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Tag Archives: LLC

Should Your LLC Be Managed by Members or Managers?

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 […]

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Small Business Partnership: When Withdrawing is Better than Fighting

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 […]

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Getting your LLC Ready for ‘Real’ Investors (Part 2 of 2)

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 […]

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Getting Your LLC Ready for ‘Real Investors’ (Part 1 of 2)

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 […]

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Setting Up Your Company as a Venture, Not a ‘Small Business’

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 […]

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Changing Your LLC Operating Agreement as Your Company Grows

“My two partners and I formed a limited liability company (LLC) several years ago. Our business has grown substantially, and we now have several investors as well as employees who own nonvoting shares in our company. We’re still using the Operating Agreement that we signed when we first started the company, but I have to […]

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Forming a Website Partnership…Without Personal Liability

“I have run my own professional services business for some time. In the course of running my business I have become close and friendly with two other professionals in the county where I live. We have worked together on a number of projects, and we seem to work well together. So we have decided to […]

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Six Excellent Reasons not to Form Your Company Online

“Some friends and I want to start a business, and we’re thinking of forming a limited liability company (LLC). We are impressed with some of the websites such as Legalzoom.com and rocketlawyer.com that set up corporations and LLCs online.  Their cost is only a fraction of what an attorney or accountant would charge to set […]

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When Starting a New Business — You Are the Business.

Question:  Do I need to start my business as Corporation sole or LLC to eliminate my business from getting the negative credibility I have personally?  Suzanne Hargrave Susan-Says®:  One of the primary reasons to organize a company as a corporation or LLC (Limited Liability Company) is to provide protection against personal liability when something goes […]

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KEEPING “SHOWROOMERS” OUT OF YOUR SERVICE BUSINESS

One of the biggest threats to any “brick and mortar” retail business these days is the customer known as the “showroomer.” You know the type, and I’m willing to bet you may have even done this yourself on occasion.  A “showroomer” is someone who visits a store, examines the merchandise at great length, asks dozens […]

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