Writings by Jay McDaniel

The most effective ways to protect your business in a divorce are put in place before one begins: a prenuptial or postnuptial agreement, clean separation of business and personal finances, and divorce contingencies built into your operating or buy-sell agreements. If divorce is already underway, the priorities shift to establishing how the business is classified […]

A company is dissolved; legally, it ceases to exist. Accordingly, dissolution results in significant legal and financial consequences.  It is a process that must be properly managed to avoid continuing liability. The Corporate Dissolution Process Corporate dissolution is the legal process of formally closing a corporation, paying its debts and distributing the remaining assets. Most […]

If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]

Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]

Partnerships can be an effective way to structure a small business. However, before forming one, you should carefully consider whether it’s the best legal structure for you. This article explains “what is a partnership in business,” discusses the risks and benefits of forming one, and highlights some of the many legal issues that a partnership […]

When launching a new business, choosing the proper legal structure is one of the most important decisions you will make. While partnerships can offer opportunities for entrepreneurs to join forces with like-minded individuals and get a business off the ground, it is important to understand the pros and cons of a partnership, as compared to […]

Deciding to end a business partnership is rarely an easy decision. After all, you have likely poured significant time and money into the venture. The partnership dissolution process can also be challenging, particularly if you and your partner don’t see eye to eye. To minimize legal headaches when terminating a partnership, it is imperative to […]

Closing your business can be a difficult process no matter what the circumstances. After all, you have likely poured significant money, time, and effort into your business. While it may seem more costly and time-consuming, working with an attorney to dissolve your business formally is always a good idea. If a business dissolution is not […]

Disputes among members of a limited liability company (LLC) are not uncommon and can often be resolved outside of court. However, LLC disputes can sometimes escalate to the point that an LLC seeks to expel a member from the business. When seeking to remove a member, LLCs may rely on the provisions of their operating […]