Imke RatschkoLet’s say you have a member in your LLC who creates nothing but problems. You wish that member would just leave. If your operating agreement does not have any specific provisions dealing with the expulsion of a member or buyout of a member, or if you do not have an operating agreement in the first … Read More
Buying a small business in New York usually follows five distinct phases. Finding a Business Negotiating the Terms of the Deal Due Diligence Documenting the Deal Closing of the Deal Let’s work through the process and how your attorney can help you make this a success. Step One: Finding a Business You can find businesses … Read More
Management provisions in the LLC Operating Agreement deal with the management of the LLC business, which basically means decision-making for the LLC business. There are ordinary business decisions (think: buying copy paper at Staples, landing another customer, paying employees, enter into contracts….) and extraordinary business decisions, such as taking in a new owner, selling the … Read More
Many people like to let things fester, especially if it involves relationships. It takes a lot to let the barrel overflow and finally take action. If this rings true with respect to your gripes with your business partner’s acts of disloyalty, waste, or other misconduct, be aware that, in most cases, YOU ONLY HAVE 3 … Read More
I often deal with very small New York limited liability companies, where the members did not enter into an operating agreement. That is a very bad situation to be in, but that is the reality I often encounter. As explained elsewhere, when an LLC does not have an operating agreement, you have to look to … Read More
Getting divorced when you own and run a business together with your soon-to-be-ex presents unique challenges. If you don’t want to continue running the business with your spouse after divorce, you have a case of business divorce colliding with marital divorce. Business divorce is the separation of two or more business partners formerly bound together … Read More
How much of that LLC do you own, and why does it matter? How do you determine the ownership percentage interest in an LLC? Why does LLC Ownership Percentage matter? Your LLC ownership percentage gives you power over the LLC and its profits. Either in deciding about important decisions via voting or getting a piece … Read More
