Sheehan & Associates, P.L.C.

December 2014 Archives

Business plans and variations

Michigan entrepreneurs may be interested in learning how to create a business plan for potential customers, investors or employees. There are four types of plans that a business owner might use depending on the company's goals. Some companies may benefit from using two or more of these models in their business planning.

Understanding how a business is sold

Business owners and entrepreneurs in Michigan might find it beneficial to learn more about the sale of an enterprise as described by the IRS. Each asset associated with the business is to be sold individually so gains and losses can be properly evaluated. However, because many businesses require a variety of assets to sustain operations, the assets should be classified appropriately.

What to do when a business partner impedes company growth

Many Michigan businesses run into trouble when one partner fails to perform. Partners may become unfocused and fail to contribute, or they may actively make poor decisions that affect their companies' health. The remaining partners in a business may be unable to continue doing business without taking action to either encourage the non-performing partner to become a valuable part of the business or force them to leave.

Preventing employment litigation regarding leave

With the laws and regulations governing leave changing every year, it is important for Michigan businesses to keep abreast of the laws to ensure they are complying with the legal requirements. Although businesses face losses in regards to productivity and other areas in relation to leave, the largest expense businesses often face in connection to leave is potential litigation.

Handling breach of contract in Michigan

After a sales contract is signed and money or other consideration changes hands, that contract becomes a binding legal document. Failure to live up to the terms of the contract could constitute a breach. A material breach of a contract occurs when the main promise of the contract is not delivered. When a material breach occurs, it may be possible for the buyer to take the seller to court to seek relief.

A corporation's initial public offering of stock

For any business in Michigan, the Initial Public Offering of stock is a coveted rite of passage for any corporation that has proven itself to be viable and profitable. The increase in liquidity, the possibility of listing on a stock exchange, the additional sources of capital that comes with the sale of the stock and the improvement in profile are all desirable accoutrements to any successful enterprise. However, the process of creating and managing an IPO may be arduous, and the costs and fees associated with it can be expensive.

Various structures provide diverse advantages

Michigan residents who are considering setting up a new business may need to make a very important decision in the early stages of getting organized. That decision is the organizational structure they want for their business. There are many structures that are possible and many considerations to review before making a decision.

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Sheehan & Associates, P.L.C.
1460 Walton Blvd , Suite 102
Rochester Hills, MI 48309

Toll Free: 877-600-7891
Phone: 248-218-1473
Fax: 248-650-5368
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