Your Business Deserves To Thrive
I was recently given the interesting analogy that partnerships are like icebergs. You can see what is above, but what really matters is below the surface, because in an iceberg, there is a lot more ice below than above. In a partnership, there is a lot more below the surface than above the surface. There is much to think about…
The world has changed. Twenty-five, thirty years ago, many company owners said they wanted to leave their businesses to their children. The choice was clear. Parents would die, business would move to the children. Many children generationally were very happy to assume the business. The world has changed. We have a very, very diverse workforce and we have very diverse…
One of the questions we get frequently is, “Should we have an employment manual? Should we have terms of employment that we abide by?” My general recommendation is yes. However, it needs to be a living, breathing document in your organization. It is pointless to have an employment manual that you do not utilize. The employment manual will generally set…
So you’re thinking about hiring a new employee? Should you be using a job offer letter, or what communication should you have with them? I believe it’s a best practice to indeed use a job offer letter to the employee. In that letter, you should be explaining to them what you’re hiring, what they’re going to be doing, what the…
A lot of times when clients approach us and they’re structuring their business, they’re very concerned about 50-50, who owns 51% of the business, who owns 50% of the business, and who falls below 49% of the business? In very simple terms, these are somewhat important because generally if you don’t do any planning, the person who owns 51% of…
Most of our clients plan to grow their business. They don’t want to stay stagnant and stay where they are. They want to create something bigger. Usually, they have legal entities involved. As we’ve discussed in an earlier blog, it’s smart to form a legal entity when you know that you’re going to be doing business to get that separation…
We do a lot of work crafting partnership agreements. If you’ve been a frequent reader of our blogs, you’ll know it’s something we talk about often in length. But one of the keys to partnership agreements is to have an exit strategy. So often, when we have problems in partnerships, it’s because the partners have decided to go different directions…
The R. Shawn McBride Law Firm, PLLC, frequently writes about a partnership, LLC, and multi-owner entities. Mostly we have discussed cases or situations where business partners start out on good terms, have a spirit of teamwork and sincerely eager to start a partnership, only to see their relationship weaken over time due to disagreements over management, ownership, or other issues. …
In Mizrahi v. Cohen, [1] a dentist and an optometrist formed a limited liability company for the purpose of the construction and operation of a mixed-use building in which they intended to set up their individual offices. They did not have an LLC agreement at the time the LLC was formed but it was implemented a few months later when…
In Saunders v. Firtel, as in Cline v. Grelock, the two business partners were close friends. [1] Firtel was the sole owner of Adco, a pharmaceutical sales corporation and Saunders worked as a sales representative for a medical supply company. In 1986, the two agreed to enter into a formal business relationship which included Saunders to obtain a 49% shareholder…