As the old saying goes: two heads are better than one. This is just one of the reasons that business partnerships are often an effective means of building a successful company. Partnerships offer a range of benefits, from having access to additional knowledge and skills to splitting responsibilities. Unfortunately, business partnerships can also lead to substantial conflict. When partners do not see eye to eye regarding the business, serious disputes that threaten the stability of the company can arise.

There is no way to guarantee that a business partnership will be free of any conflict or disagreements. However, partners can take certain steps to reduce the chances of a partnership dispute.

Start With a Detailed Partnership Agreement

For many entrepreneurs and hopeful business owners, the excitement of starting a new partnership may overshadow some of the more practical steps involved with creating a partnership. Although it may seem tedious and sometimes uncomfortable, building a detailed partnership agreement is one of the best things you can do to avoid conflict. Do not assume that you and the other partners will simply work out the details as you go along. This strategy almost never works. 

As with many estate planning topics, incapacitation planning is not the most pleasant topic in the world to consider. However, it is a topic that should not be overlooked. Incapacitation planning is the process of planning for the possibility of severe illness or injury.

Have you ever thought about whether you would want to be kept alive by a ventilator if you fell into a persistent vegetative state? Do you consent to undergo dialysis if you require it? What are your personal beliefs about organ donation and palliative care? These are extremely important questions and that are deeply personal. A living will allows you to make decisions about these crucial matters ahead of time. This ensures that your loved ones as well as your doctors understand the types of medical care you wish to receive if you are ever too sick to explain your wishes.

You Deserve to Be in Charge of Your Own Medical Decisions

Normally, doctors and other medical professionals can simply discuss medical options with their patient. However, if a patient is incapacitated to a degree that they cannot communicate, doctors may need to guess what the patient would want. A living will takes the guesswork out of this situation. Your living will can specify your decisions regarding artificial ventilation, CPR, palliative care, dialysis, medications, tube feeding, and much more.

Business contracts are the backbone of a successful business. When two parties agree to enter into a contract, they are legally bound by its terms and conditions. If one of the parties fails to fulfill their obligations as stated in the contract, this is considered a breach of contract. Breach of contract disputes may involve non-compete agreements, nondisclosure agreements, licensing contracts, partnership agreements, or other types of agreements.

When faced with a breach of contract issues, many businesses use mediation to resolve the dispute. Mediation involves a neutral third party (the mediator) who helps the parties reach an agreement. The goal of mediation is to find a mutually agreeable solution that satisfies both parties and prevents them from having to go through lengthy and costly litigation in court.

What Happens During Mediation?

During the mediation process, the mediator will listen to both parties and help them discuss the various possibilities. The mediator may also suggest creative solutions to the dispute, such as offering the breaching party the option to make up for their breach in an alternate way. The mediator’s main job is to facilitate communication between the two parties and help them reach an agreement that they are both comfortable with.

Becoming a business owner is an overwhelming prospect, especially when it comes time to acquainting yourself with the myriad of business laws for which you will be held accountable as you commence your new role. Branding in particular will be an imperative foundation for your marketing efforts, and it all begins with one critical task: selecting a business name.

Doing Business As (DBA)

Whether you are an existing owner looking to start another side business or are embarking on a brand-new business venture for the first time, it is important to be aware of the requirement to legally register your business name with the proper authorities to ensure you remain compliant with the law. Filing your “Doing Business As” name (also called your DBA) is the process of officially registering your chosen business name. This name must be different from your real, personal name and will be required on a number of government forms and applications, such as your employer tax ID application and license paperwork.

Who Needs to Register?

Not every state requires business owners to register for a DBA, but in Texas, you are expected to register if you are a sole proprietor or partnership that wishes to conduct business under a different name. Additionally, existing corporations or LLCs must register for a DBA if they wish to operate under a name other than their existing name.

If you rely on a paid caregiver to help you with daily activities, such as dressing and bathing, there is a good chance that you will develop a strong relationship with the person who cares for you, even if they are not a part of your family. Over the course of months and years, the relationship you have with your caregiver may actually become even closer than the relationships you have with your blood-related family members. With this in mind, you may want to include considerations for your caregiver in your estate plan.

Under Texas law, you have the right to choose anyone you wish as beneficiary in a will or trust, including a non-family caregiver. However, there are some concerns that should be taken into account before making this decision. An experienced estate planning lawyer can help you understand some of these concerns and how to keep them from becoming problems down the road.

Concerns When Leaving an Inheritance to a Non-Family Caregiver

When choosing to leave an inheritance to a paid, non-family caregiver, there are several concerns that should be taken into account. These include but are not limited to: