November 22, 2014
You’ve probably heard all the usual reasons why a partnership agreement should be in writing: memories are fallible; it helps you plan your business better; you can set out your exit strategies. In short, you choose what you want to have happen, rather than leaving it up to the default provision that state law provides. But here’s another one I came across: a court could find that your partnership didn’t exist! Yes, indeed. A Texas Appellate Court recently faced the following facts in Torres v. Kelley, No. 13-04-313-CV, 2007 WL 528849 (Tex. App.-Corpus Christi Feb. 22, 2007): [Kelly and Torres] had drafted a written partnership agreement that they never signed and which stated that a partnership would be created upon execution of the agreement. There was also evidence of some type of verbal, profit sharing arrangement, but it was undisputed that Torres did not have access to the business’s finances . . . . Upon the parties’ falling out, Torres had taken some assets from the business and sold them under the name of a…
Continue ReadingNow that tax season is done done done, (yes, I filed on extension), I wanted to give a shout-out to the people who made that process relatively painless: my accountants. They have certainly saved my…
Read MoreMake sure the name you want is available, then register and protect it. “What’s in a name?” Shakespeare wrote in Romeo and Juliet. “[A] rose by any other name would smell as sweet.” Many entrepreneurs…
Read MoreListen to the Episode Below: The pace of change is so fast. That’s why we’re always hearing people say that the only constant is change. But even if you’re tired of hearing it, you know…
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