Family owned business can be tough; especially since family is forever and a business lasts as long as the front doors can stay open. A family business can never be truly free of passion, so it is important to understand the importance of utilizing consultants from outside of the family in conjunction with a Trust and Estate planning team to …
Are you dealing with an “Ike”?
Image Source: Rob Mieremet / Anefo [CC BY-SA 3.0], via Wikimedia Commons In 2007, Ike Turner died leaving a large estate and several friends and family claiming it as their own. Due to the lack of legal documentation and representation he left his estate in the hands of the state to determine the heir to his fortune. Who is entitled …
What To Do If Your Partner is Stealing From the Company
If you are a co-owner of a company, and you believe (or know) that your partner is stealing from the company, you have rights and you have options — even if you’re not “in charge” or own a minority interest. Actionable Claims When a Partner Steals There are a number of possible issues that come arise when a partner steals …
Served with a Lawsuit? Now What??!?
Inevitably, if you’re an active business and business leader, you will probably find yourself in a lawsuit at some point in your life. Hopefully, it won’t happen for years, and when it does happen, will be very infrequent. When you are sued, it will be an emotional hit. It may be embarrassing, depending on how you were served (i.e. how …
5 Tips: How to Dissolve a Partnership as Painlessly as Possible
Closing (called dissolving) a business partnership can be compared to a divorce, from a cost and emotional impact to the partners. Neither party expects the relationship to degenerate into contention, but it happens more often than you might think. Whether business circumstances change, or some dispute arises between the partners, when the business partnership cannot endure, it’s time to legally …
Temporary Restraining Orders (TRO)
A temporary restraining order (or “TRO”) is a court order that immediately controls or restricts the behavior of one or more parties, temporarily and usually in an emergency, until there’s time to actually have a hearing so the court can evaluate the evidence to determine whether the order should stay in place (usually called an injunction) or cancelled. In order …
Social Media, Private Conversations and Your Business
In the fast-paced world of tweets, Facebook posts, and cell phone cameras, people often post before really thinking. Similarly, what is said in private conversation doesn’t always stay private these days. Recently a ‘private’ conversation between Clippers owner, Donald Sterling, and his girlfriend made big news and became the subject of both news streams and headlines, after a recording of …
Business Break-Ups – Important Tips to Prepare Before the Problem Arises
New business partners don’t typically think about anything going wrong down the road, however, business and personal disputes are often irreconcilable, and sometimes partners ultimately decide to break up the business. Ideally, businesses and business partners take the necessary steps to plan ahead for dissolution and alleviate much of the stress associated with typical business break-ups.
Tort Law: Protect Your Business
Sometimes protecting your business is not as simple as locking your doors at night and setting an alarm. It is not just your physical address that you need to protect—property can be intangible or intellectual. Attacks against those types of property by another business or by an employee can be very damaging to your business practices and reputation. Staying vigilant …
Federal Courts Should Use State Law to Interpret a Contract’s Venue or Forum Selection Clause
Most circuits have not decided this issue. Those that have addressed it typically recognize that no reason exists to treat a venue selection clause differently from the remainder of a contract that will be interpreted using state law. See, e.g., Northwest Nat. Ins. Co. v. Donovan, 916 F.2d 372, 374 (7th Cir. 1994) (“Validity and interpretation are separate issues, and …
