Quitmeier Law Firm

Description

Many people are unaware of the legal requirements of running a business. A corporation or limited liability company can protect your personal assets and limit your risk to the amount you invest in the business. Corporations fit better for larger companies and have shareholders, directors, and officers, bylaws, and require annual reporting and fees to the state. About 15 years ago, limited liability companies were created by legislatures to provide for small businesses the limited liability enjoyed by corporations, without the rigmarole of the corporate structure. But also beware when dealing with a company with limited liability. Many are undercapitalized (have few assets) and thus are judgment proof. If you are in business with another person, then the agreement between you is crucially important. It is more important to have a detailed contract between friends than strangers; it can preserve friendship. If two people can find an answer in the by-laws or operating agreement (limited liability company partnership rules) any disagreement is easily resolved. Nobody should argue about the definition of a word when it can be looked up in the dictionary or at dictionary.com.

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