Forming a partnership in Illinois is exceedingly simple; that is the main draw of this kind of business organization. There are typically no formalities required; rather, a partnership is presumed whenever two or more parties come together in business with an implied or express agreement to share the profits that the business generates. Unlike other business formations, such as LLCs …
The simplicity of partnerships is alluring. They are easy to form, and often easy to operate. It can be tempting to hit the ground running with a partnership without first setting a partnership agreement out in writing. In this blog, I explore why a written partnership agreement is nevertheless important, and I review a few relevant terms to include in …
If you are starting a new business in Champaign, it will require hard work and dedication to make it successful. There are also important considerations to investigate that will help you protect your new business. The good news is that it is possible to protect yourself and your venture when you take a few essential factors into consideration. Perhaps the …
Happy Post- Thanksgiving Break. I ate a lotta turkey down in College Station, Texas over the weekend. So I’ve been getting a lot of questions about partnership agreements lately. A partnership arises when two or more people agree to share in the profits and losses of a business. Oftentimes in business, especially in the food and agriculture industry, partnerships are …
<iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/aYx8HfACKKg” frameborder=”0″ allowfullscreen></iframe> Here is the video of the presentation that I gave to Lawline this past summer on an Overview of Common Agriculture Contracts. You can download the slides and the presentation materials that go along with this presentation and get Continuing Legal Education (“CLE”) credits (for you lawyers out there) via Lawline here. This …
You can download my substantive outline discussing a few of the major contractual issues that affect production agriculture on my JD Supra page here. The outline discusses a myriad of contracts issues including: agriculture production contracts, purchase agreements (for land, livestock and farm equipment), leases (for land, livestock and farm equipment), special contracts (e.g., custom feeding arrangements, embryo transfer contracts, …