When forming a corporation, you may have many options available.
Click To Learn More
Management Agreement Lawyer in Orlando, Florida
Management agreements, like any properly drafted employment agreement, can clearly outline your manager’s responsibilities and rights. The agreement can set forth the expectations you have for your manager, as well as detail other specifics such as compensation, stock options, benefits, termination provisions, reimbursement, liability, confidentiality agreements, non-compete agreements, and non-disclosure agreements. While it might be tempting to use a template management agreement, especially if you are a growing small business, it is important to remember that every company’s needs are unique and that templates may not consider state and local law or the needs of your company. Contact Legal Counsel, P.A. and consult with our management agreement lawyer in Orlando, Florida who can assist you with drafting a management agreement that is right for you and your employees. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
What Are Some Important Provisions to Include in a Management Agreement?
There are several things you’ll want to include in your management agreement contract. However, it is important to remember that no two companies are alike and the needs of your company may be unique and distinct from some of the provisions considered here. Here are just some of the things that many management agreements will include. Our qualified management agreement lawyer at Legal Counsel, PA in Orlando, Florida can assist you with creating a management agreement that is right for your company.
- Detailing the relationship between the management and the company. When you run a small business, the managers may not be distinct from the owners or partners of the company. However, as your company grows, you may need to hire managers. It is important to be specific about the relationship the managers have to the company, especially if managers in your company are not considered owners or partners.
- The more detailed you can be about the responsibilities and expectations of the role, the better. For example, if the manager is responsible for overseeing the finances, hiring and firing workers, and managing and overseeing contracts, it may be helpful to clearly define what each of these tasks mean within your organization. Every company is different and disputes can arise when conceptions of responsibilities differ.
- Often, management contracts will clarify the type of compensation the manager is entitled to receive. This includes stock options, golden parachutes, and other incentives. The contract should also include detailed information about benefits the manager is entitled to receive, including health, disability, 401(k), pension, life insurance, and any other special benefits your company provides. Vacation time can also be considered a benefit, and many management contracts will include paid vacation time in the contract. If you do plan to provide your manager with some equity in the company, it may be wise to provide provisions for what happens to the manager’s equity should the manager be terminated.
- Termination provisions. How you specify your manager’s terms of employment can have major legal implications should you need to terminate the manager. For example, you’ll need to ask whether the employment is “at will” or if you will outline a specific contract length. Some companies also provide specific causes that can lead to termination, such as conviction of a crime, acts of theft or fraud, failure to perform duties or responsibilities, or disclosure of confidential information. Contact Legal Counsel, P.A. and speak to our management agreement lawyer in Orlando, Florida who can assist you with specifying termination provisions so that you can best protect your company’s interests.
- Confidentiality agreements. While some confidentiality agreements may be included in the management contract, many companies choose to have separate confidentiality agreements in place to protect their rights. Confidentiality agreements often restrict managers from divulging trade secrets or revealing client lists, names, and contact information. If you are not sure about how to best go about confidentiality agreements, consider contacting Legal Counsel, P.A. in Orlando, Florida and consult with our management agreement lawyer.
- Non-Compete Agreements. Non-compete agreements place limits on your manager working for a competitor in your field for a specific period of time for a specific area. Many companies choose to draft separate non-compete agreements to their management agreements. In order for a non-compete agreement to be enforceable, it must be specific, time-sensitive, and location-sensitive. Companies often use non-compete agreements to ensure that management doesn’t use a company’s trade secrets to secure employment elsewhere or to start their own company which competes with your company. Consider contacting Legal Counsel, P.A. in Orlando, Florida and speak to our management agreement attorney today if you have questions about non-compete agreements.
- Resolution of Disputes. Management agreements should also include provisions for dispute resolution. Some companies require employees to resolve disputes in arbitration, though in recent months confidential arbitration clauses have come under scrutiny Speak to our qualified management agreement attorney at Legal Counsel, P.A. in Orlando, Florida to understand your rights and options when it comes to dispute resolution provisions in your management agreements.
These are just some of the provisions companies should consider when drafting management agreements. If you are considering hiring a manager and have questions about how you can best protect yourself legally, consider speaking to our management agreement lawyer at Legal Counsel, P.A. in Orlando, Florida today. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
Get Your Management Agreements Right
It is important to get your management agreements right. Any errors or omissions can cost you money and costly litigation. A properly executed and drafted management agreement can protect both your company and your employees for years to come. Contact Legal Counsel, P.A. and consult with our management agreement lawyer in Orlando, Florida today to receive assistance. Have questions? We have answers. Contact legal Counsel, P.A. to today at 407-982-4321.