THE LIMITED LIABILITY COMPANY ("LLC") has become a popular choice for small businesses because LLCs combine key features of both partnerships and corporations. All states have enacted LLC statutes (i.e., laws). In absence of an agreement among the owners...
THERE ARE NUMEROUS LEGAL FORMALITIES associated with forming, organizing and operating a business corporation. To create a business corporation, a Certificate of Incorporation must be filed with the appropriate state office. In addition, the corporation must be formally “organized”...
I am often asked whether to transfer residential property into a limited liability company (LLC). Consider the following... Why transfer residential property to an LLC? It is not uncommon for an individual or a group of individuals to derive rental income...
The Case of the Departing Penultimate Partner Can one hand clap? There are many disadvantages associated with structuring a business as a general partnership. One disadvantage is that, unlike limited liability companies and corporations, the departure of one of the remaining...
A NON-COMPETE AGREEMENT (a.k.a. restrictive covenant) in the employment context is a promise by an employee not to compete with his/her employer after the employment ends. This can be embodied within a broad employment agreement or be the only...