Making a Will August doesn’t just mark the shift from vacation mode back to school and/or work. It’s also National “Make A Will” Month! If you’re one of the 70% of Americans who don’t have a current will – or have never had one to begin with – take advance of this month to either…
2 Types of LLCs: Manager-Managed v. Member-Managed Let’s talk about the two types of LLCs or Limited Liability Companies. First of all, Limited Liability Companies are a very flexible vehicle for doing business. They give you all of the protections from liability that a corporation gives you without many of the complexities and drawbacks that…
Attorneys have an ethical duty to protect their clients’ confidential information under the law, but most professional services providers are not automatically bound to do the same. One way the parties to a professional services contract can manage the risks accompanying the necessary access to sensitive information is to address them in a confidentiality statement.
This post will help you think through six of the most basic questions that you’ve got to answer before you start your business.1. What Will Each Person Contribute to the Business? 2. Will Your Rights In Your Business Be Proportional to the Contribution to the Business? 3. What If One of You Wants to Resign? 4. Whether or Not You Need a Prohibition Against Engaging in Competing Business Activities. 5. Who Will Manage the LLC?
6. Can a New Member Join the LLC?
By Tricia Dunlap Esq. ~4 minute read Part 3 – LLC Education Series: The Perilous Position of LLC Minority Members Limited liability companies are highly popular, very flexible business entities. They are cheaply and easily formed which unfortunately creates the illusion that lawyers aren’t necessary. Au contraire. The truth is that LLC’s can be a nasty trap for…
By Tricia Dunlap Esq. ~2 minute read See more videos and blog posts Part 5 – LLC Education Series Fiduciary Duties: The Responsibilities You Never Knew You Had Good faith and fair dealing. Loyalty. Care. Sometimes these seem like quaint concepts. A throwback to a kinder era. In reality, they are implied responsibilities and “fiduciary duties” that can…
By Tricia Dunlap Esq. ~2 minute read Part 4 – LLC Education Series Hotel California: You Can Checkout but You Can Never Leave Relatively early in my legal career, a new client arrived with a terrible dilemma. About a decade earlier, he and his buddy decided to invest in real estate. His buddy contributed more money, so my client…
Tricia Dunlap, Esq. & Ben Nelson Ben Nelson is an experienced technologist at SingleStone Consulting who has provided custom application development and technical leadership for the public and private sectors. He is a writer, podcaster, and presenter. ~4 minute read Be Smart(er) about Data Collection In recent years, many businesses have come to perceive data…
By Tricia Dunlap (Esq. & CIPP/US) As a business owner, you sign contracts every day. How many times have you thought, “maybe I should have this contract reviewed by a lawyer?” When it comes to important legal documents, hiring a contract review lawyer is money well spent. Consider the costly (and sometimes catastrophic) mistakes that often result when business owners agree to a…
Tricia Dunlap Esq. ~4 minute read If your small business is structured as a limited liability company (LLC), then the cornerstone of your success is a well-written and signed operating agreement (OA). Single member LLCs are no exception. This post is #2 in our LLC Education Series: What Exactly IS a LLC, Anyway? Operating Agreements – Essential to…
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