June 3, 2015
When leaving a business partnership, entrepreneurs often overlook the fact that untangling the details of the business can go on for months after the date of departure. Here’s one of the problems that can arise if you haven’t worked the appropriate safeguards into the exiting process: Q: We separated from our former business partner in the 3rd quarter 2008, at which time he took over the entire company. Earlier this year he told us he would need to file an ’08 tax extension for the company because he wasn’t able to pay any amount owed at filing time AND he still owed the CPA from the last year’s services. We also found out that he has not provided the CPA with any of the company’s tax documents from ’08 and has missed the corporate extension deadlines. Even though we filed for an extension, paid an estimated amount and have submitted all our personal tax documents to the CPA (we all use the same guy), our personal tax filing is in limbo pending information from the company’s filings. How…
Continue ReadingFrom Daneen Skube, Ph.D., in the Seattle Times came this question-and-answer about business partnership: <<Q. I’m thinking of going into business partnership with my friend. Is there any question I should consider to help me make…
Read MoreIf you slept in this past Sunday morning (and normally, I would, too), you may have missed my segment on MSNBC’s “Your Business” where I was part of a panel that included venture attorney Jennifer…
Read MoreThe first time it happened, I was shocked. (Okay–naïve too, but shocked). “What did I do wrong?” I wondered. “Wasn’t the client happy with the service I provided? After all, I swooped in, saved the…
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