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...
Philadelphia Probate Law And Commercial Litigation Blog
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...
Is a family limited partnership right for your family?
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...
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...