Legal Updates

One key component of probate is resolving the deceased person’s estate debts. Only after this is done can their remaining assets be distributed to named beneficiaries.  

Wills and trusts are two important tools in your estate plan, both of which involve the management and distribution of your assets. While they share some similar qualities, there are key differences between a will and a trust that affect how your property is handled.

Probate is a legal process in which a deceased person’s estate is handled. While there are cases where probate is beneficial, some people prefer to avoid this process entirely. Avoiding probate can save you money and time, as well as protect your family’s privacy.

When business owners separate their businesses or activities into different companies, this can create a liability shield. If done correctly, this means that if one of your companies has significant liability, the creditor can only go after the assets of that single company.

In the normal course of buying or selling a business, buyers typically want to be sure that they fully understand what they’re acquiring, and sellers want to prepare their business for sale, address potential issues beforehand, and verify the buyer’s reliability for making the purchase.

A business entity describes the legal structure of a business operation. Some common types include C corporations, S corporations, sole proprietorships, partnerships, nonprofits, and Limited Liability Companies (LLCs). 

As a business owner, you may have a key employee you want to reward, not only for their past performance, but also for their future efforts. Certain incentives can be helpful in encouraging employees to stay committed to your business and helping it grow. 

A profits interest is an ownership right in a Limited Liability Company, or an LLC. It describes a specific type of employee equity compensation that involves a share in a business's future profits. This incentive can come with tax and future implications for employees down the road.

When it comes to growing your business, there are some important matters you will want to understand first. You may be wondering how you can achieve growth and what pitfalls you should watch out for. Organic growth means growing both in revenue and in profit. 

If you are thinking about giving equity, or actual company ownership, to one or more key employees, you should first congratulate yourself. You recognize that surrounding yourself and your business with quality folks aligned with your mission is the best way to assure the company’s success.

At some point throughout the course of owning a business, you may find that the name your company has been operating under no longer suits it. You might wonder what it takes to change the company name, especially considering that this is the name that is used in important articles and other organizational documents. 

Business owners are frequently asked by a creditor to personally guarantee the obligations of the company. These personal guarantees are promises to repay the credit issued to one’s business. One common question about these guarantees arises in situations where there are two or more owners.