A family limited partnership (FLP) is a business structure and an estate planning tool. It allows family members to benefit from the profits of the business whether they’re actively part of it or not. An FLP, which needs to include at least two people, is typically...
Philadelphia Probate Law And Commercial Litigation Blog
5 tips to resolve partnership disputes
Business partners often have strengths in different areas that they can pull together to run the company. Even the best partnerships will sometimes have disagreements that need to be resolved. A partnership dispute can have a negative impact on the business. It’s...
Contracts are crucial for couples starting a company together
It may seem like there is no better choice for a business partner than your spouse. After all, they are someone you already trust unquestionably, and you may have a good idea of their intelligence and work ethic. Beyond that, you may know that the two of you do a good...
3 important steps if you want your child to take over the business
Your business may be your most valuable piece of property and also your primary source of income. Maybe you started the business yourself, or perhaps you inherited it from your parents. Now that you are starting to think about retirement, you would like for one of...
What if you can’t pay your past-due taxes all at once?
You didn't realize that you had made a mistake when calculating your income taxes until you got a letter from the Internal Revenue Service (IRS) informing you of underpayment or of an upcoming audit. Now, the IRS claims that not only do you owe thousands of dollars in...
Has your business’s purpose or operations changed recently?
Entrepreneurs may have to change their strategy several times after coming up with an idea for a new business concept. Frequently, the idea someone has will require some tweaking to turn it into a profitable business model. They may have to scale up or down their...
Will your child be ready to take over the family business?
You may feel strongly about the wish for your child to take over the family business when you retire. Not only do you feel like they can continue fulfilling obligations to your customer base and your employees, but you hope to provide them with a good standard of...
2 important documents for married couples starting businesses
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...
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...