The LLC is a popular way to structure a business because it provides personal liability protection to the members– like a corporation does to its shareholders–but without as many administrative formalities. But if you’re an LLC member, don’t let this lull you into complacency. As a business owner, you’re responsible for the proper governance of the LLC. If a conflict …
If you are starting a new business, it is important not to overlook federal, state, and local business license and permit requirements. Almost every business, even one that is home-based, is required to obtain some form of license or permit in order to operate legally. Failure to do so can lead to fines, and in some cases, the closure of …
An LLC affords its members a certain amount of personal asset protection. Part of this protection hinges on the restricted transferability of LLC membership interests. Restricted transferability protects the non-transferring members from creditors and unwelcome new members, which upholds the integrity and value of the non-transferring members’ membership interests. Most (but not all) LLCs impose requirements or restrictions on the …
The location of your small business is an important factor in whether it succeeds or fails. Accessibility to customers, vendors, and employees, proximity to competitors, and zoning restrictions are just a few of the factors you have likely considered. Once you have determined the best location for your business, the next question is whether to lease or buy your commercial …
Say you are a member of an LLC. You own membership interests in the LLC. But what if you want to leave the LLC? What if you get a divorce? What if you have creditors seeking immediate repayment? What can you do with your membership interests? The answer depends on how transferable those membership interests are. A transfer of LLC …
I’m talking about Advanced Directives with Deborah Kaminetzky on the most recent Ag Law Today podcast. So many people focus on Last Will and Testaments instead of Powers of Attorneys and Health Care Proxies, which are arguably MORE important. Deborah is amazing.. she hand held me through my first divorce and was a great mentor to me. Don’t miss this …
Are you considering starting a business with a friend or family member? If operating as a partnership or LLC, a well-drafted partnership or LLC operating agreement will be crucial to memorialize your economic agreement, organizational structure and key terms, and should include provisions designed to prevent deadlock if a disagreement later arises about important business decisions. A disagreement concerning a …
Almost everyone wants to be the good guy. Engaging your business in the local community through volunteerism and charitable giving can have a positive impact both on your business and in your community. The more public-facing your business is and the larger your staff grows, the more opportunities your business will have to be the good guy as employees and …
Happy New Year! Hope you had a nice holiday season with your family and friends. Another episode of Ag Law Today podcast is live. You can view it here. I am talking about one of my favorite topics with fellow New York City matrimonial lawyer, Sabra Sasson, on the topic of prenupial agreements. A lot of folks get engaged over …
With 2019 right around the corner, it’s time to start thinking about your new year’s resolutions. It doesn’t matter whether you have an estate plan or don’t, one important item to add to your list is getting an estate plan checkup. Don’t Have an Estate Plan? If you don’t already have an estate plan, then getting one in place should …
If you’re reading this, you need an estate plan. Why? The short answer is “Everyone, age 18 and older needs an estate plan.” It doesn’t matter if you are old or young, if you have built up considerable wealth or if you are just entering adulthood —you need a written plan to keep you in control and to protect yourself …
