So you’re ready to start your business. What do you need to make it official?Whether you plan to operate your business in Pennsylvania, New Jersey, or Delaware, you must go through a state process to formally recognize your business under the law. Why bother going through this process at all? A legal business entity protects […]
The Partnership Playbook: a Legal Guide to Business Partnerships
Business partnerships are a powerful way to grow your company’s operations and forge your way into new markets. But a successful business partnership needs more than just a handshake to work, even if you and your business partners already trust each other. Even the most well-aligned business partners need help and guidance in making the […]
How to Handle Critical Developments in Your Business Partnership
Imagine this scenario: your business partnership is off to a great start. You and your partner get along and work well together. Your vision is aligned and you’ve knocked a few business goals out of the park already. And then one of you falls ill, or your partner has to move away, or another company […]
How to Manage Business Partners and Resolve Partnership Disputes
No matter how well matched you are with your business partner, disagreements and conflicts are inevitable. But conflict does not have to derail your partnership.By preparing and setting up conflict resolution tools ahead of time, you and your partners can better weather the storms that come with the wild ride that is business ownership. It’s […]
How to Handle Distributions, Allocations, and Profit/Loss Division in Partnerships
If you’re entering into a new business partnership, you should decide how you’re going to split profits and losses between partners before you start making money. You don’t want to find yourself fighting over debts after the fact. The best way to avoid partnership disputes over profits and losses is by planning their allotment in […]
Establishing the Basics of Your Partnership Operating Agreement
Your partnership operating agreement is the most important document when it comes to setting up your business partnership for success. A proper partnership agreement should establish several key operating decisions, such as each partner’s contributions to the venture, their voting rights, percentage of ownership, management duties, and share of profits. But the basics of your […]
New Jersey Employment Law Updates 2022
If you’re doing business in New Jersey, you’ve got to keep up with changes in the Garden State’s employment and labor laws. Many legal changes that get passed during a legislative season go into effect on the first of every year – and 2022 is no different.Is your New Jersey business ready to comply with […]
Philadelphia and Pennsylvania Employment Law Updates 2022
It’s critical to keep your business up to date with changing state and federal laws every year. Many laws that get passed in a legislative cycle go into effect on January 1st of the following year – and 2022 brings new laws for both Philadelphia and Pennsylvania businesses. Is your business prepared for the new […]
The Best Strategies for Preparing Your Business for Sale (With Checklist)
The time has come – you’re ready to sell the business you’ve built over the course of years or decades. Every business owner has their own reasons for selling. You may be ready to retire or move to another city. You may simply be looking for a new challenge or venture. Your sales may be […]
Valuing a Business: How to Know if a Business Is Worth Buying
Buying a business is an exciting time for any entrepreneur.By purchasing an existing business, you can avoid many of the risks that come with starting a venture fresh from the ground up. The company you plan to acquire may already enjoy brand recognition, a solid customer base, or profitability. You can infuse a growing business […]