What Is a Series LLC, and Can I Use One?
The series limited liability company (LLC) is a type of business structure that allows a group of subunits called series to be owned in a tiered structure. At the top level is the “parent” or “umbrella” LLC. Below this are one or more “series.” Not all states allow series LLCs. In states that permit them, […]
Balance Sheets: What Are They and Why Are They Important?
Balance sheets are financial statements that provide a snapshot of a company’s financials at a specific time. Also known as a statement of financial position, a balance sheet shows what the company owns that can be converted to cash (assets), its debts and financial obligations (liabilities), and its net worth (owner’s equity or shareholder’s equity). […]
What to Know about Limited Liability As You Grow Your Business
Starting a business involves a certain amount of inherent risk. There are no guarantees that the founders of a company will get along, a product or service will sell, or market conditions or competitors will not create unforeseen problems. While entrepreneurs must be willing to take a leap of faith, there are steps they can […]
Buying a Business with Real Estate
Buying a business and purchasing real estate are two very different investments. Business ownership typically requires some management skills and knowledge about market conditions, consumer trends, staffing, and finances. Ownership of real estate, on the other hand, requires considerable due diligence up front but generally offers passive growth with fewer management responsibilities. The skill sets […]
The Annual Meeting: What Every Corporation (and Many Limited Liability Corporations) Should Know
All registered corporations are required by law to hold an annual meeting. Limited liability companies (LLCs), although not subject to the same statutory requirement, may hold regular meetings in accordance with their governing documents. What Is the Purpose of a Corporation’s Annual Meeting? In the United States, all corporations must hold an annual shareholder meeting […]
Legal Considerations for Creating a Cooperative
A cooperative (co-op) is a business entity owned by—and operated for—the benefit of its members. There are several types of co-ops, and they are found in a variety of industries, from agriculture and the arts to finance and electricity generation. While their operations resemble traditional businesses and they seek to make a profit, co-ops are […]
Considerations Before Becoming a Minority Owner
Becoming a minority owner in a business can give you the opportunity to help a business grow and share in its success without the management responsibilities. Minority owners may be brought in to facilitate growth, perform acquisitions, or achieve other strategic goals and often provide valuable expertise in addition to the capital investment they make […]
Name, Image, and Likeness: How to Protect Your Right to You
Creating a personal brand can be a way to establish an authentic image and stand out from the crowd. For most people, personal branding is a communications strategy rather than a career path. A carefully cultivated personal brand lets people know at a glance who we are, what we stand for, and the value we […]
Advertising Laws for Small Businesses
Having a great product or service is not always enough. If customers are not aware of your business, it is difficult to build brand awareness, create demand, grow a customer base, and increase sales. Word-of-mouth marketing can be highly effective, but most small businesses also dedicate a portion of their budget to advertising. Let’s look at […]
Why Your LLC Needs an Operating Agreement
Operating agreements are not required in most states; however, that should not dissuade you from creating one. Having an operating agreement can provide your business with many benefits and can help you avoid significant problems.
