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
Everything you need to know about the LLC Operating Agreement, explained by New York Small Business Lawyer, Imke Ratschko
Picture this: You’ve been happily doing business with your fellow LLC members for some time now. But now, trouble is brewing on the horizon. The other two members are ganging up on you and exclude you from any further business dealings. When you ask to see the LLC’s books, records, bank accounts, tax returns, or … Read More
Ok, I’ll make this quick and dirty. LLC, C-corp or S-corp for your small business you ask? I think most small businesses still go with the LLC for the flexibility and to take advantage of the flow through taxation. Below is a rundown of the main differences. But be mindful that the recent tax changes … Read More
An operating agreement is the document that sets forth the rights and obligations of the members of a Limited Liability Company. Section 417 of the New York Limited Liability Company Law provides that “the members of a limited liability company shall adopt a written operating agreement that contains any provisions not inconsistent with law or … Read More
You are fuming right now about what your business partner is doing to you and/or the business and you are wondering if you should sue your business partner. Before pulling the trigger, understand what lies ahead: Is there a way to negotiate yourself out of this? Going to court should always be the last resort. … Read More
