Another reader question: "If you start a new LLC, but have web sites or other IP that you want to be “owned” by the new LLC, what needs to be done to make it property of the new LLC?" The property has to be transferred to the new LLC, some say "contributed" to the LLC. … Read More
Somebody asked me the following question: "If you start a new LLC, but have old business credit cards from a previous (but now closed) LLC, can you use those credit cards with the new business without causing problems?" It is a little bit like asking, "If my grandfather died and left behind some credit cards … Read More
A professional cannot form a regular corporation or limited liability company to sell his or her professional services. This is well known about lawyers and doctors, but it is also true for nurses, psychologists, and any other profession designated in Title 8 of the education law. These professions have to form a special kind of … Read More
Yes, but they would typically be called membership certificates or units. In my experience, small businesses rarely issue such membership certificates. Typically, when two or more people form an LLC, they form the entity by filing the necessary paperwork with the Department of State and then enter into an operating agreement between themselves and the … Read More
I guess it isn’t illegal, unless you think doing something stupid should be illegal. But I can see how this can happen. You are presented with the perfect business opportunity and are pressured to enter into a contract. You know that you should probably wait until your LLC has been formed, but you cannot wait … Read More
Don’t go to the emergency room yet. Your awareness of something going awry in your corporation maybe the first step to recovery. First off, you can’t really "pierce" your own corporate veil. "Piercing the corporate veil" is lawyer talk for somebody else trying to make you personally liable for your corporation’s debt. Usually a corporation … Read More
A reader of my blog had the following questions which I am happy to address in a legal information kind of way. (Disclaimer: This is not legal advice, nor is there an attorney-client relationship between me and the reader or anybody else reading this.) “I have a degree in art. I am unable to find … Read More
