Strategic planning can provide married business owners with a foundation for any transition such as a divorce. While Virginia courts oversee the equitable distribution of marital assets and debts, spouses can propose the valuation for that process. How can a business...
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Business Formation & Planning
2 types of contracts that can protect your business from divorce
Worrying about your business is normal, especially when divorce is involved. If you are considering divorce, you must have a plan in place to protect your business from property division. Even if you built your business before getting married, the courts can classify...
Do family-run businesses still require contracts?
Starting a business with family often feels like a safe choice. There's trust, a shared vision and the comfort of working with people you know well. However, this doesn’t mean that formal contracts aren’t necessary. Even in a family-run business, things can go wrong....
What should you know about succession planning?
Many business owners don’t think much about how a transfer of leadership will occur if they retire or if something happens to them that makes them unable to perform their leadership duties. While it might not be a pleasant thought, getting a succession plan together...
Litigation risks in family businesses
Family-owned businesses are part of the fabric of the U.S. economy. There are numerous benefits to operating a family business, such as having trustworthy people around. However, family businesses aren’t without drawbacks. Family-owned enterprises face a series of...
Protecting your interests when starting a business with a spouse
Starting a new company with your spouse can be an exciting and rewarding adventure. Combining your personal and professional lives can strengthen your partnership and create a shared vision for your future. However, it’s important to approach this venture thoughtfully...
Do you need a partnership agreement when it’s just family?
Starting a business is always an adventure – and it can be even better when you’re in it with family members. Family partnerships tend to have a built-in level of trust, shared communication styles, a clear understanding of what each party brings to the equation and a...
What to know about passing on your TSP assets
One key step in estate planning doesn’t require putting a legal document in place. It simply involves designating beneficiaries for your retirement accounts. Federal employees can also designate one or more beneficiaries for their Thrift Savings Plan (TSP). Federal...
It’s helpful to examine the top 10 components of a business plan
If you're starting a business in Virginia, having a plan is essential if you want to be successful. Knowing where you're heading with detailed guidelines helps ensure you stay on the right path. Examining the top 10 components of a solid business plan is ideal if you...
A guide to LLC operating agreements
An LLC operating agreement is a legally binding document that outlines the operations and management of a limited liability company (LLC). It is a crucial document for any LLC in Virginia, regardless of its size or the number of owners. The operating agreement serves...
