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When starting a new business enterprise with friends or family, how to wind the business down upon a falling out, death, or other terminating event are not considered. But how to wind down the business is a critical part of the business. A recent decision by the Court of Special Appeals of Maryland highlights the need for family farm partnerships to have plans on how to wind down the partnership upon the death of a partner. In this episode, Paul walks you through this court decision and how you can better plan for the future.
Resources discussed in this episode:
- Ellixson, Ashley and Paul Goeringer, Using a Business Organization Structure to Limit Your Farm’s Liability (UME EB 422, 2015).
- Maryland Risk Management Education Blog, www.aglaw.umd.edu