Heptig and Murphy Quoted in LIBN ArticleJuly 9, 2019 |
Kate Heptig and Casey Murphy were quoted in a Long Island Business News article, “Put it in writing.” The article discussed the importance of a partnership agreement for business owners in case the unexpected happens.
“The document details the economic and governance rights of the members vis-a-vis each other,” said Kate Heptig. “It includes rules for voting requirements, the transfer of interest, and what happens if someone dies or becomes disabled.”
“It’s advisable for the different parties to each have their own attorney to look out for their interests when drafting the agreement,” said Casey Murphy.
“As the business gets more sophisticated, the original agreement can be amended,” Murphy added.
In addition to a partnership agreement the article also mentioned that the business owners should give careful consideration to the entity type.
“Speak to an accountant or an attorney – preferably both – about which type of entity is best for your business,” Heptig said.
- Katherine A. Heptig
- Kenneth C. Murphy