14 03, 2019

LLC Members: What You Need to Know about Your Fiduciary Duties

By |2019-03-05T18:52:48-07:00March 14th, 2019|Categories: Business Planning, Limited Liability Company (LLC)|Tags: |0 Comments

As a member of an LLC, you may owe a fiduciary duty to the company. The two key fiduciary duties are the duty of loyalty and the duty of care. Whether you have a fiduciary duty will depend on the LLC’s management structure and whether you have management responsibilities. [...]

9 03, 2019

LLC Operating Agreement: Is a Non-Compete Clause Necessary?

By |2019-03-04T14:56:22-07:00March 9th, 2019|Categories: Business Planning, Limited Liability Company (LLC)|Tags: , |0 Comments

You and several friends start a new business and operate it as a limited liability company (LLC). Now that you’ve completed the first step—choosing a business entity—it is now important to prepare an operating agreement. The operating agreement is a contract which governs the operations of the LLC and [...]

5 03, 2019

LLC Management: Who Should Run the Shop?

By |2019-03-04T13:27:27-07:00March 5th, 2019|Categories: Limited Liability Company (LLC)|Tags: , , |0 Comments

Determining who will manage the day-to-day affairs of your business is an important decision. You need to know, at the outset, who will manage operations, both for the success of your business and because the Limited Liability Company (LLC) operating agreement demands it. Luckily, LLC operating agreements are very [...]

26 02, 2019

Transferring LLC Membership Interests Part 3—Involuntary Transfers

By |2019-02-26T18:36:12-07:00February 26th, 2019|Categories: Acquisitions, Business Planning, Limited Liability Company (LLC)|0 Comments

An involuntary transfer of an LLC membership interest is just that—a transfer prompted by a creditor action or a triggering eventoutside of the member’s control. An individual or entity obtaining a membership interest because of an involuntary transfer usually cannot fully step into the shoes of the transferring member. [...]