A distribution from a limited liability company (LLC) is a payment of cash or property made by an LLC to the LLC's owners, also known as members. Although state law sets forth certain default rules, LLC members can specify in the LLC's operating agreement when and how profits are allocated, distr...

In the digital age, online scams and cyber attacks are becoming more frequent, posing risks to not only everyday users but also to lawyers who manage clients' sensitive information.  There are steps you can take to keep your data safe. You should also know what actions your lawyer is taking to pr...

Under the final Noncompete Rule, the Federal Trade Commission adopts a comprehensive ban on new noncompetes with all workers, including senior executives. The final rule provides that it is an unfair method of competition—and therefore a violation of Section 5—for employers to enter in...

When that extra bit of money from your tax refund lands in your bank account, (kinda feels like Christmas, doesn't it?)  it's easy to start dreaming about all the ways you can use it. Financial experts may tell you that it's a chance to pay off debts, tuck away savings for an emergency, or add to...

When you die, what happens to your online life? Each social media platform has its own rules for dealing with the accounts of deceased users, ranging from permanent deletion to transforming accounts into places for mourning and memory. Understanding these options is essential for managing digita...

What is Cryptocurrency, Exactly? Cryptocurrency, which folks also call “crypto” is, in essence, virtual money that can be used to buy goods and services. It can also be traded for profit, much like stocks. However, unlike the dollars in your wallet, crypto exists only in the digital world. The c...

Do-it-yourself Wills and Trusts are all over the internet, with promises of saving you money and protecting your loved ones after you're gone. But don't be fooled! They're often way more trouble than they're worth.  If you've been traveling around the sun for a while, you've no doubt heard of a ...

The limited liability company (LLC) has only been around since the first LLC statute was enacted in 1977. Within a few decades, it has become the most popular legal entity formed by new US businesses due to its ease of formation, flexibility, low start-up costs, and limited liability for members....

Starting a business requires a great deal of planning and execution. Exiting from your small business should entail a similar level of forethought and preparation. Nevertheless, some surveys indicate that nearly half of business owners have no exit strategy.[1] After years of expanding your busi...

The decision to hire family members for your business is a delicate balancing act that involves both personal and professional considerations. Working with loved ones can create a sense of trust and unity within the workplace and has been shown to increase business resiliency. However, mixing fa...

America is in the midst of a retirement savings crisis. Many people are not saving enough to replace their income in retirement, and some have no money saved for retirement. Employer-sponsored retirement plans enable people to save for retirement, but many private-sector workers do not have acces...

All registered corporations are required by law to hold an annual meeting. Limited liability companies (LLCs), although not subject to the same statutory requirement, should hold regular meetings in accordance with their governing documents. What Is the Purpose of a Corporation's Annual Meeting?...

Assets, liabilities, and equity, oh my! These are accounting terms that every small business owner should be familiar with. They are included on a business's balance sheet, providing a snapshot of financial health. A balance sheet shows a company's assets and liabilities at a given time and how ...

Over time, your business can undergo significant changes. What may have started as a humble, one-person operation can grow into a more complex company, with multiple owners, employees, an evolving mission statement, and increasing risks. As the scope and goals of your business shift, an accompan...

Due diligence is the process of obtaining and verifying information about a company or person in preparation for a business transaction, such as an acquisition, merger, or potential new business partner. Generally, due diligence provides information about the company being considered for purchas...

I frequently encounter the question, "how much should my estate plan cost?" It's a valid inquiry, and I want to provide a clear answer. However, it's crucial to acknowledge that there is no one-size-fits-all solution for every individual or family. Beware of any lawyer who quotes a plan's cost vi...

Here's why you may not want to “shop around” for an estate plan, and how you can ensure you get the most efficient and affordable plan possible for your family without shopping for an estate planning lawyer the way you may think. First and foremost, getting estimates assumes you understand exact...

What Every Business Owner Should Know Cash flow measures how much cash is flowing in and out of a business. A positive cash flow is one of the strongest determinants of a business's success. It shows that a company can fund its debts and pay for immediate needs such as equipment and staffing, an...

The limited liability company (LLC) is a popular entity structure among small business owners that provides governance and taxation flexibility and shields personal assets from business liabilities. To enjoy the benefits and legal protections of an LLC, however, owners must register their compan...

When you started your limited liability company (LLC), the last thing you probably had on your mind was ending it. Many LLCs are created for specific purposes, however, and when that purpose has been served, its members may think about winding up the company. LLCs may also terminate due to member...

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 fa...

Transitioning from being an employee to being self-employed is a goal of many American workers, and a growing number of workers have realized their goal in the wake of pandemic-related economic disruptions. Individuals often cite taking control of their career as a top motivating factor for bein...

When forming your business, you may choose to structure it as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each type of structure offers different levels of asset protection and affects how much you pay in taxes. But owners can exert further control over th...

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.” Florida does not recognize “series” LLCs. pursuant ...

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 ...