If you have one or more business partners then you need to have a buy-sell agreement or buyout agreement included in your partnership agreement. Think of a buy-sell agreement as a prenuptial agreement for your business. The agreement sets into writing what will happen if one of the owners leaves, retires,
Read moreThe Business Divorce: Co-Owner v. Co-Owner
People do not enter a business relationship with the belief that the business will end with resentment. If you see that as a real possibility in the beginning with your business, you might want to rethink the arrangement. However, the excitement experienced when starting out may blind you from acknowledging the possibility of serious disagreements in the future. There is a likelihood that you and your co-partner/owner will need to confront difficult issues at some point and you may not always agree.
Read moreBusiness Must Haves: Operating Agreement
If you’re a business owner, you’ve put in countless hours into building up your business and making it profitable. However, you must ensure that you have a comprehensive operating agreement because it is one of the best ways to protect your business from costly disputes to help your business stays afloat.
Basics of an Operating Agreement
An operating agreement is a document that contains many pieces of critical information regarding your business specifically your limited liability company (bylaws are the equivalent document for a corporation)….
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