A shareholder agreement is a legal contract between the shareholders of a corporation. It defines the rights and responsibilities of each shareholder, as well as their obligations to one another and the corporation itself. While shareholder agreements, also known as stockholder agreements, are optional, they are frequently used by closely held corporations. These companies typically…
Going into business for yourself or with others can be risky. From investing in goods and services and hiring employees to simply carrying out the daily tasks related to your business, each step comes with its own challenges. This is especially true given the litigious (“sue-happy”) nature of our society. As a result, many entrepreneurs…
Over time, your business can undergo significant changes. What may have started as a humble, one-person operation in your garage can grow into a more complex company, with multiple owners, employees, an evolving mission statement, and increasing risks. As the scope and goals of your business shift, an accompanying change in business structure might be…
It’s interesting to note that the concept of success is inherently part of business succession, yet a significant number of American businesses lack a formal succession plan. So, what exactly is business succession planning, and how does it contribute to both your personal success and the prosperity of your business? Key Considerations in Business Succession…
Over 15 years ago, after gaining nine years of experience at various law firms, attorney Christopher T. L. Brown decided to establish NorthStar Law Group, P.S. His vision was to support the business community and families, helping them navigate the complexities of life. Understanding the challenges of starting and growing a business while raising a…
The existing federal estate and gift tax exemption stands at an impressive $13.61 million per individual ($27.22 million for couples), but this is set to decrease significantly on January 1, 2026. The exemption will automatically revert to $5 million, adjusted for inflation (estimated at $7 million), if there are no legislative changes. This cap includes…
People often seek methods to pass on their assets upon death without the need for probate proceedings, and they prefer doing so without consulting a lawyer or creating a Will or Trust. Consequently, many decide to add their children as joint owners on their assets. However, this approach may not be the wisest choice, and…