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Apr 18, 2012

Failing to do Succession Planning in New York Based Professional Corporations May Cause Big Problems Later

Authored by: David L. Fox It is common for lawyers to advise their clients when setting up a professional corporation to adopt a shareholder’s agreement. Such agreements, if well prepared, will provide a road map on how to resolve disputes when they arise, and provided a means for orderly succession when one or more of the professional shareholders leaves the business, becomes incapacitated or dies. While many lawyers give such advice, a surprising number of professionals fail to adopt such agreements. Even those that do adopt such agreements may fail or refuse to make the hard choices in these early… Read more