Northern Georgia General Law Blog

These tips will help you pass on your business

Passing a business on to your children is not the same as listing out other assets in your will. You need a viable business succession plan. You need to consider the future of the company and the employees, not just your own future or your heirs' futures. It's critical that you do all of this properly if you want to see your children take over the family business.

To help you, here are a few key tips:

  1. Start early. Don't put this off. Some say that it's best to start about a decade before you want to pass the company on, though five years will work.
  2. Get the children involved. Work with them and show them the ropes. By the time they take over, they should have years or even decades of experience.
  3. Have conversations with your heirs. Ask them what they want and what they expect. Do they even want to run the company? How many heirs expect to be involved?
  4. Be realistic about their skills. Don't give too much responsibility to someone who isn't ready for it just because they're in your family. Do not set them up for failure by giving them jobs they can't handle.
  5. Remember that equality, while it sounds nice, may not be best for the company. Are you really best off to leave the company in one capable person's hands or to split the ownership up between four different heirs who are less capable?

How publishing info can actually protect intellectual property

Today’s business landscape is dynamic and competitive. Innovations are happening in every aspect of business, including in how people protect their innovations.

Every business needs to protect their intellectual property (IP)—proprietary creative works, inventions and methods. One way that businesses can accomplish this is through a method called defensive publishing.

Reasons that start-ups burn through all of their money

When you're securing funding for your new business, it feels like you'll have no problem getting everything you need. You have a lot of interested investors. You started with a dream and no capital, so everything you bring in massively expands what you think is possible.

Twelve months later, though, you're on the verge of running out of money and declaring bankruptcy. What happened? How did you burn through everything so quickly, ruining what was otherwise a good business idea?

Protect your trademark, and those of others, in business launch

It takes a long time and a lot of planning to start a business. Whether you run a company offering services or have a great product to sell, you have put a lot of time and thought into your venture.

But there are details you can't forget to take care of.

Who can benefit from a Chapter 13 bankruptcy?

Chapter 13 bankruptcy is a very popular choice for individual debtors who do not qualify for Chapter 7 bankruptcy. Chapter 7 bankruptcy tends to be a very popular option since the entire process takes around six months, and debtors benefit from debt discharges. However, debtors will only qualify for Chapter 7 bankruptcy if their income is very low in comparison to their debts. Additionally, you will almost certainly lose your home as a result of filing for Chapter 7 bankruptcy.

If you do not qualify for Chapter 7 bankruptcy, or if you want to ensure that you can keep your home, Chapter 13 bankruptcy may be the best option for you.

Chapter 12 bankruptcy provides relief for farmers

Several factors beyond your control can affect the profitability of your farming business. Above-average snowfalls and droughts can impact the operation of your business, and in turn, your revenue stream. This trickle-down effect can cause debts too pile.

What do you do if that debt becomes overwhelming?

Two legal mistakes every startup needs to avoid

With the right vision and products, a startup can turn into a massive business empire (like Apple, for example). However, a lot of startups make serious legal mistakes that put their future in jeopardy (just like Apple did, for example).

By looking at what has happened to others in the past, it becomes clear that startups are prone to a couple of specific mistakes:

What should I consider when selling property with mineral rights?

If a piece of land has mineral rights, the value can increase drastically because the land has so much more value than what it on its surface. However, determining the value of the property and dealing with legal issues can become complex.

This is why landowners who also have mineral rights need to take the time to understand laws relating to real estate and mineral rights. This can create disputes between the buyer and the seller.

Which is the best bankruptcy chapter for me?

When you are struggling with debts, it is important to realize that you need to take action in one way or another because otherwise your financial situation is simply not going to improve otherwise. One option that you may be considering in bankruptcy. However, many debtors feel overwhelmed with the different filing options that they have, and a paralyzed by the choices available to them.

It is important to reflect on your situation and conduct adequate research before taking action to file for bankruptcy. By doing so, it is likely that you will feel emotionally committed and ready to positively change your life.

Do you own the rights to things you create?

In business, as well as in your personal life, you likely have new concepts. Whether you record your own music, write a book or choreograph a dance routine, you might want to protect your work.

Protecting your intellectual property may seem complex. However, the United States Copyright Office lists examples of original works you can copyright. This includes musical, artistic, dramatic and literary works such as:

  • Computer software
  • Books
  • Movies
  • Songs
  • Poems

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