{"id":1187,"date":"2018-06-12T20:14:23","date_gmt":"2018-06-12T20:14:23","guid":{"rendered":"http:\/\/amerilawyer-blog.local\/?p=1187"},"modified":"2018-06-12T20:14:54","modified_gmt":"2018-06-12T20:14:54","slug":"loss-business-partner","status":"publish","type":"post","link":"https:\/\/www.amerilawyer.com\/blog\/business\/loss-business-partner","title":{"rendered":"Recover From The Loss Of A Business Partner"},"content":{"rendered":"<p><em>The death of a business partner is devastating.\u00a0 After the memorials have been completed and funeral held, the time has come to think about what is left in his aftermath.\u00a0 It is\u00a0 pretty common, that when dealing with a partnership, one of the partners specializes in one area while you specialize in another.\u00a0 How do we move on from such a difficult time?\u00a0 In this segment, we are going to discuss restructuring a business, what is the business worth, going through property in probate to determine who the business will be passed on to, and continuing to make the business prosper.\u00a0<\/em><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/Cus7YNeCL4o\" width=\"480\" height=\"270\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h1>Business Must Go On!\u00a0 What Do You Do Now?<\/h1>\n<p>As you leave the office of the lawyer, you have been informed that your partner left a will.\u00a0 His son was given his share of the business. \u00a0\u00a0The restaurant, Smokey\u2019s Ribs and Burgers, is now in limbo. Fortunately, his son is willing to sell his share of the business to you.\u00a0 After going through probate, you sit with the son and determine what he expects to receive from his share of the business.\u00a0 How much is he asking for it?<\/p>\n<h2>Purchasing a business<\/h2>\n<p>In conversation, you both agree that you will purchase his part of the business, <strong>but what is it worth<\/strong>?\u00a0 \u00a0One of the best ways to determine the worth of a business is to investigate it.\u00a0 You should find out how is business conducted and how is it reported?\u00a0 First, carefully review all paperwork related to the business and its finances.\u00a0 This will assist you with evaluating the value of the business.\u00a0 You can also study the business in person to see how the seller runs their business.\u00a0 Also, you may want to study its demographics as well.<\/p>\n<div id=\"attachment_1188\" style=\"width: 310px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/amerilawyer-blog.local\/wp-content\/uploads\/2018\/06\/smokeys.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1188\" class=\"wp-image-1188 size-medium\" src=\"http:\/\/amerilawyer-blog.local\/wp-content\/uploads\/2018\/06\/smokeys-300x169.jpg\" alt=\"\" width=\"300\" height=\"169\" srcset=\"https:\/\/www.amerilawyer.com\/blog\/wp-content\/uploads\/2018\/06\/smokeys-300x169.jpg 300w, https:\/\/www.amerilawyer.com\/blog\/wp-content\/uploads\/2018\/06\/smokeys-144x81.jpg 144w, https:\/\/www.amerilawyer.com\/blog\/wp-content\/uploads\/2018\/06\/smokeys.jpg 640w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1188\" class=\"wp-caption-text\">Business Partner<\/p><\/div>\n<p>Once you agree on the price, you and the decedents son must make a contract to sell the business to you.\u00a0 Moving forward, the next decision is how does the business operate moving forward?\u00a0 Do you find a new partner? Do you change the type of business to a S- Corp? \u00a0\u00a0Each situation is different, but it may be wise to go see an attorney to determine which entity is better for your situation.<\/p>\n<h2>Adding A Vehicle To the Business<\/h2>\n<p>The restaurant does well on its own, but with the rise in food trucks you decide to venture out into this uncharted territory.\u00a0 At this time, you meet a young man who has agreed to cook for you on the food truck.\u00a0 His past experience with your competition is a great asset to the business.\u00a0 You have a few questions, Is it legal to have his past patrons follow him to this truck?\u00a0 The answer is yes.\u00a0 If your new employee happened to have personal contact with these clients or is able to advertise on his own social media, there is no wrong doing in this.<\/p>\n<p><strong>** Building a business is difficult, but recovering after a loss, can be devastating for a business.\u00a0 It is important to remember to keep your head up and reach for the moon.\u00a0 Even if you come up short, you will still be among the stars.<\/strong><\/p>\n<h4>Visit our <a href=\"https:\/\/www.youtube.com\/channel\/UCBbWg0TlRsWsP1Ocsyf2Prg\">YouTube<\/a> channel for more information.<\/h4>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/Cus7YNeCL4o\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><strong>ARE YOU READY TO START YOUR BUSINESS?<\/strong><br \/>\n<strong>INCORPORATE TODAY AT <a href=\"http:\/\/www.amerilawyer.com\/index.htm\">WWW.AMERILAWYER.COM<\/a><\/strong><br \/>\nNot Ready? Have More Questions?<br \/>\nIf you are a member of Spiegel &amp; Utrera, P.A.\u2019s\u00a0General Counsel Club\u00a0and have business\u00a0related questions, call (800) 734-9900 or ClubAssist@AmeriLawyer.com\u00a0for assistance. Remember, as a member of the \u00a0General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.<\/p>\n<p>Spiegel &amp; Utrera, P.A. is a corporate law firm with its main offices located in Miami, Florida with offices throughout the United States. As a law firm, we do more than just help you form your business entity. We stand ready to help with the maintenance of your legal business entity! We\u00a0will assist you with\u00a0Incorporation Service,\u00a0Trademarks,\u00a0Copyrights,\u00a0Estate Planning,\u00a0Legal Counsel,\u00a0Wills,Trusts,\u00a0Agreements &amp; Leases,\u00a0Corporate &amp; Company<\/p>\n","protected":false},"excerpt":{"rendered":null,"protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1187","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/posts\/1187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/comments?post=1187"}],"version-history":[{"count":0,"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/posts\/1187\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/media?parent=1187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/categories?post=1187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/tags?post=1187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}