2 Types of LLCs: Member-Managed v. Manager-Managed

By Tricia Dunlap

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…

Starting a Business With Friends? 6 Questions You Need To Ask

By Tricia Dunlap

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?

Part 3 11 Tips Before Becoming an LLC Minority Member

By Tricia Dunlap

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…

Part 5 3 Fiduciary Duties That Make Your LLC Safer

By Tricia Dunlap

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…

Part 4 Hotel California: An LLC Operating Agreement Gone Wrong

By Tricia Dunlap

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…

5 Reasons Your Business Needs a Contract Review Lawyer

By Tricia Dunlap

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…

Part 2 An LLC Operating Agreement –  Essential to Success

By Tricia Dunlap

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…

Creating a Limited Liability Company (LLC)? Not so fast.

By Tricia Dunlap

In the roughly twenty years since it emerged, the limited liability company (LLC) has become the small business owner’s darling.  There are good reasons for that. LLC’s are fast, easy, and cheap to set up – often, filling out a standard form and paying the filing fee are all that’s required.  Once set up, the…

Part 1 What Exactly is an LLC, Anyway?

By Tricia Dunlap

  ~2 minute read See more videos and blog posts Part 1 – LLC Education Series  What is an LLC Business, Anyway? First, a little bit of simplified history helps explain the context around LLC’s.  I know.  Bear with me. Before LLC’s emerged in the late 1990’s, businesses generally fell into two categories:  corporations and “unincorporated…

Starting a Side Hustle From Home? 3 Things to Consider

By Tricia Dunlap

Starting a Side Hustle From Home Whether you dream of having your own startup and leaping off the corporate treadmill or just making some extra coin, starting a side hustle from home is one proven method to achieve your goals. Running a side hustle from home is especially helpful during the COVID-19 pandemic and keeps…