Ask Cari: How Does LLC Ownership Work?

Rincker Law Business/Commercial Law Leave a Comment

The limited liability company (LLC) is a popular business structure for new businesses, but what does it really mean to own an LLC? LLCs provide unique opportunities to customize business ownership to fit the particular needs and circumstances of the owners. Here is what you should know about LLC ownership. The Basics The owners of LLCs are often called members. …

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Recordkeeping Requirements for Business Owners during COVID-19

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As state leaders attempt to develop guidelines for reopening safely, you may have questions about the requirements for maintaining a safe environment for your business. Specifically, you may be wondering how to document the steps you have taken if someone in your workforce is exposed to COVID-19 and tests positive for the virus. The Occupational Safety and Health Administration (OSHA) …

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Key Considerations for Managing a Remote Workforce

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The post-COVID-19 world will likely see a major shift toward companies maintaining remote workforces. Due to government-mandated business closures and stay-home orders, many owners and employees of small businesses have been forced to work virtually, and they have seen the benefits. Studies show that remote working increases productivity.[1] Large technology companies like Facebook and Twitter have announced that they will …

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Good News for PPP Borrowers: The New Paycheck Protection Program Flexibility Act of 2020

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The landmark COVID-19 stimulus package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, has been a significant tool for assisting struggling small businesses during the current international pandemic. However, the centerpiece of this legislation, the Paycheck Protection Plan (PPP), has been a source of confusion and frustration for many business owners seeking this aid. In an attempt to alleviate …

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How to Reopen Your Business After COVID-19

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Despite the uncertainty that has accompanied the COVID-19 pandemic and that still lies ahead, one thing remains certain: Most businesses will eventually reopen. On April 16, 2020, President Trump set forth guidelines for the reopening of businesses in the United States. Additionally, governors from various states continue to roll back statewide stay-home orders in the hopes of restarting economies that …

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Ask Cari: What do I need to Know About Family and Medical Leave as a Small Business Owner?

Rincker Law Employment and Labor Law Leave a Comment

Federal law has required certain businesses to offer family and medical leave for decades. An increasing number of states have also enacted or considered passing laws requiring businesses to offer family and medical leave. For small businesses, these laws have distinct pros and cons. This article discusses some of the most important factors small business owners should keep in mind …

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4 Reasons to Consider Changing Your Business Structure

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As your small business expands and evolves, it may make sense to consider changing its structure. Many small businesses start out as sole proprietorships or partnerships, with only one or two owners and no employees. Over time, as your business grows and changes, a more complex business structure may become beneficial. There are several key considerations in deciding whether a …

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Transferring LLC Membership Interests Part 1—An Overview

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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 …

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

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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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Laws, Rules, & Regulations That May Not Apply To Small Businesses

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An extraordinary number of laws, rules, and regulations govern businesses and their employees.  A small business, however, may be exempt from one or more of them depending on its number of employees. For example: Discrimination Laws. Small businesses may be exempt from Title VII, the ADA and the ADEA: Title VII. Title VII prohibits employers from discriminating against employees on …

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Are Your Trade Secrets Really Safe? 4 Steps To Safeguard Your Competitive Edge

Rincker Law Business/Commercial Law, Intellectual Property, Trademarks Leave a Comment

A trade secret is a piece of information which is confidential, can be legally protected, and gives your company a competitive edge.  Lots of the most famous examples involve recipes: the formula for Coca Cola, McDonald’s Big Mac “secret sauce”, or that Mrs. Field’s chocolate chip cookie recipe that caused such a legal stir in the 90s.  But you don’t …

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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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