Business Partners and Business Succession Planning Law in Illinois
Conflicts often arise when business decisions are shared by multiple people. These may be business partners or shareholders. It is important to understand how best to proceed when these conflicts arise and what legal options are open to each party in Illinois.
Preserving Business Value when Key People Stop Being Part of the Business - After a MergerEntrepreneurs often join with others to build a business. When they are smart, these partners recognize the need for succession planning and exit strategies.
Read more- Preserving Business Value for Your Intended Beneficiaries
Dale Carnegie advised those seeking success to start with the end in mind. Business owners would do well to plan for preserving the value of their business for the time when they are no longer in business.
Read more - Why Have Share Transfer Restrictions for Closely Held Corporations (or even LLC’s)
Most people have investments that include stocks that are publicly traded, with the New York Stock Exchange or the NASDAQ. It is expected that shareholders will from time to time trade their shares. There are such large numbers of stock issued by a particular corporation that usually no transfer even affects who controls the corporation.
Read more - Looking Towards the Future of Your Family Owned Business
Many business owners own family businesses that were either started by them or that were inherited from their parents who started the family business.
Read more - Like a Marriage, a New Business Partnership Needs a 'Pre-nup'
When you begin a new business with a partner, no matter what the form of the business, you should have a "prenuptial agreement" for your business.
Read more - 'Divorcing' a Business Partner
When a business is new and the prospect of potential success is in the air, life looks and feels good. Just as in a marriage, partners do not go into a partnership assuming that either the partnership will fail or they will need to “divorce” their partner. If the parties follow their attorney’s advice, they may have a written partnership agreement to guide and control the termination of the departing partner’s interest in the partnership.
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