If someone asks a member of their family or inner circle to serve as their executor, they probably trust that individual. Similarly, if the probate courts appoint someone to serve as the administrator of an estate, that is likely a sign that the individual in question...
Philadelphia Probate Law And Commercial Litigation Blog
How should a small business owner respond to an audit?
Those running small businesses, just like anyone else filing an income tax return, have an interest in minimizing the taxes that they pay to maximize how much the company actually earns. Small business owners may be eligible for numerous deductions and write-offs...
The benefits of mediation for solving business disputes
Disputes between business partners are inevitable. Each partner has their own point of view and their own way of doing things, which naturally leads to clashes between them. However, these disputes do not have to mean the end of the business relationship between the...
Are your children ready to take over the family business?
As a company owner, you’ve invested time, energy and resources into building the family business. You’ve worked hard to establish a successful enterprise, and now you’re considering the future—specifically, whether your children are ready to take over the family...
3 reasons a business may need to change its legal type
Those starting a new business often think very carefully about what type of legal entity they want to create. There are benefits and drawbacks to each business type. Some people will drive the most benefits from a simple sole proprietorship, while others may want to...
3 ways to make a company more appealing to potential buyers
Selling a business is a consequential transaction that can take numerous months to complete. It may involve intense negotiations regarding the price and the terms set and could end up falling through for many different reasons. Any entrepreneur or executive tasked...
Considerations when leaving the business to multiple children
Family business owners often hope to pass the business on to the next generation. If you simply have one child, this may be a relatively uncomplicated process. Once you know that they want to take over the business, you train them to do so and then help them...
2 reasons estate end up embroiled in probate litigation
For many families, the estate administration (probate) process is relatively dull, if a bit lengthy. First, the court appoints someone to handle the deceased party's affairs or formalizes the choice of executor named in the deceased’s will. The executor or personal...
3 reasons family businesses fail
It’s actually very uncommon for family businesses to have any type of sustained success. Generally, they don’t make it past the third generation. Many of them don’t even make it past the second generation. But if you’re a business owner and founder, and you’re looking...
Potential complications when a business partner wants out
Ideally, if your business partner wants to leave the company, you will be able to find an easy way for them to do so. Maybe they’ll help you find a replacement, for example, or maybe they’ll agree to take a background role and not leave entirely. It all depends on the...