If you are a small business owner, you likely began your business as a sole proprietorship. While sole proprietorships are the simplest type of business structure, there is no legal distinction between the business owner and the business. This can prove to be an unwise decision as the business grows. For this reason, many business… [Continue Reading]
Four Things to Include in an Investor Agreement
Anyone who has seen the TV show Shark Tank understands that securing investors is often an important part of growing a company. To both maintain and protect your relationship with investors, your investor agreements must be carefully constructed. The best-written investor agreements often include several terms that help create peace of mind that an investment… [Continue Reading]
Writing a Strong Liquidated Damages Clause
If you write a bad one, your liquidated damages clause can leave you at an increased risk of facing litigation. After all, consider the important role that these clauses play in business contracts. Buyers and sellers enter into agreements to avoid any disputes over the amount of damages or mitigation. While business owners often understand… [Continue Reading]
Critical Steps to Take Before Signing a Commercial Lease
Signing a commercial lease is not a decision that should be made in a rush. One of the largest costs for many business owners is commercial real estate rental. As is the case with most contracts, a business owner who enters a commercial lease contract without considering all of the available options might end up… [Continue Reading]
Two Attorneys at Resnick Law P.C. Recognized by SuperLawyers Magazine
JUST PUBLISHED! Nathan Resnick and Julie Trepeck Harris of Resnick Law P.C. were recently recognized by SuperLawyers magazine for their superior legal skills. Nathan Resnick Named as SuperLawyer 2019-2020 For the second year in a row, H. Nathan Resnick has been named one of the top attorneys in Michigan for his superior work in the… [Continue Reading]
Should You Create a Michigan LLC?
It can be difficult to decide how to organize a business: Should yours be an LLC, limited partnership, or a Subchapter S Corporation? As many business owners have discovered, a Michigan LLC offers entrepreneurs the ability to create a corporate organization that offers significant financial security and benefits. Michigan LLCs, however, are not without their… [Continue Reading]
It’s Complicated – Marital Status and Intestate Succession
Changing your relationship status with an estranged spouse on social media to “It’s Complicated” may be an option for spouses who no longer consider themselves a couple: but failing to legally change your relationship status could have larger implications when a party to the marriage dies without a will. Under Michigan law, when a married… [Continue Reading]
Dissolving a Business Partnership
Some of the best business ideas come from partnerships among friends. In fact, many people find that a partnership is the best option for managing a business. While partnerships work well for some entrepreneurs, others discover that a business partnership is not the best working model for their business. If you are currently engaged in… [Continue Reading]
Deciding if an S Corp is a Good Fit
An S corporation is a unique corporate structure that offers the security of an LLC while allowing profits and losses to be passed directly to shareholders. An S corp structure dictates that income as well as losses by the corporation must be listed on individual shareholder tax returns, which means that the company is not required… [Continue Reading]
The Benefits of Starting a C Corp
One of the most difficult decisions questions that any entrepreneur faces when starting a new business is what type of business structure to utilize. One of the many types of possible business structures is the C corp, which offers some distinct advantages over other structures, such as LLCs or S Corps. The following are some… [Continue Reading]
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