Corporation or LLC: it’s a question I get all the time. The answer is not so simple as going down a checklist though. You need to consider many factors. Who will be making decisions. How profits will be split. What your personal tax situation is. […]
Money! Okay got your attention. The topic is how do you get money – profits – out of your business. It’s not as simple as sticking your hand in the register, or writing yourself a check, especially when there are multiple owners involved. There’s a […]
Does your business have a plan to continue operating if a key owner unexpectedly leaves? Don’t leave succession to chance. It’s not just for majority owners, but minority owners are served by having a plan in place.
What is your business’s interim succession plan when a key owner or manager leaves unexpectedly? Here’s some information to get you started.
Selling a business is a complicated business transaction, but depending on the nature of the business and the assets being transferred, there’s ways to make it go easier. It’s important that well before the actual sale date the business books and records are in order, […]
Commercial Loan. All money that comes into a business goes into one of three categories: revenue, purchase of equity, or a commercial loan. That’s it, there’s no such thing as a “gift” to a business (although grants are not uncommon here in Asheville). It’s important […]
In 25 years working with businesses of all sorts, I’ve never seen a “form” or “standard” or “basic” commercial lease. Don’t let anyone tell you otherwise, especially the landlord trying to convince you to sign a lease without reading it or negotiating key terms. Every […]
Like most professions, law is filled with a specialized language not generally used by the public like franchise, license, or partnership. What I’ve heard in my career is that although business people have a grasp on what they want to accomplish, the don’t necessarily know […]
This article discusses best practices for using corporate Resolutions (includes LLC and partnership) (see THIS ARTICLE on how to draft them). For ordinary and routine business operations, corporate Resolutions are not needed. However, under certain circumstances a Board of Directors, LLC Managers or Members, or partners […]
Corporate Resolutions. An interesting issue recently came up with a client where it had to correct some numbers on an accounting log that had been entered wrong, simple mistake. The problem was that for tax and investor disclosure purposes, the managers couldn’t just go back […]