BizRx

Sample Report

The following report was compiled specifically to address your company’s needs and issues. We’ve graded your company on its approach to its corporate structure, employment/HR, and growth concerns. We’ve offered explanations of concepts and strategies below based solely on your response to each interview question. Equally as important, we’ve prepared a list of action items or “front-burner” issues presented in convenient bullet-point format to help you separate the “nice-to-haves” from the “need-to-haves.”

Your entire report was designed as a first step in helping you to identify issues affecting your business. For more direction or help addressing legal matters related to your next steps, we strongly recommend that you consult with an experienced attorney in your jurisdiction. Wagonheim Law would welcome the opportunity to be that attorney. As entrepreneurs ourselves, we offer the trusted counsel and representation you need to take your business to the next level. Best of luck.

1. A sole proprietorship is the simplest form of business organization. It is owned by a single individual and its income, profits and losses flow directly to its owner and must be reported on the proprietor's personal income tax return. The primary downside to this form of organization is that there is no liability protection for the owner. As a result...(see full report)
2. In the absence of an agreement, both the Uniform Partnership Act and the Revised Uniform Partnership Act provide that, in the absence of a written partnership agreement, the partnership's profits and losses will be distributed evenly among the partners. While a majority of the states subscribe to either the Uniform Partnership Act or the Revised Uniform Partnership Act...(see full report)
3. The partners should always agree in writing to the timing, procedure, and effect of withdrawals from a partner's capital account, to the extent such withdrawals are allowed at all...(see full report)

• Review the most current written valuation. If it is more than two years old, consider changing to (see full report)
• Memorialize the allocation of profits and losses in a (see full report)
• Memorialize the allocation of profits and losses in a (see full report)
• Meet with an attorney to draft a Limited Partnership Agreement reflecting the partners' agreement as to (see full report)