Destructive consequences can emerge if your business is structured in a way that could lead to deadlock and your partnership or operating agreement lacks provisions for resolving such an impasse. You must have a partnership or LLC operating agreement designed to prevent this situation from arising. Consult with us to discuss this or any other issues related to the formation of your new business.
It is important to develop a plan to retain your key employees during the transition period if you want your business to survive after you leave—whether your departure is because of retirement, illness, or death. Giving a stay bonus is one way that could persuade them to remain with your company, increasing the likelihood of its continued success. Read here to know the other reasons a stay bonus can help.
As a small business owner, it is important for you to meet critical deadlines to avoid fines, notices, or worse, closure of your business. We suggest setting up a compliance calendar helps you stay on top of critically important dates. Here are some of the most critical deadlines you may need to meet in the next few months. Consult an experienced lawyer like us if you have questions about deadlines applicable to your business.
You've invested a lot in making your business a success, and it is hard to think about relinquishing ownership or control of it. That's why planning is critical in creating a lasting legacy for your family and it is important to put advance plans in place for passing down a family business, or risk losing it. Read here to know several factors you should keep in mind in making plans for the future of your small business.
Creating a culture in your small business where employees are valued and appreciated is the best thing to attract stellar talents. It is important to cultivate a work-life balance in this era when go go go is a norm to retain these talented candidates who value the same balance. Read here to know some of the strategies your small business can use to attract excellent employees, even in a tight job market.
Your "When I die" file is one crucial part of your plan as it will give your loved ones access to all your planning documents, financial accounts, digital assets, etc. in the event of your potential incapacity or death. Failure to execute this file will result in your family an agonizing work and endless expenses in tracking down your assets and worse, they will all end up as if they never existed. Read here to know what to include in your file.
As a small business owner, it is particularly crucial that bad debt has to get off your books for the success of your business. Writing off bad debts can quickly ruin the financial position of your company resulting in cash flow problems, reduced profitability, and difficulties in meeting financial obligations. Read here to know more. Consult with an experienced lawyer like us so we can guide you to avoid losses from bad debts.
As a small business owner, it is necessary that you understand the business credit terms. Like personal credit, business credit is a reflection of how well your company manages money and whether your company can be trusted by the way it manages money. We advise separating your business and personal affairs to optimize your opportunities and help you grow your business. Consult with a business law attorney like us to help you structure your business plan.
Putting a proper Estate Plan in place gives you confidence and peace of mind that your assets will be protected and that your loved ones will be provided and cared for no matter what happens to you. Without one, your heirs could face huge tax burdens, hefty attorney fees, or worse, the courts could designate how your assets are divided and even who gets to raise your children.
Good record keeping is not only important to help you monitor your business' details and progress, but it is also essential to protect you and your business from penalties, fines, and other legal actions. Read here some of the records your business may be legally required to keep. Consult with us if you have questions or if you need help navigating the maze of record-keeping requirements under local, state, or federal law.