Estate planning is a critical part of protecting your personal wealth, but for business owners, it’s even more complex. Your business is likely one of your largest assets, and without a comprehensive plan, it could face uncertainty, tax burdens, or even dissolution upon your death or incapacity. Below are some of the most common estate…
Accidents, illness, or aging-related decline can leave anyone—regardless of wealth or status—unable to make personal decisions. For business owners and individuals alike, this raises an important question: Who will make decisions for you if you can’t? Two of the most essential tools in any estate plan are powers of attorney and advance directives. These documents…
As a business owner, you work hard to build something meaningful, not just for yourself, but for your family and future generations. But without careful planning, a significant portion of your legacy could be lost to estate taxes. Effective estate planning can help preserve your wealth and ensure a smooth transition of your business assets.…
Business partnerships, much like marriages, are complex relationships that come with their share of challenges and rewards. When business partners start a company together, they often expect to face growing pains. However, when conflicts become irreconcilable and threaten the future of the business, a business divorce may be the only viable solution. In these situations,…
One of the greatest advantages of forming a corporation or limited liability company (LLC) is the protection it provides to personal assets. By creating a legal separation between the business and its owners, corporations and LLCs shield personal assets from potential liabilities. However, this protection is not automatic or absolute. To maintain this liability shield,…
Intellectual property (IP) plays a crucial role in driving innovation and success for businesses worldwide. IP rights—including patents, copyrights, and trademarks—safeguard intangible assets and allow companies and individuals to capitalize on their creative and intellectual efforts. In the modern digital economy, investments in intangible capital often exceed those in physical assets. However, digital technologies and…
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…