Description

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Being in business with another party or parties is a marriage. As in any marriage, different people approach things in different ways. It is therefore important to provide for governance, succession planning, and exit strategies for participants at the time the business is formed and to memorialize these provisions in a written agreement updated as circumstances change. The purpose of this book is to point out--and offer to lawyers, accountants, and other business advisors to privately owned businesses a discussion of--the practical, legal, and psychological issues most commonly present in a business breakup, as well as methods of resolution and preventative approaches to the problem. This title deals with two situations--preventative measures that should be taken at the time of formation and the most common issues involved when the situation has passed the point of no return. It also discusses valuation issues and issues common in structuring the divorce, as well as issues in the methods of resolution. This book is an ideal reference for anyone working with clients in closely held businesses--partnerships, limited partnerships, limited liability partnerships, limited liability limited partnerships, limited liability companies, and corporations.

About the Author

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Stephen H. Knee is of counsel to the Corporate Department and a member of the Dispute Resolution and Banking, Business Financing & Creditors' Rights Practice Groups at the Roseland, New Jersey law firm of Greenbaum, Rowe, Smith and Davis LLP and has represented corporations, partnerships, limited partnerships, limited liability companies, and other business entities in all forms of business matters for over 48 years. He is an adjunct professor at Seton Hall University School of Law, where he teaches a course in business acquisitions. Mr. Knee is the author of the chapter in the New Jersey Practice Series entitled "Buying and Selling Businesses" (West Publishing, 1996).