Let’s say you formed an LLC, because all of your business friends did, but then it turns out it is really not the right form of business entity for you and your fellow founders. You haven’t started doing business with the LLC, the LLC has no assets, no members, and you just want to make … Read More
Good post by Small Business 2.0 on the creative side of choosing a business name: 18 Pithy Insights into Naming your small Business. Here are a few points on the legal aspects of choosing a name for your New York business. First it is helpful to understand that "business name" can mean different things in … Read More
When signing for a business entity, such as a corporation or limited liability company, an officer’s signing capacities can get confusing. Is she signing on behalf of the entity only, or in her personal capacity and on behalf of the entity? Check the following points: 1. When only the business entity is supposed to have … Read More
In one of my previous posts I mentioned Cori K-Base, the resource for free contract forms and research sponsored by the University of Missouri. I just received an e-mail from them informing me that they have made some major improvements: "First, we have partnered with QL2 Software, Inc., to enhance our ability to acquire and … Read More
In order to maintain its limited liability shield, a corporation must adhere to corporate formalities. Aside from properly forming the corporation, issuing stock, appointing directors and officers, holding annual meetings of directors and shareholders, you are well advised to keep an organized and up-to-date corporate record book. (Look here for five reasons to keep your … Read More
Section 609(a) of the New York Limited Liability Company Law provides that an LLC member is not personally liable for the debts and obligations of the LLC. That is the beauty of having formed a limited liability company. If the LLC goes under, you keep your house. However, as illustrated by a recent New York … Read More
Articles on choice of business entity are a dime a dozen. Here is one that stands out from the crowd: FAQ on Choice of Entity. (Another big firm resource free for the taking) See also Choosing between an S corporation and an LLC – The New York Perspective, by Yours Truly.
