How To Start A Business With Friends: 6 Questions You Need To Ask

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

Posted Leave a commentPosted in Contracts, Small Business

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?

LLC Minority Member

Part 3 11 Tips Before Becoming an LLC Minority Member

Posted Leave a commentPosted in Contracts, International Business, Small Business

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 […]

Fiduciary Duties

Part 5 3 Fiduciary Duties That Make Your LLC Safer

Posted Leave a commentPosted in Contracts, International Business, Small Business

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 […]

LLC operating Agreements

Part 4 Hotel California: An LLC Operating Agreement Gone Wrong

Posted Leave a commentPosted in Contracts, International Business, Small Business

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 […]

What is an LLC Operating Agreement

Part 2 An LLC Operating Agreement –  Essential to Success

Posted 1 CommentPosted in Small Business, Contracts

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 […]