TL;DR: An agreement is a mutual understanding between two or more parties to do, or not do, something. It becomes a contract only when the law will enforce it, which happens when it has offer, acceptance, consideration, an intention to create legal relations, capacity, and a lawful purpose. So every contract is an agreement, but […]
Author Archives: Prakhar Rai
14
Jul
Jul
TL:DR A Limited Liability Company (LLC) is a business structure that combines limited liability protection with operational flexibility and pass-through taxation. Forming an LLC generally involves choosing a state, selecting a business name, appointing a registered agent, filing the Articles of Organization, obtaining an EIN, preparing an Operating Agreement, opening a business bank account, and […]
07
Jul
Jul
TL;DR: A disclaimer is a legal statement that explains the limits of your responsibility and tells users what they should reasonably expect from your business. Whether you run an e-commerce store, SaaS platform, law firm, healthcare website, AI application, or personal blog, a properly drafted disclaimer can reduce misunderstandings, improve transparency, and strengthen your legal […]
TL;DR: A consultancy agreement is a legally binding contract between a client and an independent consultant that defines the scope of work, payment terms, intellectual property ownership, confidentiality obligations, and the all-important separation from an employment relationship. In India, it is governed primarily by the Indian Contract Act, 1872. A poorly drafted consultancy agreement can […]
06
Jul
Jul
TL;DR: A Collaboration Agreement is a legally binding contract that enables two or more independent businesses or individuals to work together on a specific project without creating a partnership or a new legal entity. It clearly defines each party’s contributions, responsibilities, ownership of intellectual property, revenue sharing, confidentiality, liability, dispute resolution, and exit procedures, helping […]
06
Jul
Jul
TL;DR: An agency agreement is a contract between a principal and an agent, setting out the agent’s authority to act on the principal’s behalf and the duties, compensation, and limits that come with it. Without one, the law still treats the agent’s authorised acts as binding on the principal, which is exactly why getting the […]
12
May
May
TL;DR: A shareholders’ agreement is a private contract between a company’s shareholders that defines their rights, decision-making authority, and what happens to shares when someone wants to sell, exit, or when the company itself is sold. This page shows what one actually looks like in practice: the recitals, the definitions, the operative clauses, and the […]
09
May
May
TL;DR: Terms and Conditions are more than a standard legal document. They establish the contractual relationship between your business and its users, define acceptable use, protect your intellectual property, limit liability, and provide a framework for resolving disputes. Without properly drafted and enforceable Terms, businesses may struggle to remove abusive users, protect their platform, or […]
09
Apr
Apr
TL;DR: An Operating Agreement is the legal blueprint for your LLC. Even if your state doesn’t require one, it protects your business by defining ownership, management, voting rights, profit distribution, dispute resolution, and exit procedures. Without it, your LLC will be governed by default state laws that may not reflect your intentions. In 2026, Operating […]