LLCs without an Operating Agreement LLC members without an operating agreement may ask themselves, what rules apply to our LLC when we don’t have an operating agreement? Unfortunately, many small business limited liability companies with two or more members do not have an operating agreement. An operating agreement is a document for an LLC that … Read More
This may come as a surprise to many LLC members and managers: Keeping records for your LLC is required under the New York LLC laws. You have an obligation to keep proper records under §1102 of the New York Limited Liability Company Laws. What Records must be kept in an LLC Specifically, you must maintain … Read More
A business break-up can be as stressful and emotionally draining as the breakup of a marriage. And there is always a child involved….the business. So when your business partnership has gone bad, you really want to find out where you are standing and what rights you may have vis a vis the other business partners and the business.
Subscription agreement automatic renewal clauses seem to be all the rage because it ties your customer to your business and your services or goods. Raise your hand if you have no more overview of who and what charges you automatically on a monthly basis. Businesses have the chance for repeat income without much more input … Read More
I wrote before about getting access to the books and records of an LLC. The same scenario can happen if you are a shareholder in a corporation. The corporation cannot deny you access to its books and records. Access to Corporation’s Books and Records You ask the Corporation for financial information and other documents and … Read More
Promissory notes are a common instrument in the financial world, but do you know what they are? Here are the basics: What is a Promissory Note? A Promissory Note (also known as “note” or “negotiable instrument”) is a written statement that evidences that money is owed to you by the author (also known as “maker”) … Read More