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Haddonfield Estate Planning And Small Business Law Blog

You do not have to navigate the world of small business law alone

Small business owners in New Jersey may be eager to see their fledgling enterprise grow into a profitable business. After all, they may have put much thought and care into the creation and running of their business. However, that doesn't mean there won't be some stumbling blocks along the path to success.

There are a variety of small business law conflicts that could arise within the course of doing business. For example, breach of contract claims can arise between vendors or other external parties. If a small business is a partnership, and that partnership no longer works out, it is essential that any noncompete contracts the partners had with one another are honored. In addition, businesses could face legal claims from employees alleging wage and hour violations, harassment or other conflict.

What are the duties of the executor of an estate?

Being chosen to be the executor of an estate in New Jersey is an honor, but it is also a role that carries with it many responsibilities. Probate and estate administration is governed by state law. However, in general, there are a number of duties the executor of an estate is obligated to fulfill.

The executor must locate the assets of the deceased. Once located, the executor must make sure those assets are kept safe and managed so they can be distributed either to the individuals who are to inherit per the deceased's will or to the deceased's creditors.

Estate planning at 25? Why it is a good idea

Most people do not think about estate planning in their 20s. Creating an estate plan seems like a task for far in the future, when you have more assets and are thinking about retiring. However, having an estate plan in place as early as possible is a good move for you and your family. If you do not have an estate plan, it is never too early to start creating one.

If you have children and a family, it is especially important for you to create a solid estate plan. Here’s why:

Health Care Market Drivers Mean Business Opportunities

The consumer-driven model of health care has been commonplace in the United States since the early 2000s. Rapidly picking up steam in the medical insurance marketplace since 2005, high-deductible policies, paired with a Health Savings Account (HAS) have become the norm.

As a result of this, more Americans are paying the entire bill for much of their health care, that is, unless they meet their four-figure deductible. While lowering health care premiums for some, many have to pay a sizable premium only to face a high deductible. This has led to triple-digit increases in the cost of health care over the past decade.

What to know about a financial power of attorney

Many people avoid signing a power of attorney document at all costs because they mistakenly think it will take away all of their control over their financial decisions. However, signing a power of attorney may give you more control than you think.

A financial power of attorney is a document that appoints someone, called an agent or attorney-in-fact, to make financial and legal decisions on your behalf. Some of these decisions may include paying your bills, paying your taxes, managing your real estate or hiring someone to represent you.

How does New Jersey rank for business-friendliness?

Forbes recently came out with its state rankings on business-friendliness for 2018. These rankings were reached through reviews of six different categories of factors: business costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life. Small business owners and entrepreneurs here in New Jersey may not be thrilled about the state’s performance in the rankings.

How do we choose our child's guardian?

No parent likes the thought of passing away and leaving their child in need of care. It's a terrible hypothetical, but one that families should be prepared for in the event of a tragedy.

Whether your child is a minor or an adult without the capacity to care for themselves, who will be responsible for your child and their well being is a key factor to creating an estate plan. If you are struggling to decide who is best suited for this monumental task, here are four things to consider.

Ditch the cookie-cutter employee handbooks

Small business owners have big responsibilities, and large companies are no different. Employees still have unique needs. Every workplace has a philosophy.

There is no law that requires an employer to provide an employee handbook. However, each individual workplace can strongly benefit from a customized handbook. This handbook should follow state and federal law, as well as develop policies and procedures.

Understanding the different types of business structures

When starting a business, you'll need to select an ownership structure for your new venture. There are pros and cons to each business structure and it's beneficial to devote time to learn about each one and choose the best for you. All of the decisions you make when beginning this journey are important, but choosing the type of legal structure is probably the most important thing relating to taxes. 

3 considerations when dividing ownership of a partnership

Your co-owner may be a spouse, sibling, friend or professional connection, but your partnership agreement will form the basis of your working relationship for the lifespan of your business.

Not only will determining ownership affect each owner's personal finances, but it will also shape the way that your business grows over time. Keep in mind, however, that ownership and liability may not necessarily be the same; your attorney can provide further information about each topic.

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