Limited Liability Companies should have an Operating Agreement. This is an agreement by the owners about how the company is to be run. Can an owner sell his or her interest without the permission of the others? What happens when an owner dies (do you want a spouse coming in to run your business?)? How are profits to be divided? Better to answer these issues at the beginning of your relationship, rather than wait until a problem develops. If you don\u2019t have an Operating Agreement, the laws of New Jersey will stand in its place and decide these issues for you. You may not like the result.<\/li>\n<\/ol>\nThere are many other issues and requirements which need to be acted upon. These are\u00a0the major concerns. You need to get this right and run your business in compliance with the law. Your failure to do so can be disastrous to you personally and to your family. Law Offices of Robert J. Shanahan, Jr., LLC can help.<\/p>\n","protected":false},"excerpt":{"rendered":"
In the eyes of the law, many business entities are considered to be separate \u201cpersons\u201d from their human owners. This is an important concept to master, since it explains many of the procedures with which owners of S-Corporations and Limited Liability Companies must comply. Owners […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,3007],"tags":[],"_links":{"self":[{"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/posts\/10871"}],"collection":[{"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/comments?post=10871"}],"version-history":[{"count":0,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/posts\/10871\/revisions"}],"wp:attachment":[{"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/media?parent=10871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/categories?post=10871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/tags?post=10871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}