By Cliff Ennico When setting up a limited liability company (LLC) for a new business, one of the hardest jobs is figuring out how the company should be managed. In most states, LLCs can be set up in one of two ways, managed either: By its owners (called “members”), similar to a general partnership; or […]
By Cliff Ennico “For the past several years I have run a small service business with a partner. We are 50/50 owners of a limited liability company (LLC) but have never signed a formal agreement. “Over the past year we have found ourselves disagreeing more than agreeing on things. Late last year I discovered that […]
When your limited liability company (LLC) starts attracting investors, you will need to adopt a more formal way for people to own, operate and manage the company. Last week’s column suggested some basic changes, including: Adopting a Board of Managers to run the company day to day; Giving owners “units” of membership interest (like shares […]
By Cliff Ennico “My two partners and I started a limited liability company (LLC) a couple of years ago. The business has done great, and we are starting to attract interest from local angel investors. When we put together the company, the three of us signed a very short Operating Agreement giving us equal shares in […]
While technology startups and small businesses have much in common, their legal and tax issues are quite different. Here are several significant questions raised at last week’s program on “Representing the Start-Up Venture,” a panel discussion I hosted for the New York State Bar Association. (You can find more details on the NYSBA website.) S […]