When creating an estate plan, many people wonder whether they need a trust or if a will is enough. The answer depends on your assets, family circumstances and long-term goals. In Philadelphia and throughout Pennsylvania, a trust can provide valuable benefits, but it...
Philadelphia Probate Law And Commercial Litigation Blog
How do you remove a business partner from an LLC?
Removing an employee and removing a business partner are two very different things. If you share ownership of an LLC with someone who is creating problems for the business, you may be asking a much bigger question: can that person be removed? Start with the operating...
Why should you prioritize well-drafted business contracts?
When you are running a business, contracts form the backbone of nearly every professional relationship you establish. Whether you are partnering with vendors, hiring employees or collaborating with other businesses, the agreements you create today can significantly...
4 signs of a breach of fiduciary duty
You rely on the honesty of your business partners and directors to ensure the company thrives. When these individuals put their own interests above the needs of the business, they violate a legal trust. A breach of fiduciary duty occurs when a leader fails to act with...
How to protect your business in WA during retirement transitions?
Retiring from your business can feel like stepping into a new chapter. But it also brings the risk of disrupting what you’ve built. Without a clear plan, ownership changes may spark disputes, reduce the value of your business or create gaps in leadership. Taking...
5 succession conflicts for siblings in the family business
You grew up around the family business. You know the operations, the clients and the day-to-day decisions. You may also have siblings involved in the business. While working together can be rewarding, it can also create tension. Succession planning in Pennsylvania can...
3 ways to handle a partner leaving the business
A departing partner can affect your revenue, clients and daily operations. Your actions can dictate how you protect your business and manage problems. In Pennsylvania, knowing the rules for partner exits helps you plan a smooth transition. 1. Lean on your buy-sell...
Will probate stop day-to-day business operations?
Confusion often follows when probate intersects with business operations. Many business owners assume their company will continue seamlessly after their death. Others fear operations must cease entirely during probate. The reality falls somewhere in between. Business...
4 transition issues family-owned businesses often overlook
Transitions in a family-owned business can be more complex than they appear. Personal ties often overlap with financial and legal responsibilities. When you run a business in Pennsylvania, your plans may also need to align with state laws on taxes, governance...
Selling a business? Learn how IRS liens affect the sale
An Internal Revenue Service (IRS) lien gives the government a legal claim to your business assets when you owe back taxes. The lien attaches to all business property and rights to business property, including accounts receivable. While this can complicate a sale, it...