Debbett Runnup Partnership, a Texas general partnership, was sued by Widgets R Us in 2010 for failing to pay Widgets R Us invoices. Judgment was granted to Widgets in 2012 against Debbett Runnup for $300,000. After chasing Debbett for over three years, Widgets’ lawyer Plinn T. Agreshun realizes that Debbett is penniless. Knowing that partners
The Coming Silver Tsunami: Families May Lose 70% in Wealth Transfer
Record Wealth Transfer. Over the next 30-40 years about $12 trillion from those born in 1920s and 30s will be transferred to the baby boomers, and the boomers are expected to transfer some $30 trillion to their heirs, with more than an estimated $59 trillion transferred from 93.6 million American estates from 2007 to
When Should You Turn Down a Billion Dollars?
Oil tycoon Harold Hamm and his now ex-wife, Sue Ann Arnall – whose divorce we have written about before – were involved in one of the largest and nastiest divorces in US history. Just last week, Mr. Hamm sent Ms. Arnall a personal check for $975 million in full payment of the cash award she
Have You Made Your New Year’s Resolutions for Your Business?
With 2015 upon her, Cinda Bossey is making her action item list for her business, Bossey Boots. Although the bulk of her time and efforts are spent on getting the business running and generating revenue, occasionally she asks herself whether she has cleared all of the necessary legal hurdles. What should Bossey ask her attorney?
An Invitation to Investors Risks Losing Control of Your Business
Cleve and I recently discussed how a business owner’s divorce might result in losing control of the business. While loss of business control by marital divorce is a real threat, many business owners lose their companies through “business divorces” after squabbling with their investors.
Some new businesses are overnight successes, like Ben Distiller’s Texas Whiskey
Will Over-Serving Your Guests Ruin Your Holiday (Legally Speaking)?
The middle of the holiday season means more than just busy shopping malls. It is also the time when many people host holiday parties. After attending Mora Rounds’ holiday party and consuming several adult beverages, Bitu Tipsy agreed to drive her friend Shannon home. Shannon did not know Bitu had been drinking. Unfortunately, Bitu crashed
Divorce – Impacting Your Meddlin Hands Partners!
To the other four minority owners who enjoyed the meteoric rise of Meddlin Hands Cleaning Products, when Lucy Knott sued their majority partner Tigh A. Knott for divorce, the divorce was anything but routine. Lucy wants half of the business and day to day participation. With no company agreement, the other shareholders face the
Ebola in the Workplace – Dangerous to Employers
Returning from a tri
p to West Africa with some college buddies, Ben X. Posed, a waiter at Chotchkie’s, showed up for work with a fever, muscle aches, a strong headache, and stomach pains. Begging his boss Dee Manding for the rest of the day off, Ben complained of his aches and pains and
Protecting your Business from a Lack of “Wedded Bliss”
Richard and Rachel Rich married 30 years ago and enjoyed a tempestuous union ever since. One year prior to their marriage, Richard started up a small computer products company, Orange Computers. During the marriage, Orange Computers’ business skyrocketed after the introduction of their premier line of attractive digital personal assistants. Even after taking his business public, Richard still owned a majority share of Orange’s stock and was believed by the public to be the digital guru responsible for its success.
Continue Reading Protecting your Business from a Lack of “Wedded Bliss”
Trespassers – Can You Shoot ‘Em?
While riding the perimeter of his South Texas ranch in preparation for the upcoming dove season, Gaul Derrnit spies trespassers crawling through a new hole in his fence. Twice before other illegal immigrants damaged Gaul’s fences and gates, water lines and water storage tanks, vandalized his property, burglarized an isolated ranch home and left massive