It is extremely important that every limited liability company (“LLC”) have an LLC Operating Agreement. The LLC Operating Agreement is the core document that is referred to when issues concerning the LLC need to be resolved. It reflects the agreement among the members with respect to the affairs and management of the LLC, as well [...]
Have you recently purchased or leased a vehicle that had a problem with it or have you been conned by a maker of vehicles or dealer? Then it might be a good idea to have an attorney lemon law service help you file a claim. Just like any service that provides good advice, you will [...]
Corporations are one of the most common types of business in the world. In fact, most of the world’s largest and most recognizable companies are corporations: Nike, Microsoft, and Coca-Cola are all examples of huge, multi-national corporations. But, unsurprisingly, there are a wide range of different types of corporations, differing by all sorts of characteristics. [...]
A limited liability company (“LLC”) shall not be subject to federal income tax. Persons carrying on their business as members shall be liable for income tax only in their separate or individual capacities. Computing the LLC’s amount of profits or losses is important in determining how much profits or losses should flow through to the [...]
In our capitalist world, businesses need to grow to succeed. It’s one of the most basic principles of a free market economy. If you own a business, you probably spend a lot of time thinking about how you can ensure your company’s growth and viability. If you do, chances are you’ve at least wondered about [...]
Each year within the UK approximately 1,200 individuals are disqualified as directors by the Secretary of State for Business Enterprise and Regulatory Reform (BERR). In order for court proceedings to commence, the Secretary of State must apply for disqualification within 2 years of the date that the company in question entered administration, administrative receivership or [...]
If you have looked at all of the steps needed to incorporate your company, you see if is fairly easy, but there are a lot of steps involved, especially if you are opening multiple locations. This can take so much of your time that you need to spend on other phases of your business. This [...]
In the past two months, juries in two states have each awarded over $30 million in damages in separate trade secret cases. A California jury awarded Hansen Medical, Inc. $36.3 million in damages in a trade secret and breach of contract case against Luna Innovations, Inc. in late April. More recently, a jury in federal [...]
The limited liability company is touted for its tax flexibility and asset protection benefits. While valid, single member limited liability companies are ripe for alter ego claims, which means the owner losses the asset protection benefit and becomes personally liable for the debts of the company. Let’s start with the basics. What is a single [...]
THE SELLER In general, the sale by a member of a limited liability company (“LLC”) interest is treated as the sale of an asset separate and distinct from the underlying assets owned by the LLC. Gain or loss is recognized based upon the difference between the amount received for the LLC interest and the tax [...]