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 […]
Transferring LLC Membership Interests Part 1—An Overview
Say you are a member of an LLC. You own membership interests in the LLC. However, 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 […]
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. […]
8 Simple Cost Saving Measures for Small Business Owners
All successful businesses do their best to save money, improve efficiency, and increase profits when and wherever possible. This is especially necessary for small businesses on a tight budget. While there are numerous ways to save money, these eight cost-saving measures are among the easiest to implement: 1. Bargain Bargaining with vendors is one way to […]
I’m Starting a New Business – Should I Use an LLC (Taxed as a Partnership) or an S Corporation?
Entrepreneurship has been called the new American dream. Hanging a shingle starts with the idea that develops into a business plan, but only with careful financial and legal considerations. New business owners grapple with deciding whether to form a limited liability company taxed as a partnership (LLC) or a corporation making an S election (S […]
Impact of Tax Reform on Small Businesses
Now that it’s tax season, you may be concerned about how the Tax Cuts and Jobs Act, enacted in December 2017, will impact your small business. The reforms represent the most sweeping tax overhaul in 30 years and could positively impact your business’s bottom line—but they may have left you feeling a little confused. Here […]
Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away
Preparing your company for your incapacity or death is vital to the enterprise’s survival. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and family. Proactive financial planning — including your business and your estate plan — is critical. Below are tips on protecting your company and keeping the business on track and […]
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 […]
5 Reasons Your Single-Member LLC Needs an Operating Agreement
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 […]
Not All Attorneys Litigate (Sue People)
There is a false perception that all attorneys do is litigate. This false notion is perpetuated by legal movies and television shows. Every attorney in a movie or on television is in court all the time. They live for the argument. There is always a surprise witness or piece of evidence that saves the day […]
