CORI K-Base Contract Research Expands

In one of my previous posts I mentioned  Cori K-Base, the resource for free contract forms and research sponsored by the University of Missouri.  I just received an e-mail from them informing me that they have made some major improvements: "First, we have partnered with QL2 Software, Inc., to enhance our ability to acquire and … Read More

End-of-Year Resolution: Clean up your Corporate House

In order to maintain its limited liability shield, a corporation must adhere to corporate formalities.  Aside from properly forming the corporation, issuing stock, appointing directors and officers, holding annual meetings of directors and shareholders, you are well advised to keep an organized and up-to-date corporate record book.  (Look here for five reasons to keep your … Read More

Limited Liability Protection of LLC not absolute

Section 609(a) of the New York Limited Liability Company Law provides that an LLC member is not personally liable for the debts and obligations of the LLC.  That is the beauty of having formed a limited liability company.  If the LLC goes under, you keep your house. However, as illustrated by a recent New York … Read More

FAQ: Choice of Entity

Articles on choice of business entity are a dime a dozen.  Here is one that stands out from the crowd: FAQ on Choice of Entity. (Another big firm resource free for the taking) See also Choosing between an S corporation and an LLC – The New York Perspective, by Yours Truly.  

How to Choose a Lawyer

If you are looking for a lawyer, you should educate yourself about the process, how to look for a lawyer, what to look for in a lawyer, which questions to ask, and how to prepare for the first meeting. To that end, the New York, Monroe County Bar Association, has made available a public resource: … Read More

Memorialize that Deal in Writing!

Since I am in the business of memorializing deals for people, my repeated message of "get it in writing" might seem somewhat self-serving.  Thankfully, non-lawyers point it out too:  Lema Korshid on Mindpetals had a post yesterday entitled "Memorialize that Deal in Writing."  She writes: Entrepreneurs, save yourselves from future headaches! Ask your attorney draw … Read More

Why many Small Businesses still choose an S Corporation over an LLC

If your goal is to limit liability of your business and deduct business losses from your non-business income, your choices for a business entity basically boil down to a New York limited liability company (LLC) or an S corporation (which is a New York corporation that has elected pass-through tax treatment by filing Form 2553 … Read More