The simplicity of partnerships is alluring. They are easy to form, and often easy to operate. It can be tempting to hit the ground running with a partnership without first setting a partnership agreement out in writing. In this blog, I explore why a written partnership agreement is nevertheless important, and I review a few relevant terms to include in …
For individuals who own real estate, it is important to consider the best way to structure your ownership. When you are just starting out as an investor in real estate, you may hold title to the real estate personally, but that may not be the most advantageous method of ownership. Another option is to create a limited liability company (LLC) …
Congratulations! You have decided to form a limited liability company (LLC) to run your business. After completing your state formation process, your LLC needs to have the right documentation in place. An operating agreement, sometimes called a company agreement, is a legal document that describes and outlines how an LLC will run, and is an essential document for owning and …
What happens when you form an LLC in another state but want to regularly conduct business within the State of Illinois? These are called “foreign LLC’s.” A foreign LLC must be admitted by the Illinois Secretary of State to transact business in Illinois. To do this, the foreign LLC must submit an application for admission to transact business as a foreign …
An operating agreement is a contract that controls your LLC’s operations as well as member interaction with each other and with the LLC. You may think that an operating agreement is not necessary for your single-member LLC – after all – why make an agreement with yourself? Is the Operating Agreement a Legal Requirement? Most states don’t require an LLC …
This helpful chart for Illinois business entities was used for a speaking engagement last spring with Illinois Farm Bureau. It illustrates some of the major differences among different choices of business entities in Illinois including but not limited to sole proprietorship, general/limited partnerships, limited liability companies (including series LLC’s), and corporations. I’m a visual person so I love charts and …
[slideshare id=90556988&doc=businessentities-180313203829] I’m looking forward to speaking on Friday at the Women in Ag Conference in Rock Island, Illinois on choices of business entities. The above presentation gives a nice overview of various choices in Illinois including sole proprietorships, partnerships (general and limited), corporations, limited liability companies, etc.
Happy Post- Thanksgiving Break. I ate a lotta turkey down in College Station, Texas over the weekend. So I’ve been getting a lot of questions about partnership agreements lately. A partnership arises when two or more people agree to share in the profits and losses of a business. Oftentimes in business, especially in the food and agriculture industry, partnerships are …
<iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/aYx8HfACKKg” frameborder=”0″ allowfullscreen></iframe> Here is the video of the presentation that I gave to Lawline this past summer on an Overview of Common Agriculture Contracts. You can download the slides and the presentation materials that go along with this presentation and get Continuing Legal Education (“CLE”) credits (for you lawyers out there) via Lawline here. This …
I’m super excited to be presenting at the Cornell Cooperative Extension this November, where I will be the keynote speaker. In my presentation, “The Broken Windows Theory and Your Farm: How the ‘Little Things’ with Risk Management Can Make the Big Difference,” I will talk about the “Broken Windows Theory” and explain how to apply this concept to farms in …