Business partnerships are a great way to combine resources, skills, and experiences to achieve shared goals. A partnership agreement is an important part of this process, as it provides a clear framework for how the partnership will operate and helps protect the...
People who want to start a business have to consider several points before they open the doors. One of these is the type of business structure they’ll use. Two that are common are the sole proprietorship (SP) and the limited liability company (LLC). Both of these...
Studies vary, but there is no denying that a significant number of businesses in the U.S. have heavy family involvement. Keeping the business in the family has several advantages. Who is more trustworthy than a close family member? However, the harsh reality is that...
Limited liability is a legal principle that protects business owners and shareholders from being held personally responsible for the debts and liabilities of their companies. Without the liability shield that establishes corporations and LLCs as separate and distinct...
A distribution from a limited liability company (LLC) is a payment of cash or property made by an LLC to the LLC’s owners, also known as its members. Although state law sets forth certain default rules, LLC members can specify in the LLC’s operating agreement when and...