Contact us
855-239-8015

Category: LLC

Is a single member LLC required to have operating agreement?

Is a single member LLC required to have operating agreement?

Afterall, why should a single member[1] need a rulebook for himself or herself? Fair point.  However, please remember that an LLC operating agreement is more than just a “rule book” for the LLC.  Also, keep in mind that what is today a single member (i.e., single owner) business entity will, hopefully, grow and expand over […]

Read More

single member LLC tax stuff

single member LLC tax stuff

A single member LLC can be taxed as a disregarded entity or as an S Corporation. First and foremost, this is an area best discussed with your accountant, so please do not interpret this short post as me trying to take the place of your accountant–I am not.  Ok, with that necessary clarification, let’s proceed. […]

Read More

McDonald’s and the emergency room–what they have in common; but also why you will never see drive-through brain surgery

McDonald’s and the emergency room–what they have in common; but also why you will never see drive-through brain surgery

What do the hospital emergency room McDonald’s have in common? Answer: on-demand access. In this era of on-demand services, along with all-access TV and movie resources and all the other things instantly accessible via the internet, we sometimes find that clients and customers have unrealistic ideas about similar on-demand access to professional services.  Some people […]

Read More

Business Buy-Sell Agreements: Mistakes to Avoid (Part 1)

Business Buy-Sell Agreements: Mistakes to Avoid (Part 1)

If you are the owner of a family business or other closely held business, not having a buy-sell agreement may be a big mistake. Let’s get this out of the-way–I am a business law attorney who gets paid to work on things like buy-sell agreements.  Therefore, it is no surprise that I am talking about why […]

Read More

phantom equity–what and why?

phantom equity–what and why?

Phantom equity can provide the best of both worlds for owner and employee. There is nothing pejorative in the use of the terms “phantom equity” or “synthetic equity.”  Rather, these terms just reference the fact that phantom equity has some attributes akin to actual equity, while at the same time it is in many respects […]

Read More

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 […]

Read More

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 […]

Read More

New Utah Law Limits Duration of Non-Compete Agreements

New Utah Law Limits Duration of Non-Compete Agreements

This new law does not outlaw non-compete agreements (as was rumored), but it does limit the duration of such agreements to 1 year. First and foremost, despite what you may have heard on the street, non-competition agreements are NOT outlawed in Utah.  While it is true that some of our state legislators did try to head […]

Read More

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 […]

Read More