Weekly IP Buzz for the Week Ending October 16, 2020

In this week's post, we look at how a buy-sell agreement provides a clear path for business entities for dealing with a number of unplanned events, including death, divorce, or business disagreements.

Plus, how having the right business entity and protection is a crucial part of starting and growing a successful business in any industry.

Business Entities: Buy-Sell Agreements

Provisions in a buy-sell agreement are critical to the success of a business not being interfered by third-parties or outsiders who may not possess the skills or capital necessary to achieve the organization’s goals.

Simply put, life happens. Priorities in a co-founder’s life may change, business visions may splinter, and disagreements that are unresolvable may occur. In order to fully protect the best interests of all involved and stay out of litigation, dealing with these potential events up front is the best way to minimize the risk of lengthy and costly disputes.

This can be a part of the particular governing documents that allow for an efficient and effective plan to be in a place in case something happens.

Read more here.

Business Entities: Corporations vs. LLC's

If you are just beginning to explore starting a venture or have already started, chances are that you have at least heard about these two forms of business entities - corporations and LLC's. While both provide a form of protection for their owners, they have distinct characteristics so that one form may be much more advantageous than the other depending on the venture.

Find out more here.

Click to read the previous Weekly IP Buzz on Thriving Attorney.

For more posts, see our Intellectual Property Law Blog.

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In addition to Thriving Attorney, Darin M. Klemchuk is founder of Klemchuk LLP, a litigation, intellectual property, and transactional law firm located in Dallas, Texas. Click to read more about Darin Klemchuk's practice as an intellectual property lawyer.