A couple of days ago, I settled a litigation that got to the core of two business partnership topics that aren’t talked about enough. One of the things that I constantly preach to clients is that if you are going into business with somebody, it cannot be based...
I want to take the opportunity to address a couple common misunderstandings between legal entities and tax designations. One common question that we get is if I should form an S corporation. The answer to that question, actually, is that you can’t. Let’s step back and look at this...
While we often talk about the logistics of partnership agreements, you should be asking yourself why first. Simon Sinek asks us to think about why when it comes to leadership. I am asking people going into business together to ask a series of why questions....
I’d like to take a moment to talk about disparate or unequal ownership shares in a business. Over the last couple of months, I’ve encountered a couple of family businesses as current and potential clients. It is common for a one owner to give a smaller share of...
I recently had an interesting meeting with a potential client. This gentleman was preparing to set up two businesses with partners that were family members. Family partnerships and family businesses are tricky. I often mention that if you are planning to go into business with family, there are a...
TIn a previous post I talked about issues related to the death of a partner and the difficulties that can surface if the partners have not discussed a business succession plan at any point. Today’s post is also somewhat morbid. This time we are talking...
For the past several weeks I’ve been talking about partnership agreements and how to legally structure a partnership. But, this post is a little bit different. It’s a little more personal and frankly a tad morbid, I suppose. I’ve been working with a client, two partners...
This month we are looking at partnership agreements. We are doing our best to make sure these concepts are not scary for you. We want you to be a part of your partnership agreement and make sure your voice gets heard in these major business decisions....
What happens if business partners need to split? What if they need to sell? How can partners maintain control of a company as people get married, divorced, or pass away? These are serious questions that are a reality for many business partnerships. Before we jump...