For many, July 4 means sitting on the curb on your town's Main Street watching the band march by and saluting our veterans. For others, it means laying out a blanket and watching the sky light up at night with a fireworks display. For many others, it means sharing the afternoon with family and friends enjoying hotdogs, burgers and maybe a few beers.
In order to protect yourself and your business, it is crucial to have a firm understanding of the laws and regulations in place. There may be instances where you find yourself in an uncomfortable or unwelcome situation either facing business litigation or the victim of another business's illegal tactics. In order to best understand how to proceed, let us first take a look at the basics of business litigation.
One of the inevitabilities of human life is that as we age, our bodies start to break down. Everybody is different. Some people at the age of 90 are healthier than others at the age of 70. If you have an elderly loved one who is getting up in age, you will eventually notice that their abilities start to diminish. This could be both mentally or physically, or both.
Different business entities have different characteristics in different areas, including: ownership and control; liability; taxation, reporting requirements; formation and dissolution requirements; distribution of profits, and so on. The type of entity selected when forming a business is important to get right, as making a wise selection will help ensure the success of the business.
Earlier this year, a new Pennsylvania law went into effect which made significant changes to several types of partnership entities and limited liability companies. The changes were fairly widespread touching upon matters of formation, dissolution, registration, governance, distribution and liability for general and limited partnerships, limited liability partnerships, and limited liability companies.
Part of owning a company and preparing your estate is forming a business succession plan. This entails deciding what will happen to your small business once you no longer are willing or able to run it.