When you and your partners start a new business here in New Jersey, you probably think that you will work together well into the future. You form your partnership, draft a partnership agreement and open your doors, but what happens if one of your partners leaves the business at some point?
Estate planning may not be at the top of most New Jersey residents' to-do lists. Contemplating mortality doesn't make for lively dinner conversation. However, you should consider it sooner rather than later, since no one knows what could happen in the future.
Are you one of the many small business owners here in New Jersey who owns a convenience store or service station? Do you sell gasoline to the public? Then you probably have an underground storage tank regulated by the Environmental Protection Agency. In fact, the vast majority of USTs in the United States hold petroleum.
If you are like so many other people who own small businesses with others, you probably aren't fond of paperwork. You would rather be in the trenches doing the work. For this reason, and others, you may have already agreed with your partners that forming a complicated business entity just isn't necessary.
As you consider how to best provide for your loved ones after your death, you may run into a snag. You own a home that you and your current spouse occupy, but you don't want it to become part of your surviving spouse's estate upon his or her death. Instead, you want to be sure that it passes to your child from a prior relationship upon your spouse's death.
As New Jersey continues to recover from all of its economic hardships, you may consider starting a new business. After weighing all of the pros and cons of each type of legal entity, you settled on a corporation. You more than likely chose this type of entity, at least in part, due to the significant protections for owners and shareholders when it comes to liability.
Running a business in New Jersey has its challenges, so if yours is successful, you may have beaten the odds. While you are willing to work within rigid laws and high taxes, you may not be thrilled about more policies that pressure you to make adjustments for environmental protection.
If you have always wanted to own your own business, you have likely done your homework. Your decision to be a business owner may have taken many turns during your investigation, and you may not be certain you are ready to take on the responsibilities of starting a company from scratch. There is a great deal to consider, not the least of which are the time and expense.
When you are ready to buy a home, you want it to be perfect. Your home will likely be the single biggest purchase you will make, and aside from it being a warm place to welcome friends and raise a family, it is also an investment.
When you walked through the freshly painted and carpeted home that you ultimately rented, you may not have thought to ask whether it had suffered any water damage. After all, it looks beautiful, and you had no reason to suspect that a danger to your health could be lurking in the walls.