Clarification on Non-Compete Agreements for Jointly Owned Businesses
This proposed bill would ensure that non-compete agreements are valid in the context of jointly owned business entities. Before this change, it was unclear whether such agreements were enforceable when multiple parties own a business together. This clarification affects anyone involved in a jointly owned business who has signed or plans to sign a non-compete agreement. The exact effective date is not specified.
It was previously unclear whether non-compete agreements were valid in the context of jointly owned business entities.
This proposed bill would ensure that non-compete agreements are valid in the context of jointly owned business entities. Before this change, it was unclear whether such agreements were enforceable when multiple parties own a business together. This clarification affects anyone involved in a jointly owned business who has signed or plans to sign a non-compete agreement. The exact effective date is not specified.