Don’t Let Change Wreck Your Business: The Buy-Sell Agreement
Divorce. An unexpected death, disability, or retirement. An irreconcilable dispute. These triggering events may put your successful, stable business into a tailspin. Luckily, a buy-sell agreement can help you and your business be better prepared to handle these events. What is a Buy-Sell Agreement? A buy-sell agreement is a legally binding agreement between co-owners of […]
Stay in Control: Good LLC Governance
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 […]
Transferring LLC Membership Interests Part 2—Voluntary Transfers
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 […]
Does the “Corporate Veil” Really Protect Your Personal Assets?
You may have done your homework and weighed your options. Perhaps you’ve even considered common business entities’ tax and non-tax implications. We bet you’re also intrigued by the protections certain business entities afford their owners. The “corporate veil” that protects business owners’ personal assets can make a corporation or limited liability company (LLC) look very attractive. […]
Thrilling Thursday – Helping Small Businesses
It’s exciting getting to help entrepreneurs, startups, and small businesses follow their dreams. https://youtu.be/xSArUlbDfFI NOTICE: The information on this website does not constitute legal advice. You should not rely on any information without seeking the advice of a competent attorney licensed to practice in your jurisdiction. This website is both a communication and/or solicitation as […]
An Independent Contractor Needs an LLC Too
One question I get asked is, “I’m an independent contractor for XYZ. Do I need an LLC?” Indepedent Contractors for Well Known Companies Many businesses such as Mary Kay Cosmetics, Beachbody, Optavia, and Amway have their work/sales force as independent contractors. They are paid a commission for the products they sell, and that income is […]
Limited Liability Company v. S-Corporation
One question I get asked is, “Which should I choose, an LLC or an S-Corporation?” In the ultimate lawyer fashion, I usually respond with, “It depends.” https://www.youtube.com/watch?v=9tnSrL93VwM LLC Benefits An LLC is a relatively new type of business entity. It offers a simple structure, limited liability, and pass-through taxation. However, it is not as flexible […]
Why You Should Hire an Attorney Rather Than Legal Zoom
A common question I get asked is, “Why should I hire you instead of Legal Zoom?” There are several reasons why you should hire Think Legal, P.C., and not Legal Zoom. Legal Zoom is Not an Attorney First, and not to state the obvious, they are not attorneys. They cannot give legal advice. All they […]
Surprise! It’s a Corporation!
Perhaps the question I get most is, “If an LLC gives me liability protection and pass-through taxation, why would I want to form a corporation?” If you’re in California or plan on forming a business in California, please schedule a consultation. We will discuss the best entity choice for your business. An LLC is […]
To LLC or Not to LLC, That is The Question!
One of the questions that I get asked often, is “do I really need an LLC”? Like a good attorney, my answer is, “it depends.” The choice of whether or not to form an LLC depends on a number of factors. You should review your goals with a licensed attorney in your state to make […]
