When someone starts a business during their marriage, they may work on developing the company while their spouse works another job. This approach helps a household reduce the risk in an entrepreneurial start-up. There is another stream of income so that the family...
Philadelphia Probate Law And Commercial Litigation Blog
Digital assets could lead to tax audits and even criminal charges
Human lives are increasingly digital. People socialize on the internet and even go online to meet prospective romantic partners. They can file their tax returns online and buy all of their household needs with a few clicks or taps on a smart device. The switchover to...
Why do most family-owned businesses fail?
Even when the family business lasts through the first generation, the vast majority fail by the third generation. Many of them don't even make it through the second generation. This means that, if you start a business and then try to leave it to your children, the...
What should you look for in a business partner?
You want to start your own business, but you're well aware that you don't want to do it on your own. You would like to go into business with a partner and see if the two of you can work together to have success. While many people in your situation may already have a...
Should you sell your business when you retire?
Now that you’re at the stage of your life where you’re looking to retire, one of the things you would like to do is to pass on or close down your business. You haven’t decided if you would like one of your children to take over the business or if you would like to...
3 times specific performance could resolve a contract dispute
Many businesses manage to resolve breach of contract disputes outside of court. However, there are always scenarios in which compromise isn't possible. Perhaps the other party refuses to take responsibility for their failures, and you need a more aggressive solution...
Are you ready for a leadership succession at your small business?
Running a small business means planning not just for daily operations but also the long-term success of the company. That means planning for the future until you leave the company and also what will happen if you retire, die or experience a medical emergency that...
What can you do to prevent a partnership dispute?
A partnership dispute can disrupt all parts of your business. Not taking preventative measures could mean the end of your partnership or difficulties in continuing to run your business until you can manage to resolve them. That’s why it’s so important to take steps to...
Why work with an attorney to start your business?
Starting your business is an exciting time in your life. It’s a new opportunity to bring in profits and an income that you build up yourself. When you start a business, choosing the right kind of business entity is your first priority. Selecting the right business...
How to talk to your partner about ending the partnership
Dissolving a business partnership is a bit like filing for divorce. You will try to figure out the fairest way to split the property you share with your partner based on your individual contributions to the company. Also, you may have to involve the courts if the two...