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Business Law FAQs

How Can I Protect My Business from Divorce?

If you own your own business, it is highly likely your business assets will be considered during divorce discussions regarding property rights and support payments. Worst case scenario, you might have to liquidate your business assets in order to fulfil your financial obligations following divorce. However, with a bit of planning beforehand, you can greatly reduce the odds of this occurring. Some possible strategies for protecting your business from divorce include:

  • Drafting a prenuptial or postnuptial agreement
  • Including a lockout provision in your company’s partnership, shareholder, or LLC agreement
  • Paying yourself a competitive salary
  • Keeping your spouse from contributing their own work or assets to the business during the marriage

As a business attorney in Upland CA who also understands the legal intricacies of divorce, Torrence L. Howell can help you weigh your options and implement an appropriate strategy.

What Happens if My Business Partner Wants Out?

If your partnership consists of just two owners and your partner wants to leave the business, you may have to dissolve the partnership, as under California law a business cannot be a partnership with just one owner. Your business law attorney in Upland CA can help you weigh your options for establishing a sole proprietorship under various corporate structures.

Alternatively, you may find a new partner to replace the old one. In this case an attorney would need to be retained to facilitate the sale of the old partner’s share and ensure the responsibilities of all partners are clearly outlined in a legally binding document.

Do I Have to Hire A Lawyer to Sell My Business?

While you do not technically need to retain a business law attorney in Upland CA in order to sell your business, it is extremely beneficial to do so. Your attorney can review the sales contract carefully to ensure that it is fair and in line with your best interests. This way, you can avoid problems like getting stuck with liability for debts or ongoing expenses during the transition.

Which Is Better, an LLC or an S Corporation?

There is no one right answer to this question—it depends on the unique needs and goals of your business. To help make sure you arrive at the right decision for your unique case, consult with a business law attorney in Upland CA like Torrence L. Howell before making a decision. In addition to providing advice, your attorney can also assist in filing the necessary legal paperwork to incorporate your business or change its structure.

What Should I Do When My Business Is Accused of Breach of Contract?

When another party brings an alleged breach of contract to your attention, you need to take it seriously. Contact an experienced business law attorney in Upland CA for help reviewing the terms of your contract and the facts of alleged incident to see if they really have grounds for a valid complaint. Armed with this information, you can then attempt to resolve the issue through arbitration or mediation with the other party. If the issue cannot be resolved to your mutual satisfaction, you will most likely end up defending against the charges in court. At this point you will definitely need to hire an attorney if you have not already done so.