The “letter of intent” or “LOI” is often the first step in a business acquisition. The LOI is an informal way to set the basic terms of the deal or get the negotiations on the terms started. However, sometimes the “standard” terms can have a […]
First off, what is a master service agreement. Second, how do they work. Last, is a master service agreement a better contract management tool for your business? What is a Master Service Agreement? The master service agreement, or “MSA”, is a contract between parties that […]
To maintain your liability protections, the law has created a fiction that is called the “corporate veil”. That means that a business is considered a separate entity, apart from its owners. As such, owners are not held liable for the debts of the business unless […]
This is Part I of two on maintaining the “corporate veil”. The “corporate veil” is the phrase we lawyers use to note that business debts and liabilities belong to the business and not the individual owners. This rule is fundamental to business law. Courts and […]
This is an excerpt about employee benefits from my soon to be published book, “The Big Business Law Book for Amateurs” Hiring and Employee Benefits Hiring an employee can be as simple as just hiring someone. However, for higher-level employees you might consider putting at […]
Buying into an existing business involves a share purchase for a corporation, or a membership purchase for a limited liability company. Let’s talk about what that means for a corporate share purchase (LLCs are essentially the same, but different terminology). What “Buying Into” a Business […]
There may come a time in a corporation’s life when it wants to do a forced buyout of minority shareholders. Let’s talk about that for a few minutes. What Are Minority Shareholders? A corporation issues “shares” of ownership. A minority shareholder holds less than 50% […]
LLC Operating Agreement basics. An “operating agreement” for a limited liability company is just what the title says. It’s an “agreement” for how the legal part of the business will “operate.” So what to include in a basic LLC operating agreement? I’ll tell you. Operating […]
Solopreneur: I see too often that solopreneurs want to form a corporation or an LLC, but for all the wrong reasons. Here’s the 411 on if a solo business owner should form a business entity. There’s generally three or four reasons to form a business […]
IMPORTANT: READ THIS UPDATE 12/19/24: FINCEN REPORTS NOT DUE BECAUSE OF FEDERAL COURT INJUNCTION Summary of FinCEN Starting in 2024, most small businesses created in or registered to do business in the United States will be required to report information about their beneficial owners […]