Many people like to let things fester, especially if it involves relationships. It takes a lot to let the barrel overflow and finally take action. If this rings true with respect to your gripes with your business partner’s acts of disloyalty, waste, or other misconduct, be aware that, in most cases, YOU ONLY HAVE 3 … Read More
I often deal with very small New York limited liability companies, where the members did not enter into an operating agreement. That is a very bad situation to be in, but that is the reality I often encounter. As explained elsewhere, when an LLC does not have an operating agreement, you have to look to … Read More
Getting divorced when you own and run a business together with your soon-to-be-ex presents unique challenges. If you don’t want to continue running the business with your spouse after divorce, you have a case of business divorce colliding with marital divorce. Business divorce is the separation of two or more business partners formerly bound together … Read More
How much of that LLC do you own, and why does it matter? How do you determine the ownership percentage interest in an LLC? Why does LLC Ownership Percentage matter? Your LLC ownership percentage gives you power over the LLC and its profits. Either in deciding about important decisions via voting or getting a piece … Read More
Did you know that there are actually limits in New York as to how much a lender can charge you in interest? In general, no person or entity may charge interest in excess of 16% per annum. That is set forth in New York General Obligations Law Section 5-501 and is called civil usury. If … Read More
Yes, you can amend an operating agreement. For New York limited liability companies, Section 417(b) New York Limited Liability Company Law provides that “The operating agreement of a limited liability company may be amended from time to time as provided therein”. An LLC operating agreement is a written agreement among the members of an LLC … Read More
You may have signed a contract for your small business that you really shouldn’t have. Or you are being asked to perform under an agreement and think that such demand is not what you agreed to or just grossly unfair. So you ask yourself, “can I get out of that contract?” What does your Contract … Read More
