Those in leadership positions at successful businesses generally want to see their company thrive. Even after they exit the organization, they may hope that the company continues to grow. Succession planning can help ensure that a business can continue operating even...
Philadelphia Probate Law And Commercial Litigation Blog
What if someone can’t pay their tax debt all at once?
People in a variety of situations may find themselves facing allegations of tax underpayment. Perhaps someone misunderstood what deductions or credits they could apply when filing their taxes. Maybe they failed to calculate their tax obligations using all of their...
3 steps to decrease the conflict in a partnership buyout
Some business partnerships last for decades. Others start to struggle shortly after they begin. While people may have intended to run a company with their business partner for years or even decades, they may eventually need to propose buying out their partner or ask...
3 reasons people may seek the removal of a personal representative
The personal representative of an estate in Pennsylvania has a lot of responsibilities. They have to locate any estate planning paperwork that the deceased drafted and secure estate resources. They need to communicate with beneficiaries, the probate courts and...
What could happen to your family business during divorce?
Small businesses are very common in the United States and many married couples see them as a chance to take control of their future and their finances. If you’re thinking about starting a business, you may be wondering what’ll happen if you and your spouse get...
The major financial risks that come with estate administration
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...
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...