Dating business patners
Given the legal nature of the documents, however, it’s wise to have a legal representative review the language included in the MOU before it is signed.My boyfriend, John, and I had been dating close to four years when we started a food truck in northwest Florida. We saw the growing trend on the west coast and other large cities (yes, via the Travel Channel), and we believed we could do the same thing—sans any real cooking experience, of course.Lenders want to see the agreement and study its provisions.
And we quickly found that the journey from lovebirds and recreational cooks to food-truck entrepreneurs and serious partners wasn’t easy.
Life insurance policies are the more typical technique employed to ensure that funds are available for cross-purchase transactions.
With two partners in a business, the solution is very straightforward but requires more ingenuity to set up with multiple shareholders.
"How would the decedent's heirs liquidate the business interest to pay expenses and taxes?
What would happen if an heir or an unknown outside buyer of the decedent's share decides to interfere with the business?