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Piercing the Corporate Veil is the exception to the rule

Piercing the Corporate Veil is the exception to the rule

Legal liability protection is one of the main reasons for corporate entities.  In most instances, these legal entities insulate owners from legal liability. While there are often tax, accounting and other important reasons for corporations and LLCs in a business or investment setting, at the very top of any list of reasons to establish and properly maintain […]

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Single Member LLCs–what, why and when?

Single Member LLCs–what, why and when?

What is a single member LLC and why would you want one? We have previously written a fair amount on LLCs generally, including what they are and why they can be useful legal entities. This post will focus on single member limited liability companies. As the name indicates, a single member LLC has one owner–and […]

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lenders and LLCs–rental property stuff

lenders and LLCs–rental property stuff

It is usually a good idea to own rental property through an LLC. As the name suggests, an LLC is designed to limit liability. Think of a limited liability company as a legal liability firewall vehicle. In other words, if some sort of legal claim arose from the operating of your rental property (say a […]

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Buy-Sell Agreements: Mistakes to Avoid (Part 2)

If you are in business, you almost certainly need to consider some sort of buy-sell arrangement. Don’t take my word for it, listen to the contributing writers are Forbes.com.  Though this article is not new, the applicability of the February 2011 article by Robert W. Wood, titled “In Business, Get a Buy-Sell Agreement!” has not […]

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phantom equity–what and why?

phantom equity–what and why?

Phantom equity, as the name indicates, has some attributes which are similar to actual equity ownership, but also has key differences. In many cases, phantom equity can be a win/win for both business owner and employee. To summarize, phantom equity gives the key employee (or several) the economic equivalent of being an owner, but without […]

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begin with the end in mind–Covey’s wise counsel applies in business arrangements

begin with the end in mind–Covey’s wise counsel applies in business arrangements

At the outset of a promising business venture, nobody wants to think about how it will eventually end. However, that is exactly the time to consider such things.  Perhaps too somber a thought for a Monday morning, but the reality is that “all good things must come to an end”.  On the bright side, the […]

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rules to govern the LLC–why a customized operating agreement matters

rules to govern the LLC–why a customized operating agreement matters

Each business partner should have a clear understanding of the rules which govern the business relationship.  For an LLC, such rules are normally contained in an operating agreement. This documents should be written to address the unique needs of your business arrangement. Imagine you are visiting a foreign land.  You don’t speak the language and you have no […]

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An LLC as a legal liability firewall (Part 2)

An LLC as a legal liability firewall (Part 2)

It is important to start any venture the right way and the formation of a LLC is no exception. While it is sometimes possible to correct mistakes later, it is not always possible to undo all damages caused or save the money that was spent in cleaning up messes created by improper actions. This is part of a multi-part discussion […]

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Protecting your assets with an LLC; a legal firewall

Protecting your assets with an LLC; a legal firewall

As the name would suggest, a limited liability company is designed to limit liability–it is supposed to function as a legal firewall. There are many purposes for LLCs in today’s world of business, law, tax and accounting work, but these nifty legal entities were originally designed to serve asset protection and liability limiting functions. If all goes according to […]

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Don’t leave home (or run an LLC) without this stuff!

If you have an LLC, you really should have a solid operating agreement that sets forth the rules and parameters to govern the ownership and operation of such LLC. Imagine a situation where you are headed into the wilderness for a lengthy camping trip. You would not only want to have a pack to take […]

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