business partnership

Starting up takes a lot.  A lot of time. A lot of energy. Perhaps a lot of money.  And definitely a lot of planning.  At the very beginning, a business owner is looking for revenue, low costs, and maximum upside, in an understandable effort to build a foundation for an economically sustainable enterprise. Having an economically sustainable enterprise–especially one that may eventually be sold–requires sufficient planning to document the assets of the firm and to ensure the firm legally owns those assets.  With assets often come certain liabilities, completing the picture and value proposition of the business for owners, investors, and potential purchasers.  As tempting as it can be to pass on early legal planning for a business in light of other demands that feel more immediate, that planning will show its value for a business of any size or type when avoiding headaches, heading off informal disputes and even full-on litigation.  Learn the core legal considerations for a business in its inception stages, along with the pitfalls you can plan around as you build your business.

Continue reading “What Makes Up Your Business?” »

Business competition is the name of the game.  One industry in particular, however, is taking the term “friendly competition” to heart.

Collaborative brewing, in which two or more breweries join forces to create a [new] product, has rapidly swept through the craft brewing industry. While brewery rivalries certainly exist, many brewers have discovered the benefits of teaming up.  It allows brewers to expand their horizons, creating beers outside of brewers’ comfort zones.  Breweries gain exposure to new markets and gain credibility.  Consumers, on the other hand, relish the typically unconventional brews resulting from the pairing. Sometimes it even helps avoid legal battles, such as the case of Avery Brewery and Russian River Brewery’s “Collaboration Not Litigation” ale. Continue reading “Think Before You Brew” »

Flickr: Rikki’s Refuge (modified)

If you go into business for profit with someone, and if you don’t create a company like a corporation or an LLC, then your business automatically will be a partnership. However, a partnership does not give you any asset protection — you are 100% liable for the debts of the business — and it also gives each other partner the power to sign a contract that legally binds the business, even without your permission or knowledge.

Please visit the latest issue of Valley Business Front March [PDF link] for Keith Finch’s latest legal perspective on business pitfalls.

And if you’re interested in learning more about how to choose the right type of entity for your business, join us at our next round of Shark Bites this month.