entrepreneur

Maximizing Wealth: A Comprehensive Guide to Family Trusts

Learn the basics of a family trust, including its definition as a legal relationship for managing assets, the key players involved, different types of family trusts, advantages and disadvantages, and the process of establishing one. Overview of Family Trusts A family trust involves a legal relationship that allows individuals to manage their assets for the …

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What is a “Shotgun” clause, and how does it work?

It’s quite common, unfortunately, for new small business entrepreneurs to make the decision not to get a shareholders agreement when starting out.  Common reasons given include that they want to make sure things go well, and make some money before investing in a shareholders’ agreement, they are in business with friends or family that they …

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Legal Mistakes Entrepreneurs Make – Get it in Writing!

Legal Mistakes Entrepreneurs Make – Get it in Writing! “This case is yet another example of the all too frequent situation where parties in on-going commercial relationships fail to set out clearly the incidents of that relationship once it became apparent that the commercial relationship would become long-term rather than short-term in nature.” The above …

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limited partnership (LP)

Limited Partnerships – statute based limited liability without incorporation

The Limited Partnership (“LP”) Introduction:  Previous articles discussed characteristics of sole proprietorship and general partnership.  This article will discuss the limited partnership business structure. Limited partnerships can carry on any business that a general partnership may, and offers limited liability to some partners, known as the “limited partners”.  For this reason, this business structure is …

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