The owners of the LLC are called members. The members are the LLC equivalent of corporate shareholders. Rather than shares, these members have membership interests. The members enter into an Operating Agreement which governs the LLC and the member’s rights and responsibilities. The Operating Agreement is the LLC equivalent of corporate bylaws. An LLC Operating Agreement can generally be viewed as allowing a high degree of flexibility in structuring member financial interests in comparison to an S Corporation.
The success of an estate plan, tax and business plan, retirement plan and asset protection plan requires that it be well designed, fully integrated with other business planning and timely and properly implemented. Since 1978, as a founding and senior partner at Stephens & Kray, and former managing partner of the national law firm, Finley, Kumble Wagner, et al., I have been designing proprietary and sophisticated estate, tax and business, retirement and asset protection plans that have been tested and evaluated by partners, successors, and creditor claimants, that include the IRS, the FTC, judgment business creditors and banks.
On an annual basis, we remind our clients of their responsibility to maintain a minute book and document annual meetings of Shareholders, Directors, Managers and other formal actions taken and recorded either in a Unanimous Written Consent or meeting minutes.
This article discusses the risks posed to developers and owners of intellectual property when they share their trade secrets with others, including employees and third parties.
This article explains why asset protection is an essential element of doing business. It describes some of the more important and typical asset protection tools and techniques and how they integrate with both estate planning and operating a business.
This article offers a brief discussion on the most basic elements that are part of a formal estate plan.
This article describes the types of entities that are available under the law to operate a businesses, own assets and/or effect transfers of wealth.
This article addresses some of the tax concerns and suggests possible structures and important deal points to consider in negotiations for the stock or asset sale of an incorporated business.