After you establish an estate plan, you will likely have two documents that others may need to rely on. The first is the Power of Attorney and the second is a Certificate of Trust. Both of these documents need to be relied upon by others.
The untimely passing of a loved one is difficult enough, let alone getting through the legal nightmare that is probate. First, the main functions of probate are to collect and manage all the assets subject to probate and to pay off any debts or taxes owed against the estate. To prepare for this administration of the estate in court you most likely will need an attorney. However, once you found that attorney, how do you prepare for that first meeting?
Choosing what type of entity your business will be is an essential part of business planning. A partnership is two or more people working together for a profit. There are two basic types of partnerships, general partnerships and limited partnerships.
There is no requirement to create a partnership agreement, however it is smart to do so. A Written partnership agreement helps to avoid misunderstandings between partners and a failure to have a written agreement will result in default rules based on the states statute. A written agreement also permits the partners to discuss various aspects of the business and expectations of the partners.