by Dave Duringer - Protective Law Corp | Sep 12, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Operation & Governance
If you are considering buying or selling a business, you may need an asset purchase agreement. An asset purchase agreement (APA) is a contract that specifies the terms and conditions for the sale and purchase of a business or certain business assets. The APA...
by Dave Duringer - Protective Law Corp | Sep 9, 2022 | Blog, Business Succession, Entity Formation, Operation & Governance, Regulatory Compliance
Corporations are required to have a board of directors, which is selected by the shareholders. The board of directors helps govern the corporation, provides advice and counsel, conducts high-level management, elects officers, votes on key decisions, and protects...
by Dave Duringer - Protective Law Corp | Aug 22, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Limitation of Liability, Operation & Governance, Venture Protection
Many business partnerships eventually come to an end. Like other types of relationships, when business partners decide to split up, the process can be amicable or contentious. For personal and professional reasons, dissolving the partnership on good terms is in the...
by Dave Duringer - Protective Law Corp | Aug 19, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Operation & Governance, Venture Protection
As a business grows, its ownership structure may change and an owner may need to be removed. Removing an owner of a limited liability company (also known as a member) may become necessary if a member retires, dies, changes career, commits a breach of conduct, or has a...
by Dave Duringer - Protective Law Corp | Aug 15, 2022 | Asset Protection, Blog, Business Succession, Estate Planning, Family Protection, Financial Mentorship, Fortune, Tax Planning, Venture Protection
You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built could fall apart if you have not taken the time to create a business succession plan. Without a plan in place,...
by Dave Duringer - Protective Law Corp | Aug 12, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Family Protection, Financial Mentorship, Fortune, Operation & Governance, Venture Protection
Your family and your business are two of your top priorities. You would not do anything to compromise either of them. But working with family members in a family-owned business presents unique challenges that can cause lasting damage to both if not properly managed....
by Dave Duringer - Protective Law Corp | Aug 10, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Estate Planning, Family Maintenance, Family Protection, Fortune, Operation & Governance, Venture Protection
Conflicts are inevitable within businesses and families. Personal rivalries, differences of opinion, competition for resources, and questions of prestige can set individuals at odds and lead to warring factions with competing loyalties. Resolving conflicts in both...
by Dave Duringer - Protective Law Corp | Aug 8, 2022 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Estate Planning, Family Maintenance, Financial Mentorship, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection
Trusts are usually associated with estate planning, but trusts can also apply to business operations. As a small business owner, you can hold the business in a trust instead of using a business entity such as a limited liability company (LLC) or corporation. Business...
by Dave Duringer - Protective Law Corp | Aug 1, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Fortune, Venture Protection
Part of the reward of being a small business owner is seeing your hard work pay off over the years. The many sacrifices you made for your business can all seem worth it on the day you close a deal to sell your company. But if you are dreaming of that day, it will take...
by Dave Duringer - Protective Law Corp | Jul 25, 2022 | Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Estate Planning, Fortune, Venture Protection
In theory, a limited liability company (LLC) can last in perpetuity. However, the owners of an LLC should plan for the day when they are no longer there to run their business. This includes not only situations like retirement or career change, but also a decidedly...
by Dave Duringer - Protective Law Corp | Jul 11, 2022 | Blog, Business Succession, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Venture Protection
Small business owners put their blood, sweat, and tears into ensuring the success of their company, which, though difficult to measure, are no less valuable than capital contributions. At the same time, if you are investing your time and energy into a limited...
by Dave Duringer - Protective Law Corp | Jun 28, 2022 | Asset Protection, Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Career Preparation, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Fortune, Honor, Incapacity Planning, Operation & Governance, Venture Protection
Benjamin Franklin famously quipped, “If you fail to plan, you are planning to fail.” From the very beginning, you had a plan for your business to succeed. You set goals and developed methods to achieve those goals. Your business has stood the test of time because you...
by Dave Duringer - Protective Law Corp | Jun 10, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Estate Planning, Venture Protection
We protect what we value most with insurance. Car insurance and home insurance ensure that we can financially survive a major property loss. Life insurance pays money to beneficiaries after a death, acting as a financial lifeline to the deceased’s loved ones. Business...
by Dave Duringer - Protective Law Corp | Jun 7, 2022 | Asset Protection, Blog, Business Succession, Entity Formation, Estate Planning, Venture Protection
Both running a successful business and having a successful marriage require commitment and hard work. Operating a business as a married couple can present its share of challenges, but being devoted to one another as spouses and as business partners can bring higher...
by Dave Duringer - Protective Law Corp | May 31, 2022 | Asset Protection, Blog, Business Succession, Estate Admin, Estate Planning, Limitation of Liability, Probate Admin, Venture Protection
The limited liability company (LLC) is a popular business structure that offers liability protection and avoidance of double taxation. Trusts are popular asset transfer vehicles that allow you to avoid probate and keep assets out of the hands of creditors. By placing...
by Dave Duringer - Protective Law Corp | Dec 23, 2020 | Business Succession, Buying or Selling a Closely Held Business, Venture Protection
If you are a business owner, you probably worry about your bottom line, employee retention, and health insurance premiums, but have you also considered what will happen to your business if you are in an accident? What if your business partner gets divorced and...
by Dave Duringer - Protective Law Corp | Dec 31, 2019 | Business Succession, Family Maintenance, Family Protection, Religious Faith
The reason for the season. "Today in the town of David a savior has been born to you; He is Christ the Lord." – Luke 2:11https://t.co/ePL8UKhjFY pic.twitter.com/P6L4hBPHeg— Official Hobby Lobby (@HobbyLobby) December 25, 2019 Do you have a...
by Dave Duringer - Protective Law Corp | Dec 2, 2019 | Business Succession, Estate Planning, Venture Protection
As your small business expands and evolves, it may make sense to consider changing its structure. Many small businesses start out as sole proprietorships or partnerships, with only one or two owners and no employees. Over time, as your business grows and...
by Dave Duringer - Protective Law Corp | Nov 4, 2019 | Business Succession, Financial Mentorship
You have spent years building your small business, but have you taken time to consider what will happen to it when you retire, become disabled, or pass away? Although it is often hard to fathom an event that may not occur for many years, it is important to put...
by Dave Duringer - Protective Law Corp | Sep 17, 2019 | Business Succession, Buying or Selling a Closely Held Business
As a partner or co-owner (private shareholder) of a business, you’ve spent years building a valuable financial interest in your company. You may have considered setting up a buy-sell agreement to ensure your surviving family a smooth sale of your business...