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The Involuntary Bankruptcy Trigger and Bankruptcy Basics
The Involuntary Bankruptcy Trigger and Bankruptcy Basics Bankruptcy is a common trigger of an involuntary transfer. If a partner goes bankrupt, you could find yourself partnered… with a partner’s creditors. Generally, you want to keep it in the family (or within the...
Non Legal Formation Advice
Starting a Business: Non-Legal Formation Advice While you will certainly have to traverse many complex legal facets when starting a business, the broad platform for a healthy business also encompasses many non-legal pieces of common sense. Having certain practical...
Planning for Your Legacy: Big Picture Decisions and Issues
What you don’t know can hurt you – and your family and your business. Being prepared means having a plan to navigate life’s unforgiving uncertainties both during life and after death. We’re talking, of course, about estate planning, and it’s important to realize that...
What Are Involuntary Transfers and How Do They Work?
As the name suggests, an involuntary transfer of your ownership share of a business is a transfer that you are not choosing to make. It is a transfer that is forced upon you due to specific circumstances, which are generally beyond your control. What kind of...
An Introduction to Governing Documents for Your Business
Governing documents consist of shareholders agreements and bylaws for corporations, operating agreements for limited liability companies (LLCs), limited partnership agreements for limited partnerships (LPs) and partnership agreements for partnerships. They are super...
Do Trusts or LLCs Provide You with Better Asset Protection?
Do Trusts or LLCs Provide Better Asset Protection? You may think of a trust as the only way to protect your assets from creditors after you’re gone. Today, we’ll be talking about another option for asset protection: the use of an LLC. Each has its advantages and...
An Introduction to Business Share Transfers
When you start a business with other people, each of you own a percentage of it – a share. In a two-person partnership, each of you might have a 50-50 share. Adding more people or entities of ownership, obviously, means a reduced shared for everyone. But what if one...
Why People Fail to Plan – and What to Do for Your Plan
We’ve written in the past about the frustratingly high percentage of people who do not have an estate plan. People who, if something happened to them today, would leave their assets – their legacy – completely at the mercy of the law, with no personal say in what...
Who Are the Relevant Parties to a Trust? And Other Important Trust Questions
If you’re thinking of setting up a trust and you’ve never done it before, you probably have a lot of questions. How do you do it? Who needs to be involved? How do they work? Are they worth it? In this post, we’re going to try to cover several of those questions to...
An Introduction to Business Planning and Business Plans
If you are a small-to-medium-sized business owner, you may view building a business plan as a deeply complex endeavor that will require exorbitant amounts of time. And because of this, you might decide not to bother. You might tell yourself that you already have the...