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 …
Many business partnerships eventually come to an end. Like other types of relationships, when business partners decide to split up, the process can be amicable or contentious. For personal and professional reasons, dissolving the partnership on good terms is in the best interest of all partners. A smooth split will prevent unnecessary conflict and legal expenses and allow the partners …
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 …
Farmers, agri-businesses and food entrepreneurs are highly encouraged to put the terms of an agreement in writing. Simple partnership agreements are also recommended for agreements to share ownership in one livestock animal, such as a bull, ram, boar, or show animal. Partnership agreements serve several purposes. First, absent a partnership agreement, the New York “default rules” will apply. Second, when …
Last month, I spoke to a group of Texas 4-H kids at a Texas A & M University via Skype about my work as an agriculture lawyer in New York City. I was asked to share a bit about my path and how I become an agriculture lawyer in the Big Apple. Here was my response: I grew up on …
Yesterday I had an opportunity to talk about being an agriculture lawyer to an undergraduate agriculture careers class in Wisconsin via Skype. I remember being that age and not really knowing what I wanted to do. To tell you the truth, I grew up looking up to Colleen Callahan and wanted to *be* her…with a career in agriculture journalism/communications. For …
Happy Friday! Last week, I stumbled across Rusty Rumley’s powerpoint presentation on “Agricultural Contracts and the Leasing of Land.” Rusty does a great job giving an overview of the building blocks. He’s a great teacher — he was one of my instructors in this agriculture law course last year— and I suggest looking at his presentation along with other useful …
Last night, I was having dinner at a bar on the Upper West Side. I couldn’t help but overhear a conversation from the table next to me. The gentlemen were (civilly) discussing a business partnership that had gone bad. They had a “handshake” deal that started out with great dreams together (“You used to say ‘our’ and ‘we.’”) and somehow …
I’m excited for my new webinar series titled “Fridays with Cari.” I will be discussing a variety of agriculture issues with my Friday webinar series ranging from livestock animal cruelty law to estate planning. I believe that legal information should be affordable for everyone in the food and agriculture industry and I hope that my webinars will be educational to …
Thanks to Ranch House Designs, there have been a few changes recently to www.rinckerlaw.com. I would like to bring your attention to the new “Events” page located here. Beginning in November, I am starting a new webinar series titled “Fridays with Cari” that will focus on a myriad of food and agriculture law issues including New York livestock animal cruelty …