August 2018 Archives

Changing your sole proprietorship to a partnership

As someone who heads a Pennsylvania sole proprietorship, you may enjoy being your own boss. However, the possibility of forming a business partnership seems just too good to pass up. With a partner, your business can receive added expertise, more business connections and additional financing. But can you convert your sole proprietorship into a partnership? The answer is yes, though it requires a few crucial steps for the move to proceed.

Possible pitfalls of setting up a payable on death account

A worrying aspect of Pennsylvania estate planning is that after you die, you have no further control over how your assets are distributed. Some people fear the uncertainty of their will going through probate and want a more direct way to leave financial assets to loved ones. This is why some Pennsylvanians opt for payable on death accounts. A POD does offer some important benefits, but be aware that using a POD account is not without possible pitfalls. 

Why you should have legal counsel during divorce mediation

Not all divorces end up in court. Some Pennsylvania couples, seeking to exert greater control over their divorce and to try and come to an agreement amicably, will choose to take their divorce before a mediator. However, just because a couple elects to mediate their divorce does not mean there is no need to retain legal counsel. In fact, having an attorney present for the mediation process can be vital in making sure the mediation agreement can be enforced.

The pros and cons of forming multiple businesses

You may have an exciting idea to start a brand new business in the state of Pennsylvania. However, many creative people do not have just one idea. What if a Keystone State entrepreneur has an idea for a printing company and a lawn mowing business at the same time? It would seem strange to form a business that offers both services, so the entrepreneur may choose to form two businesses instead. Like any business venture, you should consider the benefits and drawbacks to starting up two or more businesses at once.

Beneficiary designations can trump a will

Imagine you have just finished composing your last will and testament. You might believe that your will has covered everything you want to happen after you die. However, your work may be far from over. In fact, a Pennsylvania will can actually be superseded by other documents, particularly financial documents in which you have already designated a beneficiary.


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