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 can be special challenges in new ventures. A business venture often faces significant budgetary constraints in its start-up phase. Thus, prospective business partners commonly seek to manage legal expenses by retaining a single attorney. So, what’s the problem?...
Most business owners are aware of the legal requirement to provide workers’ compensation insurance for their employees. But, can limited liability company members be covered as well? Consider the following… A recent case… Under New Jersey’s Workers’ Compensation Act, employers are...
An "owner" of a limited liability company ("LLC") is referred to as a "member." Is it possible (or wise) to have a limited liability company whose members include a minor? Consider the following... LLC members' interests and rights... As a starting...
Corporate Transparency Act On January 1, 2021, Congress enacted the federal Corporate Transparency Act ("CTA"). In general, the CTA requires existing and new corporate entities, including limited liability companies ("LLCs"), to submit to the United States Department of Treasury...