Conflict in the Family Business: Managing Conflict Through Legal Agreements

Conflict in the Family Business:
Managing Conflict Through Legal Agreements

Newsletter
by Robert B. Curran
Whiteford, Taylor & Preston

Disagreements and conflict among owners or managers of closely-held firms can have devastating consequences. A company’s inability to anticipate and resolve internal strife could threaten the very existence of the firm.

In many cases, such conflict can be prevented or resolved through carefully prepared legal agreements.These can direct parties on issues such as corporate governance, establishing and modifying compensation arrangements, circumstances requiring the withdrawal of a participant, and setting the price and terms for purchasing a department participant’s interest. More…

Benefits of Incorporating Your Business


 

Benefits of Incorporating
Your Business

By Bernard Fruchtman, Esq.
(This article is excerpted from TaxTalk -Plain & Simple)

Background

As a new year begins it’s an excellent time to examine the legal structure that you’re using to operate your business. If you’re conducting your business as a sole-proprietor you may be missing out on getting the benefits of some potential tax saving techniques. A corporation is a separate legal entity from the person who owns it. This means that if the corporation enters into business deals, owns property, borrows money or conducts other business activities that you, and your personal assets, will in most cases be protected from personal liability. Only the corporation’s assets will be at risk to satisfy claims against the corporation. More…