Ending a business relationship can be difficult, extremely disruptive to your business, and very costly. It is unlikely that your business partners will still be with you 5 or 10 years down the road. Small businesses in particular tend to be closely held and frequently have restrictions on the transferability of ownership.
Perhaps you need help managing your work load. Maybe you want to reward employees with an ownership interest in the business. Or, an investor insists on an ownership interest in your business in return for his investment. Business is going well and you’ve decided it’s time to add a business partner.
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Scenario: I just received an offer from someone who wants to buy my business. What’s next?
If you are able to provide a prospective Buyer with clear documentation of your business decisions so the Buyer can easily understand your business, you are much more likely to get a good price for your business.
Scenario: My business is being sued. Am I responsible for liabilities incurred by my company?
Among other things, you need to demonstrate that you have properly set up a separate entity and you have made decisions in your capacity as a business owner and not in your individual capacity.