or about 30 million employees, are subject to a noncompete agreement.

If it wasn’t news enough that real estate brokers in NM are generally not agents with a fiduciary duty toward their clients, it may be even more shocking for buyers to hear that as of 2024, they are on the hook for their broker’s commission

One of the first things I explained to her after reviewing all the documents, was that her “agent” was not her agent, he was a transaction broker.

Almost every contract has a line in it that says something like “this contract may only be amended in writing signed by both parties.” But we rarely hear about the procedure for amending the contract.

Short Answer: Any business can benefit from having an EIN, which is like a social security number for businesses.

State business filings and records can be accessed through the NM Secretary of State’s online business portal.

Short Answer: You can issue stock by writing a resolution, having the board of directors vote on it, and keeping good records of the process of transferring stock.

Short Answer: No, the burden is on you to make sure you know what you’re signing.

Short Answer: No, there are many misconceptions about liability waivers.

Short Answer: There are very few rules for using a DBA name in New Mexico. Just make sure to put the legal name of the business when it’s necessary or appropriate.

Short Answer: On the Effective Date which is often when the last party signs the contract unless otherwise stated.

Many professionals are content to do business as sole proprietors and it’s a fine option for small, low-risk businesses. In a sole proprietorship, there is no legal difference between the business and the business

Short Answer: For S corps or LLCs taxed as S corps, you must pay yourself a reasonable salary before taking any other money out. For LLCs, you can take money out at your discretion.

Short Answer: Technically no, practically yes.

Short Answer: Generally, yes.

Short Answer: Business owners should sign business contracts on behalf of their company by putting their title and the business’s legal name every time they sign.

Short Answer: Literally anyone can sign a contract on behalf of your business.

Short Answer: Handshake agreements are sometimes legally binding but they are hard to enforce.

Short Answer: S corps have pass-through taxation and some structural limits; C corps are subject to double taxation and can grow bigger in some ways.

Short Answer: Sole proprietorships and partnerships are the default legal structures when people start doing business without officially creating an LLC or corporation.

Not all agreements are legally-binding. For a contract to have legal teeth, it must contain these 6 elements:

Short answer: Technically no. Anyone can write a contract for themselves, but unless you have a strong understanding of contract law, it’s best to get help from a lawyer.