A departing partner can affect your revenue, clients and daily operations. Your actions can dictate how you protect your business and manage problems. In Pennsylvania, knowing the rules for partner exits helps you plan a smooth transition. 1. Lean on your buy-sell...
Business & Commercial Transactions
Selling a business? Learn how IRS liens affect the sale
An Internal Revenue Service (IRS) lien gives the government a legal claim to your business assets when you owe back taxes. The lien attaches to all business property and rights to business property, including accounts receivable. While this can complicate a sale, it...
Business divorce: Why a solid buy-sell agreement matters
Business partnerships often begin with trust and shared goals. But when a partner exits—whether due to death, disability, divorce or disagreement—a lack of planning can threaten the business. For small and mid-size business owners, a buy-sell agreement offers...
Should you buy commercial property with an easement attached?
Purchasing commercial property is a major investment. As a result, you’re unlikely to enter into such an arrangement lightly. When considering a particular purchase, you may learn that the property in question is impacted by an easement. You’ll want to carefully...
Why due diligence is so important during a business acquisition
The acquisition of another company can help a thriving business perform even better. Business acquisitions give companies access to new resources, such as specific commercial facilities and intellectual property. They can also help the acquiring business establish a...
Preparing an adult child to take over the family business
Starting, maintaining or growing a family business can be a point of pride for an individual. The company they run helps them support their family. It may also contribute to the local community by offering important goods and services and providing people with...
The importance of strong business contracts and warranties
If you are a business owner in the bustling Philadelphia metro area, you probably know that every detail of your approach matters. Whether you’re running a cozy cafe in Cherry Hill or a thriving tech startup in Center City, the success of your business often hinges on...
Selling a business could result in major tax consequences
Business owners have to consider numerous different issues when planning to sell a company. Securing an appropriate valuation is only the beginning of the process. Negotiating to secure the best price possible, agreeing to provide appropriate transition support and a...
3 basic considerations for a smooth transition to new business leadership
If someone has started a successful business, they very likely want to see that company continue operating even after their death or retirement. The creation of a succession plan allows a business owner or executive an opportunity to pay the way for the next...
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...