You and your business partners put together an idea to make money, and you worked to make that idea come true. To achieve success, you had to pay attention to the details. However, remarkably few small business owners account for the future of the business’s ownership and continuity. A good buy-sell agreement does just that. In this guide, we...
Continue ReadingMost small business owners make the mistake of assuming that once they have set up a corporation or limited liability company, they and their personal assets are protected from liability. As a result, they do not take any further action to sustain limited liability protection. Or worse, they take actions that weaken limited liability protection, increasing the risk that...
Continue ReadingPeople enter into small business partnerships based on a common interest and a common vision. The hope for the future of your business tends to drive all decisions. But these halcyon days almost always pass and difficulties and disagreements arise. Therefore, the smartest foundational business decision you can make is to hope for the best and prepare for the...
Continue ReadingWhen we think of workplace sabotage, a disgruntled employee sabotaging the company usually comes to mind. But sabotage can also happen at the partner level. It is distressing, to say the least when your once-trusted partner is sabotaging the business you built together. At one point you both were of common mind with a common vision looking to build...
Continue ReadingThe creation of the limited liability company (LLC) as a business entity was transformative for small businesses. It took the best of the C corporation and partnership models and also perfected the intentions behind the S corporation. However, an LLC without an operating agreement is but a shell. To truly realize the potential that an LLC business model provides,...
Continue ReadingContracts form the foundation of all economic transactions, whether international commercial deals or weekly mowing of the front lawn. However, things don’t always go as planned. Therefore, when you rely on the other party to perform and they fail to do so, there could be a breach of contract and a claim for damages. In that event, what do...
Continue ReadingNot all states recognize handwritten wills—also known as holographic wills—as valid. Every state has its own rules, so a will can be valid in one place but not another. Handwritten wills in Texas are not only valid but just as effective as a typed will. That being said, a handwritten will is not the most reliable way to transfer...
Continue ReadingA last will and testament is a foundational estate planning document. In a will, you can lay out how you want your assets distributed upon your death. You also name an executor who will oversee your estate. While this concept is straightforward in principle, there are many factors to consider when drafting a will. Most importantly, you need to...
Continue ReadingOne of the most important decisions to make when estate planning is deciding who will inherit your assets. Your last will and testament will include these decisions in the form of bequests. So what does bequest mean in a will? Generally speaking, a bequest is how you instruct who gets what when you die. There are many different kinds...
Continue ReadingEstate planning for business owners is one of the most important but overlooked parts of setting up a business. Often, folks wait until it’s too late to have conversations about their wishes for their small business after they pass on. When setting up your business, estate planning for small business owners can be an essential component of preparing for...
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