Prenups. It is fair to say that a certain stigma is attached to that word. After all, when planning a wedding, the last thing a couple wants to think about is the potential end of their marriage. The same is true for business partnerships: dissolution of a newly-minted business is the furthest thing from the mind of small business owners. However, in both cases, planning ahead—whether through a prenuptial agreement or through a dissolution plan in a partnership agreement—can have both legal and financial benefits in the long term.
A recent article from a local Maryland newspaper, The Gazette, highlighted a lawsuit brought by The Gowen Group against the Town of Brentwood, Maryland and a former Brentwood councilwoman. The lawsuit was brought by citizens of the town who noticed that elected officials awarded $27,000 through a grant from Prince George’s County to a former council member, a clear violation of the town’s charter and ethics rules.