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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 […]

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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. […]

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Secrets of “THE LAW”

Secrets of “THE LAW”

If you meet an attorney claiming to know THE LAW, find a different attorney.   There are many misconceptions in the world of lawyers and law stuff.  A great many.  One of the most prominent is the mistaken belief that just because someone has a law degree and has passed a bar exam that person knows “THE […]

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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 […]

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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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The surgeon and the scalpel

The surgeon and the scalpel

What are you paying for when it comes to surgery–the surgeon or the scalpel?   We all have knives around the house. Some of us even have surgical scalpels (or other very sharp instruments).  Likewise, many of us have access to medical supplies. Why then do we not just perform surgery in our homes, especially in […]

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$3,000 per hour (and $100 per signature)

$3,000 per hour (and $100 per signature)

We tend to see the “value” in medical services, but there can sometimes be a disconnect in how we view services provided by non-medical professionals. One of my family members recently visited a local doctor’s office for a “prescription maintenance” appointment.  In other words, my family member needed to see the physician’s assistant (i.e. not even […]

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