Considerations for Forming a Limited Liability Company for Real Estate

Rincker Law Business/Commercial Law, Food & Ag Law, Property Law, Real Estate Transactions Leave a Comment

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) …

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Why Your LLC Needs an Operating Agreement

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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 …

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Illinois Business Law: Registering LLC’s Formed Out-of-State

Rincker Law Business/Commercial Law Leave a Comment

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 …

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5 Reasons Your Single-Member LLC Needs an Operating Agreement

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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 …

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Chart on Illinois Business Entities

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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 …

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Choice of Business Entities For Illinois Farmers & Agri-Businesses

Rincker Law Business/Commercial Law, Food & Ag Law, Speaking Engagements Leave a Comment

[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.

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Some Considerations for General Partnership Agreements

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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 …

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Lawline Presentation: Overview of Common Agriculture Contacts

Rincker Law Food & Ag Law, Webinars Leave a Comment

<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 …

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Keynote Speaker at the Cornell Southern Tier Agricultural Risk Management Conference

Rincker Law Food & Ag Law, Speaking Engagements Leave a Comment

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 …

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What to Buy For Your Favorite New York Farmer or Food Entreprenuer

Rincker Law Food & Ag Law Leave a Comment

Happy Black Friday!  After hitting the sales today, I would love for you to consider my book as a potential gift for your favorite New York farmer, agri-business owner or food entrepreneur.  Find it on Amazon.com here.

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I Wrote a Book! Get Your Copy Hot Off the Press

Rincker Law Food & Ag Law Leave a Comment

Happy Friday!  You can now order “Field Manual:  Legal Guide for New York Farmers and Food Entrepreneurs” on Amazon.com here. I wrote this book along with Pat B. Dillon, the author of the Iowa version of this book.

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Some Thoughts on Operating Agreements for Limited Liability Companies

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If you have decided to form a Limited Liability Company (“LLC”) or Family Limited Liability Company (“FLLC”), you should strongly consider creating an Operating Agreement.  In New York, the Operating Agreement must be executed within 90 days of forming your LLC.  Farms and food entrepreneurs are discouraged from using an online form as the Operating Agreement should be tailored to …

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