Business Formation Limited Liability Company (LLC)

Business formation is the process of establishing a legal entity to carry out a particular entreprise.  The law provides several entity options, each with its own advantages and disadvantages. Limited... more +
Business formation is the process of establishing a legal entity to carry out a particular entreprise.  The law provides several entity options, each with its own advantages and disadvantages. Limited Liability Corporations (LLC), Limited Liability Partnerships (LLP), and S-Corporations are a few examples of available options. When forming a business, founders can choose whichever entity-type best aligns with their specific tax and liability needs and considerations. Other important aspects of forming a business include drafting a comprehensive business plan, choosing appropriate insurance, establishing personnel policies and protecting intellectual property.  less -
News & Analysis as of

Limited Liability Companies: A Primer for the Canadian Finance Lawyer

The use of limited liability companies in the United States has expanded dramatically over recent years. A limited liability company (LLC) offers its owners protection from liability like a corporation, but with the advantage...more

The Benefits of Using Multiple “Single-Asset” Limited Liability Companies for Investment Properties

Practicing real estate law means that I’m constantly talking with all types of clients, including large scale developers as well as individuals simply looking to do a little investing in real estate. Interestingly and...more

Saudi Arabia Update - September 2016

As per the new Companies Law that came into effect on 2 May 2016 and which we have described in previous updates, single owner LLCs may be formed – whereas previously a minimum of two shareholders was required....more

Is an S Election for an LLC Smart Planning or a Bad Idea?

By default, a limited liability company (“LLC”) with two or more members is taxed as a partnership. It also is possible to elect to treat an LLC as an S corporation for income tax purposes. But is it a good idea? And if an S...more

Why Many Manager Removal Provisions Are Doomed to Fail

Most business partners start their venture with the intent to own a property or operate a business until selling it for a large profit. Hopes are high and intentions are real. As in any relationship, there could be bumps in...more

5 Reasons Why Incorporating Your Business is the Right Play

Agitated that the NBA is now prohibiting him from using Stickum during games (even though he’s been doing so for years), Dwight Howard wants to find a permissible product that he can use to grip the basketball.  Dwight thinks...more

The End of (New) Limited Partnerships in Pennsylvania?

On December 31, 2015, after a 15-year phase-out (originally intended to last only nine years), Pennsylvania's 171 year-old capital stock tax finally expired....more

Corporation or LLC? Business Organizations for Tech Startups.

One of the first actions you will take with your startup is to organize your company a separate legal entity to protect yourself from personal liability for the company’s debts. In the tech startup context, you’ll typically...more

Court Of Chancery Explains LLC Agreement

A repeat issue with using the LLC form of entity is trying to figure out what the LLC agreement means. This decision is another example of the Court sorting through conflicting interpretations that must have surprised at...more

Franchising for the Greater Good

Nonprofit organizations and business franchises operate in separate worlds.  But sometimes those worlds meet in a way that can be mutually beneficial.  When the franchise benefits the mission of the nonprofit, the...more

Start-Up Pack (Belgium)

In This Issue: - Welcome - An introduction to key legal documents for start-ups - Glossary of useful venture capital and company terms - A step-by-step guide to setting up a company in Belgium - A shareholders’...more

Locke Lord QuickStudy: Choice of Entity Considerations

Starting a business can be a daunting but rewarding challenge. One of the key decisions at the early stages of a new business is how to structure your business – i.e., what legal entity to form in order to carry on your...more

Forms and Tools for the Minnesota Revised Uniform Limited Liability Company Act

The effective date of the Minnesota Revised Uniform Limited Liability Company Act, August 1, 2015, is rapidly approaching. The following materials are available to implement the Act...more

Making The Right Choice For Your Business Entity

It has been said that plans are nothing, but planning is everything. Nowhere is this truer than in selecting the most appropriate legal entity for your new business....more

In Business & Corporate Law Avoiding a Messy Business Divorce is Important! #BusinessAttorney

When people come together to begin a business, they may not think the time will come when they will not get along. But if, after many years, you and your business partner no longer see eye-to-eye when it comes to how to...more

What Every California LCC Needs To Know About California's New Revised Uniform Limited Liability Company Act

New changes to California's limited liability company law affect many of the rules governing operation of limited liability companies ("LLCs"). These changes include the default provisions that automatically apply when the...more

LLC Operating Agreements May Need Amending Under California’s New LLC Law

The California Revised Uniform Limited Liability Company Act (the “New LLC Law”) was signed into law by Governor Jerry Brown on September 21, 2012. The New LLC Law will entirely replace the current California law governing...more

New Law Will Change the Way Limited Liability Companies Form and Operate

The rules that govern businesses formed as limited liability companies, or LLCs, in California are about to get their first major overhaul in 20 years with a new law that takes effect on Jan. 1. Known as the California...more

Do I Need An Entity for My Business? Cont…

As we discussed before, most people end up operating their business through an entity of some sort. However, there are some individuals who do not necessarily need an entity and can operate their business as a sole...more

Do I Need An Entity For My Business?

(*Note: this discussion presupposes a basic understanding of limited liability entities and alternatives, which have been discussed before and which we will discuss more in the future.) Many people starting a business...more

2013 Nevada Business Entities Law Update

The 77th Nevada Legislature has adopted several amendments to Nevada’s business statutes affecting Nevada corporations and limited liability companies (LLCs). The amendments to Nevada Revised Statutes (NRS) Chapter 78...more

Starting a Business? Start the Right Business.

After many years of working for other people, you’ve decided to strike out on your own and start a small business in your home town. You have the financial means and some initial ideas to get things going, but you are unsure...more

Can a Debtor Reach an LLC Member's Interest to Satisfy a Personal Debt?

A limited liability company (LLC) is an attractive business form in Maryland that gives members benefits such as limited liability from company debts. However, there are unique circumstances under which a creditor of an...more

Legislative Update: Business Law

I. GENERAL. A. Introduction. In selecting a form of business entity in Texas the organizer or initial owners can consider the following five business entity forms: • Corporation • General...more

Which Entity Should I Form For My Business Enterprise?

Whether starting a business or operating an existing enterprise, business people should consider the legal form of their business and the need to protect their personal assets from business liabilities, while also considering...more

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