Starting and running a business is such an exciting venture, but it’s so important to legally protect yourself. Whether you’re working with a business partner, your spouse, or if you co-own a business with your spouse and now you are getting a divorce, working with a business attorney will ensure you are legally covered. In this episode, Shawn Garrett, a fractional Chief Legal Officer, and owner of Garrett, PLLC, joins Theresa to discuss how business law and family law intersect so you can save yourself some headaches down the road.
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From prenuptial agreements to divorce, Modern Legal is here to protect your family at all stages of life. Schedule a consultation with our team today!
Some key takeaways from this episode include:
Operating agreements are kind of like a prenup for a business relationship. It establishes who is responsible for what in the business operations, gives one owner the first right of refusal in the event the other business partner passes away or leaves the partnership, and so much more.
In situations where someone is becoming a franchisee, the franchise might require their spouse to co-sign on that business. Working with both a business attorney and family law attorney can allow you to come up with a solution that protects both spouses.
If spouses co-own a business with a 50/50 ownership split and they decide to separate and divorce, but they still want to co-own the business, it might be a good idea to bring in a third business partner. If the ex-spouses disagree, there’s a third opinion to “break the tie,” so to speak.
The Legal Lounge podcast aims to dispel misinformation and downright bad legal information to empower anyone with questions about their family, their children, their finances, their marriage, and the law. As a team focused exclusively on family law matters, we aim to help you not only with the information you need, but also with the hope that your situation has a solution.
Modern Legal is a family law firm based in Charlotte, North Carolina. Our Modern Legal team can help you navigate the legal system when the law and your family collide. We help turn confusion into confidence, helplessness into empowerment, and frustration into action.
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LEGAL DISCLAIMER: This podcast is for educational purposes only and the information should not be relied upon as legal advice or for legal purposes.