Email can actually save many agreements that would otherwise fall prey to the “statute of frauds”. Let me explain. I know that many of you neglect to get their agreements and understandings in writing. And, on an emotional level, I understand why. It can seem off putting, too demanding and even insulting to new … Read More
The LLC Operating Agreement will have provisions stating what the LLC members have contributed upon formation of the LLC. Contributions can be in the form of money, property or services. While not a contribution per se, the Operating Agreement can also provide that the LLC members may have the right to grant loans to the … Read More
Do you have to date a written contract? No. You should date the contract as a matter of fact, but if you don't, you still have a valid and enforceable contract. Can you predate or postdate a contract? Yes. If you do so, by stating something like "agreement between x and y, dated as of … Read More
I don't need to tell you that getting paid by your customers for whatever your small business is offering for sale should be your number one concern. Here are some pointers for handling this most important aspect of your small business. Prevention, Prevention, Prevention Ask for money in advance, whenever possible. Ask for periodic advance … Read More
Some people seem to suggest that it is always better to form a multi member LLC (more than one owner), rather than a single member LLC. These people base their opinion on the fact that the so called charging order protection may not be available in a single member LLC. What is a Charging … Read More
…do not make a match formed in heaven. New York City does not recognize s-corporations and makes all s corporations liable for its General Corporation Tax to the tune of 8.85%. Thus, in NYC, an LLC is often the better and more tax friendly alternative for new business owners. If it weren’t for the costly publication … Read More
I get many calls asking me whether I handle the LLC Publication. I would, but truthfully, you don’t need a lawyer for that. Here is how to do it: 1. Locate your LLC’s “filing receipt” If you don’t have your filing receipt, ask the person or company that formed your LLC. The Department of State … Read More
