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…

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 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…

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…