Partner and Co-Founder of Reich & Binstock LLP Discusses His Personal Injury and Product Liability Practice
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“As seen on “in business” on Rogers TV, Cable Channel 10″.
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Crowe Horwath LLP takes pride in the relationships we have with our clients. In a recent client survey, our clients told us we do a better job than our competitors in a number of key areas. Craig Funkhouser, Partner
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This Miller Thomson video celebrates the rich history of Balfour Moss LLP, the firm’s presence in Saskatchewan and their merger with Miller Thomson LLP in January 2011.
Operating as a partnership entails certain advantages and disadvantages when compared with both sole trader and limited companies.
Partnership and sole trader
The advantages of operating as a partnership rather than as a sole trader are practical rather than legal. They include the following.
• Risks are spread across a larger number of people.
• The trader will have access to a wider network of contacts through the other partners.
• Partners should bring to the business not only capital but skills and experience.
• It may well be easier to raise finance from external source such as banks.
Possible disadvantages include the following
• While the risk is spread over a larger number of people, so are the profits
• By bringing in more people the former sole trader dilutes control over his business
• There may be disputes between the partners
Limited companies offer limited liability to their owners. This means that the maximum amount that an owner stands to lose in the event that the company becomes insolvent and must pay off its debts is the capital in the business. In the case of partnerships, liability for the debts of the business is unlimited, which means that if the business runs up debts and is unable to pay, the proprietors will become personally liable for the unpaid debts and would be required, if necessary, to sell their private possessions in order to pay for them.
Limited liability is clearly a significant incentive for a partnership to incorporate. Other advantages of incorporation are that it is easier to raise capital and that the retirement or death of one of its members does not necessitate dissolution and re-formation of the firm.
In practice, however, particular, particularly for small firms, these advantages are more apparent than real. Banks will normally seek personal guarantees from shareholders before making loans or granting an overdraft facility and so the advantage of limited liability is lost to a small owner managed business.
Bill Hesch, Law Office of William E. Hesch, www.heschlaw.com – (513) 731-6601. Ohio Asset Protection Law FAQs: thelaw.tv Disclaimer: thelaw.tv
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At the Deal’s M&A Outlook 2009 conference, panelists Paul Beecy, tax partner at Grant Thornton LLP, Nick Rees, co-managing partner corporate and M&A group of Linklaters LLP, and Steve Baronoff, managing director and head of global M&A at Merrill Lynch & Co., spoke about cross-border dealmaking. In this video Beecy explains that dealmaking at the moment is very sparse and strategic, while Baronoff believes there will be a pause in dealmaking that will last until the second quarter of 2009. “Uncertainty is very dramatic in this period of time and even more dramatic in cross-border situations,” he said.
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Richard J. Zall is a partner at Proskauer Rose LLP and Chair of the firm’s Health Industry practice group. His practice is focused on corporate and regulatory representation of health care clients, including academic medical centers, hospitals, and physician organizations; information technology and medical device companies; managed care and health benefit management companies; and private equity firms.
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