Small business owners need to be familiar with risk management. Owning and operating a small business involves a certain level of unpredictability. In spite of your best efforts to stay on top of supply chains, marketing, sales, competitors, employees, and cash flow, unforeseen issues can throw you off your game. You have survived plenty of…
A lot of our clients come to us for advice as to which entity to choose when starting or expanding their business, whether it be a limited liability company or corporation. While we prefer corporations for greater liability protection, for those that are just starting out, a limited liability company (LLC) may be the way…
Membership in a limited liability company (LLC) may come with voting rights. Member voting rights are addressed in the LLC operating agreement, which typically provides that LLC members must vote on several issues that are material to the continuance of the business. A unanimous or majority vote may be required depending upon the nature of…
Getting into business with another person is like getting married. They start their businesses with their best friends or family member with the idea of “hitting it big”. They decide that because they trust each other, they’ll be 50/50 partners in everything. They set up a limited liability company or corporation and begin doing business.…
With the country emerging from pandemic lockdowns and economic activity beginning to expand, small business owners are optimistic about the future. Supporting local businesses can help them grow and thrive in a post-pandemic economy. But what if you could help a business while also helping yourself? Investing in a small business can be a great…
There are many misconceptions and assumptions regarding the use and effectiveness of noncompete agreements. This is not too surprising considering that judicial enforcement of these agreements is very fact-intensive and situation-specific. There are no bright-line rules to help business owners determine whether a noncompete agreement will be enforceable, so it can be challenging to craft…
As you may know, one of the large areas of practice at NorthStar Law Group, P.S. is estate planning. Depending on the client, we may recommend either a Last Will and Testament or a Revocable Living Trust to held administer a client’s estate on death. Even within a Will, we sometimes advise our clients to…