When starting a business, a variety of legal documents should be prepared to comply with state requirements and to protect the interests of business owners and shareholders. Learn more about buy-sell agreement in Arizona in this presentation.
Why Boon Legal may just be the right partner for your businessBoon Legal
Are you creating, innovating, and building something new to change the landscape and disrupt the status quo? So are we.
Entrepreneurs and business owners know that it is hard to find personalized, trusted legal help to meet their legal needs while respecting their budget.
As entrepreneurs, ourselves, we know that first-hand.
So we'll always give you straight answers to your questions so you can feel confident making decisions that affect your business.
We encourage and support long-term relationships and open communication with our flat-fee pricing models and monthly legal advisory plans.
Contact us at hello@BoonLegal.com to find out more.
2019 Information & Insights For EntrepreneursBoyarMiller
We understand the challenges and the opportunities in building a business, and we have helped clients put their dreams into action. BoyarMiller serves as a strategic partner for businesses of all size —from entrepreneurs to Fortune 500 companies. Whether you are forming, buying, selling, or expanding a business, we support and help you to advance your business goals by bringing new possibilities into focus with clarity and confidence.
So many small business owners that I know have the same problem. They want to grow. But when they hire a salesperson the salesperson does not produce any worth while results. Yet, all new business comes by way of referral. Accidental referrals that is.
Imagine what might happen if these business actively and purposefully cultivated and tracked referrals. Hence, the Referral Engine.
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For the past two decades, startups have been a major driving force of innovation. Companies such as AirBnB, Seamless, and Uber have dramatically reshaped our economy as they made life unprecedentedly more convenient. Unfortunately, innovation often comes with a hefty price tag. Larry Scheinfeld explains more in the following presentation.
Why Boon Legal may just be the right partner for your businessBoon Legal
Are you creating, innovating, and building something new to change the landscape and disrupt the status quo? So are we.
Entrepreneurs and business owners know that it is hard to find personalized, trusted legal help to meet their legal needs while respecting their budget.
As entrepreneurs, ourselves, we know that first-hand.
So we'll always give you straight answers to your questions so you can feel confident making decisions that affect your business.
We encourage and support long-term relationships and open communication with our flat-fee pricing models and monthly legal advisory plans.
Contact us at hello@BoonLegal.com to find out more.
2019 Information & Insights For EntrepreneursBoyarMiller
We understand the challenges and the opportunities in building a business, and we have helped clients put their dreams into action. BoyarMiller serves as a strategic partner for businesses of all size —from entrepreneurs to Fortune 500 companies. Whether you are forming, buying, selling, or expanding a business, we support and help you to advance your business goals by bringing new possibilities into focus with clarity and confidence.
So many small business owners that I know have the same problem. They want to grow. But when they hire a salesperson the salesperson does not produce any worth while results. Yet, all new business comes by way of referral. Accidental referrals that is.
Imagine what might happen if these business actively and purposefully cultivated and tracked referrals. Hence, the Referral Engine.
Larry Scheinfeld: The Politics of Silicon ValleyLarry Scheinfeld
For the past two decades, startups have been a major driving force of innovation. Companies such as AirBnB, Seamless, and Uber have dramatically reshaped our economy as they made life unprecedentedly more convenient. Unfortunately, innovation often comes with a hefty price tag. Larry Scheinfeld explains more in the following presentation.
Interestingly, unlike general partnerships (which can come into existence without the partners being aware or even specifically trying to avoid that relationship), a limited partnership can only come into existence “when a declaration is filed with the Registrar”: s. 2(2). So what about the liability of a limited partner until that happens? Well, until the declaration is filed and accepted by the Registrar, the partnership can only be characterized as a general partnership, which imposes UNLIMITED liability on the prospective limited partner.
Also worth mentioning is that you need to have a partnership before you can have a limited partnership. This means that the basic test for forming a partnership must exist at all times – namely, that one or more parties carry on business in common with a view to profit (see s. 3 of the Ontario Partnerships Act).
Complianceship Venture Solution LLP - Legal Services Provider in Delhi NCRMd Shahbaz Alam
Complianceship is the technology driven platform which is a group of dedicated, research oriented and skilled professionals who deliver innovative and distinguished corporate business solutions through a unique model of integrated legal and financial consulting services since 2017. visit : https://complianceship.com/
Melvin feller business consultants discusses business disclosure statements a...Melvin Feller
Melvin Feller Business Consultants Discusses Business Disclosure Statements and What to Avoid
Melvin Feller Business Group in Burkburnett Ministries and Dallas Texas and Lawton Oklahoma. Our mission is to call and equip a generation of Christian entrepreneurs to do business as ministry. We provide workshops and resources that help companies discover how to do business God’s way and provide a positive outreach as the director. When the heart of a business is service rather than self it can be transformed into a fruitful business ministry earning a profit and being of service to the community and their customers. Melvin Feller is currently pursuing another graduate degree in business organizations.
Buying a business opportunity, franchise, licensee opportunity or distributorship is a big decision, one you should not take lightly. Thankfully, there are some serious regulations in place at the federal level as well as within many states that are designed to protect you from making a bad decision or being taken in by a fraudulent enterprise, starting with the critically important disclosure statement.
The disclosure statement is a document that any seller of a business opportunity, franchise or similar concern is required to provide to you as a potential buyer by law. It details everything you need to and should know about the business in question and must be given to you if not during the first “personal meeting,” then within a specified timeframe. Although the disclosure requirements as delineated by the U.S. Federal Trade Commission (FTC) are considerable, those set forth by the 26+ states that also have them do not overrule them. So be certain to check the regulations in your state in addition to those of the FTC before you sign on the dotted line or give the seller any money.
Remember, oral statements, exchanges or promises that are made to you by the seller or between the two of you are not legally binding! This is precisely why knowing what comprises a comprehensive disclosure statement is so important.
So here it is, a brief overview of what a truly solid disclosure statement should contain as stipulated by the FTC:
What Law Firms Need to Do To Profit and SucceedJohn Bowie
LawFuel spoke with law marketing and branding expert Eric Fletcher on what law firms need to do to achieve profits and success in the years ahead. One thing is clear, he says, and that is the need for a clear focus on the clients.
The rise in social media, rapid changes in technology, increased competition, changing fee structures - there are a whole lot of reasons why law firms need to be aware of how they can best make themselves successful in a challenging and competitive marketplace.
In this article, Fishman Marketing's CEO Ross Fishman makes the case for the value law firms can derive by having a senior marketer dedicated exclusively to growing and enhancing the firm's brand.
SkyLaw is honoured to be named one of Canada's Top 10 Corporate Law Boutiques by the award-winning Canadian Lawyer Magazine!
Please enjoy this excerpt from the May 2016 issue.
Business partnership compatibility factors partnership in business as per h...Vedic Astrologer
Know about business partnership compatibility factors. Benefits of business partnership are possibility of establishment and start-up costs become low, availability of more capital and will get higher lending capacity. Professional business astrologer can help you in selecting the best partner with his perfect knowledge of reading the birth chart and advice you regarding partnership business yoga and success in partnership business. Planet responsible for partnership business and right timing to do business partnership astrologically.
View more: https://www.vinaybajrangi.com/business-astrology/business-partnership.php
Partnership is a type of business organization in which two or more individuals pool money, skills, and
other resources, and share profit and loss in
accordance with terms of the partnership agreement.
http://www.unitedworld.edu.in/
Read BoyarMiller's Six Ways to Better Manage Litigation and Your Business eGuide now for tips and insight from our team of attorneys with experience across industries, from oil and gas to real estate to private equity.
Interestingly, unlike general partnerships (which can come into existence without the partners being aware or even specifically trying to avoid that relationship), a limited partnership can only come into existence “when a declaration is filed with the Registrar”: s. 2(2). So what about the liability of a limited partner until that happens? Well, until the declaration is filed and accepted by the Registrar, the partnership can only be characterized as a general partnership, which imposes UNLIMITED liability on the prospective limited partner.
Also worth mentioning is that you need to have a partnership before you can have a limited partnership. This means that the basic test for forming a partnership must exist at all times – namely, that one or more parties carry on business in common with a view to profit (see s. 3 of the Ontario Partnerships Act).
Complianceship Venture Solution LLP - Legal Services Provider in Delhi NCRMd Shahbaz Alam
Complianceship is the technology driven platform which is a group of dedicated, research oriented and skilled professionals who deliver innovative and distinguished corporate business solutions through a unique model of integrated legal and financial consulting services since 2017. visit : https://complianceship.com/
Melvin feller business consultants discusses business disclosure statements a...Melvin Feller
Melvin Feller Business Consultants Discusses Business Disclosure Statements and What to Avoid
Melvin Feller Business Group in Burkburnett Ministries and Dallas Texas and Lawton Oklahoma. Our mission is to call and equip a generation of Christian entrepreneurs to do business as ministry. We provide workshops and resources that help companies discover how to do business God’s way and provide a positive outreach as the director. When the heart of a business is service rather than self it can be transformed into a fruitful business ministry earning a profit and being of service to the community and their customers. Melvin Feller is currently pursuing another graduate degree in business organizations.
Buying a business opportunity, franchise, licensee opportunity or distributorship is a big decision, one you should not take lightly. Thankfully, there are some serious regulations in place at the federal level as well as within many states that are designed to protect you from making a bad decision or being taken in by a fraudulent enterprise, starting with the critically important disclosure statement.
The disclosure statement is a document that any seller of a business opportunity, franchise or similar concern is required to provide to you as a potential buyer by law. It details everything you need to and should know about the business in question and must be given to you if not during the first “personal meeting,” then within a specified timeframe. Although the disclosure requirements as delineated by the U.S. Federal Trade Commission (FTC) are considerable, those set forth by the 26+ states that also have them do not overrule them. So be certain to check the regulations in your state in addition to those of the FTC before you sign on the dotted line or give the seller any money.
Remember, oral statements, exchanges or promises that are made to you by the seller or between the two of you are not legally binding! This is precisely why knowing what comprises a comprehensive disclosure statement is so important.
So here it is, a brief overview of what a truly solid disclosure statement should contain as stipulated by the FTC:
What Law Firms Need to Do To Profit and SucceedJohn Bowie
LawFuel spoke with law marketing and branding expert Eric Fletcher on what law firms need to do to achieve profits and success in the years ahead. One thing is clear, he says, and that is the need for a clear focus on the clients.
The rise in social media, rapid changes in technology, increased competition, changing fee structures - there are a whole lot of reasons why law firms need to be aware of how they can best make themselves successful in a challenging and competitive marketplace.
In this article, Fishman Marketing's CEO Ross Fishman makes the case for the value law firms can derive by having a senior marketer dedicated exclusively to growing and enhancing the firm's brand.
SkyLaw is honoured to be named one of Canada's Top 10 Corporate Law Boutiques by the award-winning Canadian Lawyer Magazine!
Please enjoy this excerpt from the May 2016 issue.
Business partnership compatibility factors partnership in business as per h...Vedic Astrologer
Know about business partnership compatibility factors. Benefits of business partnership are possibility of establishment and start-up costs become low, availability of more capital and will get higher lending capacity. Professional business astrologer can help you in selecting the best partner with his perfect knowledge of reading the birth chart and advice you regarding partnership business yoga and success in partnership business. Planet responsible for partnership business and right timing to do business partnership astrologically.
View more: https://www.vinaybajrangi.com/business-astrology/business-partnership.php
Partnership is a type of business organization in which two or more individuals pool money, skills, and
other resources, and share profit and loss in
accordance with terms of the partnership agreement.
http://www.unitedworld.edu.in/
Read BoyarMiller's Six Ways to Better Manage Litigation and Your Business eGuide now for tips and insight from our team of attorneys with experience across industries, from oil and gas to real estate to private equity.
Future is what you create! Most leaders like Eber Devine believes that challenges and success are two sides of the same coin and we couldn’t agree more. Furthermore, they say, who understand and follow this simple quote are heading to become a great leader.
Eber Devine: Being an entrepreneur is not less than a challenge. A leader has to wear so many hats and need to take so many responsibilities. Therefore, building or signing a contract required a lot of knowledge and attention. This is where you need a business lawyer who can take responsibility and protect your entity legally.
Thinking of leaving your law firm and finding a new job? If you are experiencing any of the fifteen reasons discussed below, it is time to start your search.
Thinking of leaving your law firm and finding a new job? If you are experiencing any of the fifteen reasons discussed below, it is time to start your search.
Information & Insights For Entrepreneurs and EmployeesBoyarMiller
Starting, growing or selling a business is exhilarating. The city of Houston possesses a powerful support network for business owners, but there is much to consider with any new business or growth strategy.
As entrepreneurs ourselves, BoyarMiller understands the pressures entrepreneurs and executives face, and we are passionate about helping them resolve challenges and pursue new opportunities.
Increasingly, law firms have used the device of merger as a road to quick growth. Without comprehensive planning the merger route is a hazardous undertaking.
Buy-Sell Agreements for Investment Management Firms: An Ounce of Prevention i...Mercer Capital
If you are an owner of an investment management firm and have not reviewed your buy-sell agreement recently, you’re not alone. Buy-sell agreements are frequently the most forgotten corporate document in the file. No one thinks about buy-sell agreements until a triggering event, and then it becomes the only thing they think about. Partners are often surprised by the language in the contract they signed many years before, and too often a serious dispute breaks out between partners over what the words in the agreement mean, or were intended to mean. The purpose of this whitepaper is to equip ownership to understand the consequences of their buy-sell agreements before a controversy arises, and to make informed decisions about the drafting or re-drafting of the agreement that promote the financial health and sustainability of their firm.
1Business Structure and Financial Statem.docxdrennanmicah
1
Business Structure and Financial Statements
Business Structure and Financial Statements
If you want to be your own boss and grow in the business world, then opening a business would be the best option. Anyone can choose to do this, but everyone involved must know there options and the essential documentation needed. The person selecting to pursue opening a business would want to go through some of the disadvantages and advantages of each type of structure they could choose. The options include sole proprietorship, partnership, LLC, and corporations. Once a person has selected the right structure for there business then it is essential to know how to operate it legally through proper documentation. Financial statements are needed for record keeping for the company to track their assets, financial ability, income and more.
Advantages and Disadvantages of Legal Categories
Business structure is a general word that is used to describe groups of organizations which are legally registered under law following a given jurisdiction and characterized legally under certain category to conduct commercial activities (Rogers, 2012). There are several business structures which operate under law to carry our business activities to satisfy the demand and supply of goods and services for consumers. The most common business types are sole proprietorship, partnerships, corporations and limited liability companies (Garzon, 2014).
Every type of business structures has their advantages and disadvantages. The two simplest are Sole Proprietorship and Partnerships. Sole Proprietorship is when you plan to operate the business alone. Advantages to this are that it is low cost and has little legal requirement to start it up. There are also simple taxes at the end of the year. The disadvantages of this are that you are reliable for everything and work alone. There are no protections to personal assets, so if there is significant debt that will not be able to be paid back, lenders can come back and take everything. A Partnership is an arrangement between two parties that states they are co owners of the business. Some advantages to this that there are no legal formalities and no business taxes. Also, it can be less stressful as you have a partner to collaborate with ideas and business plans. There is also combined capital when starting up which can be very helpful. Some disadvantages can include the share of profits, more liabilities, the risk of joint responsibilities and delay in decision making. There also is the possibility of disagreement to different elements like person work ethic, personality, and how they would run the business.
The more advanced business structures are Partnerships and Limited Liability Corporations(LLC). Corporations has more advantages than disadvantages because it is a fully functioned business organization that has many workers. There is no liability to the employee except everyone must comply to all policies and guidelines.
Similar to Is It a Good Idea to Have a Buy-Sell Agreement with the People I am Starting My New Business With? (20)
Wha is the Low-Income Housing Tax Credit Program in ArizonaCharles Lotzar
The Low-Income Housing Tax credit program is a federal tax credit program that was created by the Tax Reform Act of 1986. Details about the Low-Income Housing Tax Credit Program (LIHTC) can be found in the Internal Revenue Code (IRC), Section 42.Learn more about low-income housing tax credit program in this presentation.
What Is the General Process of Issuing Private Activity Bonds in Arizona?Charles Lotzar
Private activity bonds are municipal securities. Proceeds from private activity bonds are used to cover construction costs for qualifying products, including utility facilities, docks and airports, and low-income rental properties.
Do I Have To Register As a Foreign Business Entity: A Guide To Doing Business...Charles Lotzar
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What is a Guaranteed Maximum Price Construction Contract in Arizona?Charles Lotzar
Construction contracts take different forms, each with certain advantages and disadvantages to the builder or general contractor and to the organization or individual who is contracting for the project. Learn more about guaranteed maximum price construction contract in Arizona in this presentation.
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NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
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WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
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Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
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Is It a Good Idea to Have a Buy-Sell Agreement with the People I am Starting My New Business With?
1. IS IT A GOOD IDEA TO HAVE A BUY-SELL AGREEMENT WITH THE PEOPLE I AM STARTING MY
NEW BUSINESS WITH?
Lotzar Law Firm, PC
2. Is it a Good Idea to Have a Buy-Sell Agreement with The People I Am Starting My New Business With? www.lotzar.com 2
When starting a new business, a variety of legal documents should be prepared to comply with state requirements and to protect the interests of business owners and shareholders. An experienced corporate law attorney should be consulted for assistance with the creation of required forms and documents as well as to draft contracts and operating agreements that can set the business on the path to future success.
One of the most important documents that should be created at the start of a new organization is a buy-sell agreement. A buy-sell agreement is a legally binding contract that co-owners of a business should negotiate and sign. The purpose is to ensure that if any business owner needs to leave the organization
3. Is it a Good Idea to Have a Buy-Sell Agreement with The People I Am Starting My New Business With? www.lotzar.com 3
for any reason, his own financial interests as well as the financial interests of the other owners are protected.
WHY IT IS IMPORTANT TO HAVE A BUY-SELL AGREEMENT A buy-sell agreement can allow a business to continue to operate even if an individual owner or group of owners decides to no longer be a part of the organization. It can apply in the event of departure, death, disability or divorce and set the terms both for what a departing owner is entitled to and what the rights of the remaining owners are.
A buy-sell agreement may establish how a departing owner’s shares or ownership interest should be valued. In smaller or privately-held companies, determining the value of ownership shares is often difficult or impossible. A professional business valuation could be costly and accuracy is not guaranteed. When a buy- sell agreement establishes the value of an ownership interest, an investor in an organization knows that he or she has the option to leave the organization with some degree of certainty regarding the value of his shares.
4. Is it a Good Idea to Have a Buy-Sell Agreement with The People I Am Starting My New Business With? www.lotzar.com 4
Business owners who wish to continue operations also benefit from a buy-sell agreement. Without the agreement in place, the departing owner could sell his shares or give them away to whomever he chooses without input from the remaining shareholders. In a divorce situation, shares of a business could also be transferred to an ex-spouse.
The result is that the owners of the organization who wish to continue to remain involved with operations could end up working with someone who they don’t like and who they don’t want to run the business with. This could undermine the ability of the company to operate effectively and could result in the business suffering as a result. It could also make work very unpleasant for owners as they operate their own business but with a person they dislike.
CREATING A BUY-SELL AGREEMENT
A buy-sell agreement should be carefully drafted to plan for any potential future contingencies that could occur and impact the business organization. The terms of the agreement should be negotiated among business owners and
5. Is it a Good Idea to Have a Buy-Sell Agreement with The People I Am Starting My New Business With? www.lotzar.com 5
all parties should have the opportunity to voice their opinions during negotiations.
An attorney should be consulted in the creation of the buy-sell agreement in order to ensure that the negotiation and drafting process follows rules for contract formation and to advise business owners about their legal rights. In most cases, each individual who will be a co-owner of the new organization should be represented by his or her own legal advocate.
A corporate law professional can explain the types of clauses that should be included in the agreement to protect owners’ rights. For example, a cross-purchase clause is generally included in most effective buy-sell agreements. A cross-purchase agreement gives the other owners the right of first refusal on purchasing a business when a co-owner leaves.
For example, if Ann and Tim start a business together and create a buy-sell agreement with a cross-purchase clause, Tim will need to give Ann the opportunity to buy the business first when he leaves the organization. Likewise, if Ann left the organization, Tim would get the chance to buy Ann’s share of the business.
6. Is it a Good Idea to Have a Buy-Sell Agreement with The People I Am Starting My New Business With? www.lotzar.com 6
Because a business owner’s death often results in difficulties continuing the business, the buy-sell agreement should also specify what happens if a business owner passes away.
A business law attorney should be consulted to help with the creation of a buy- sell agreement when an organization is starting. If your organization does not already have a buy-sell agreement in place, it is not too late to create this type of contract to protect your financial interests in your business.
7. Is it a Good Idea to Have a Buy-Sell Agreement with The People I Am Starting My New Business With? www.lotzar.com 7
About the Author
Lotzar Law Firm, P.C. was founded in 2005, and serves clients throughout the U.S. We pride ourselves on the level of service we provide our clients and are determined to see each project through to positive results.
In addition to bringing a legal expertise to the table, we offer clients sound ideas and invaluable advice that enhances their business. One of our greatest attributes is our ability to approach projects from a business-owner perspective. Rather than narrowing in on the setbacks of a challenge and informing clients of what stands in the way, we prefer to seek innovative ways to transcend issues and create a better path for clients. With an unparalleled savvy in developing modern methods of financing, we can present you with viable and efficient options.
Our diversified portfolio of clients is comprised of entrepreneurs, real estate developers, contractors and property managers. We also do business with numerous nonprofit clients including Chicanos Por La Causa, Inc.; Tiempo, Inc.; and The Industrial Development Authority of the City of Tucson, Arizona.
We work in a team-based environment, supported by a skilled and caring staff, eager to answer your questions and provide you with consistent access to your team. Whether your needs are small or large in scope, we look forward to working with you.
Lotzar Law Firm, P.C.
7150 East Camelback Road, Suite 455
Scottsdale, AZ 85251
Phone: (480) 905-0300
Fax: (480) 905-0321
Email: info@lotzar.com
Website: www.lotzar.com