Month: November 2016

How Limited Liability Companies Became the Standard Overnight

Limited Liability Companies (LLCs) are fairly commonplace today for several reasons, particularly the limited liability conferred upon the owners of the company, as well as separate entity status for tax corporations. However, limited liability companies were not always the go-to business form for the common businessman. Many years ago LLCs were frowned upon by business …

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Authority in a Partnership: When You’re on the Hook Even Without Knowing It

When operating in a partnership, there are many instances when express authorization need not be given to partners to give them authority to bind the partnership. A partner’s authority to bind a partnership depends on the situation. In fact, unless a third party knows the partner with whom they are transacting with knows that the …

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How to Establish Good Self-Monitoring in a Corporation and Its Importance

When running a corporation, there are many nuts and bolts that must be put in place to ensure smooth sailing. One such nut or bolt is a good self-monitoring system which helps ensure that the directors and officers are running the corporation properly. A self-monitoring system protects against unwanted actions by other directors and officers, …

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Dissolution in an LLC: When It’s Time to Call It Quits

Starting a business is the fruition of one’s hard work and lifetime of efforts. All businesses are entered into with the ultimate goal of turning a profit, and enjoying great success. Unfortunately, many times all businesses, including limited liability companies, or LLCs, hit a roadblock, and are unsuccessful. The most difficult step is accepting that …

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Thinking of Setting Up a Subsidiary? Make Sure It Is Up to Code!

If you are a successful business owner, congratulations. You may be thinking of setting up a subsidiary corporation to your parent corporation in order to branch out. As you may recall, one of the biggest advantages of a corporation is limited liability. However, limited liability in a corporation is not absolute. There are times when …

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Piercing the Corporate Veil: The Three Situations Where You Can Still Be Personally Liable

Corporations have plenty of advantages. Chief among them, and a big reason why many incorporate, is being shielded from personal liability. No creditor or plaintiff can ever come after the incorporators’ personal property. However, little do some business owners know, the protection from personal liability in a corporation is not absolute. There are a few …

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