In business, disputes are an inevitable part of the journey. That is why alternative dispute resolution (ADR) clauses can be pivotal because they provide a mechanism for resolving disputes outside the traditional court system. If you are in a partnership, how can your...
Business Formations
Should you form an official business if you are trying an idea?
Many people in California have innovative ideas they want to turn into businesses. Before diving in, they may consider whether forming an official business entity is necessary. This decision depends on several factors including the nature of the idea and the potential...
Can you own an LLC as a sole owner?
Owning a sole proprietorship can prove to be a simple operation since you do not have to worry about sharing your enterprise with one or more partners. Still, as a sole proprietor, you face exposure to litigation that could deplete your personal assets. A limited...
5 common mistakes when drafting partnership agreements
Establishing a partnership can be a strategic move when founding a business in California. However, many individuals make mistakes when drafting partnership agreements. These errors can lead to disputes and financial setbacks. 1. Inadequate clarity on responsibilities...
Choosing the right name for your business
Embarking on the exciting journey of starting a business in California involves a lot of preparation, including choosing your business structure and coming up with a business plan. However, you should also devote considerable effort to selecting a name for your...
3 reasons why you should start a business emergency fund soon
As a business owner, you understand the significance of sound financial management. The comfort of steady, consistent earnings is a testament to your strategic planning and operational efficiency. However, a consistent flow of money is not always a reality. That's...
Why do I need a business plan for my startup?
Established entrepreneurs would agree that not having a business plan is a failure waiting to happen. Though it is not always the case, startups that attempt to operate their business without proper planning usually fail within the first few years of operations. While...
Could venture debt be a better funding tool than venture capital?
If you’re starting a new company, financing is, of course, key to getting it off the ground. However, obtaining financing from a traditional lender is difficult when you have nothing to show them but an idea and your experience and talent. That’s where venture capital...
What is an operating agreement and why does your LLC need one?
Starting any new business is an emotionally-complex undertaking. As exciting as it is, there’s also plenty of stress that comes with it too. Thankfully, taking thoughtful steps and seeking legal guidance can help to minimize preventable stress. For example, if you’re...
Should you consider adding a business partner?
Starting a business can be a challenging task, and it often requires a great deal of effort, resources, and planning. One of the critical decisions that entrepreneurs must make is whether to keep their business a sole proprietorship or a partnership. While there are...