Under Michigan law, a fiduciary relationship is defined “as a person who has a relationship in which one person is under a duty to act for the benefit of the other on matters within the scope of the relationship.” Alternatively, a fiduciary duty is like the “golden rule” and we are required to “treat others how we would like to be treated” within the scope of a professional relationship.
Read moreBusiness Must Haves: Operating Agreement
If you’re a business owner, you’ve put in countless hours into building up your business and making it profitable. However, you must ensure that you have a comprehensive operating agreement because it is one of the best ways to protect your business from costly disputes to help your business stays afloat.
Basics of an Operating Agreement
An operating agreement is a document that contains many pieces of critical information regarding your business specifically your limited liability company (bylaws are the equivalent document for a corporation)….
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