A business break-up can be as stressful and emotionally draining as the breakup of a marriage. And there is always a child involved….the business. So when your business partnership has gone bad, you really want to find out where you are standing and what rights you may have vis a vis the other business partners and the business.
You put it in writing, you aced the negotiations, and you are ready to execute the contract. Don’t let down your guard at the last minute! The following points are worth noting when executing a contract in New York. While neglecting to follow the below points may not result in an invalid or unenforceable contract … Read More
Can LLC Members ever be personally liable arising out of their position as a member of an LLC? As the name “Limited Liability Company” suggests, one would think that a member can never be liable for the debts and obligations of the LLC or otherwise while acting for the LLC. And the law says so … Read More
Regrettably, many many owners of an LLC do not have an operating agreement. If you are an owner of such an LLC, can you fault your fellow members for failure to enter into an operating agreement? Is there some sort of penalty for not having one? No, despite the law saying that each LLC has … Read More
50/50 members of an LLC without an operating agreement seem to have equal management power, equal equity, and equal voting rights and neither one can make a decision regarding the LLC without the consent of the other. This is what many people assume and quite often they are wrong. 50/50 members of an LLC do … Read More
When you enter into a contract (or agreement, same thing really) you cannot possibly foresee all future developments of the relationship that is governed by that contract. As a result, you may find yourself in a situation where you have to amend an existing contract. How do you amend a contract? By entering into a … Read More
I wrote before about getting access to the books and records of an LLC. The same scenario can happen if you are a shareholder in a corporation. The corporation cannot deny you access to its books and records. Access to Corporation’s Books and Records You ask the Corporation for financial information and other documents and … Read More
