Do You Have A Written Partnership Agreement? - Some Things to Think About

While a written partnership agreement is not legally required in order to establish a partnership, a well-drafted partnership agreement will allow you and your partners to decide in advance how you would like to handle certain situations when they arise.

Some items that should be covered in your written partnership agreement are:

1.              Each partner’s contribution to the partnership (i.e. time, money or skill);

2.              The allocation of profits, losses, and draws;

3.              Each partners’ authority and management duties;

4.              How to admit new partners;

5.              What happens if there is a bankruptcy, withdrawal, or death of a partner, and

6.              How to resolve disputes such as by arbitration, mediation or in a courtroom.

By having a written partnership agreement, you help to avoid misunderstandings which may occur during the course of your business relationship.  And remember, your partnership agreement does not have to be set in stone, it can always be amended and revised at a later date should events change.

Tuesday's Tip - What is a "No Waiver Clause"?

A “No Waiver” (or “Waiver”) clause is a provision in an agreement which aims to ensure that a party’s failure to enforce its contractual rights, whether intentionally or by oversight, does not result in a waiver of those rights or remedies for their breach.

Tuesday Tip: Subsidiary

A subsidiary is an entity in which another, generally larger company or corporation, known as the parent corporation, owns all or at least a majority of the shares

Emotional Support Animals – A Snapshot of What You Should Know

“Emotional support animals” also sometimes called “service animals” is a topic that has received quite a bit of attention lately. Assistance animals are not pets but rather, animals that work, provide assistance, or provide emotional support to individuals and alleviate the symptoms of his/her disability. Therefore, housing providers should consider two questions after receiving a request for an emotional support animal: 1. Does the person seeking to use and live with the animal have a disability (i.e. a physical or mental impairment that substantially limits one or more major life activities? and 2. Does the person making the request have a disability-related need for an assistance animal? In other words, does the animal work, provide assistance, perform tasks or services for the benefit of a person with a disability, or provide emotional support that alleviates one or more of the identified symptoms or effects of a person’s existing disability? If the answers to questions 1 and 2 are yes, the housing provider is required to modify or provide an exception to the “no pets” rule. Further, a housing provider should not deny a request for a service animal if it is unsure if the person has a disability. Instead, if the disability is not readily apparent or known to the housing provider, the housing providers may ask the applicant to submit reliable documentation of their disability and the related need for an assistance animal, including documentation from a treating mental health professional. However, if the disability is readily known or apparent, the housing provider should not ask the individual for documentation of their disability (i.e. persons who are blind requesting an accommodation for their guide dog). In sum, the above is just a brief overview of what you should know about emotional support/service animal requests. In fact, certain housing providers will be subject to both the service animal requirements under the ADA and the Fair Housing Act. There are also other complexities associated with emotional support animals, including if and when a housing provider can deny such a request and what restrictions, if any, a housing provider can apply. If in doubt, you can refer to the memorandum of interest published on April 25, 2013 by the U.S. Department of Housing and Urban Development, which serves as a guide for housing providers and individuals.

Tuesday's Tip: Garnishment

Garnishment is a remedy by which a creditor can reach money in a debtor’s bank account.

Arbitration is....

When an arbitrator reviews evidence and imposes a decision that is legally binding for both sides and is enforceable.

Tuesday's Tip: Mediation

Mediation is an informal and confidential process to resolve disputes.