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...
Trembly Law
If you are on the board of directors in a business, you need to know what you owe to the corporation. The main two duties owed to the corporation from your position are the duty of care and the duty of loyalty. The duty of care means maximizing profit and behaving intelligently–in the business sense–within...
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...
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...
The laws comprising the field of business law today are different than they were even just years ago. Those educated in the field of business law may have come across an old doctrine known as the “ultra vires” doctrine. This doctrine stood for the proposition that a corporation must act within its scope or they...
When entering a partnership, the ultimate goal is to turn a profit and enjoy the fruits of your hard work. Unfortunately, many times partnerships simply do not work out–a sad truth many partners simply refuse to realize or accept. However, sometimes it may be best to simply call it quits. An at-will partnership requires the...
When entering a partnership with the mutual goal of making money, the legal rights of each party may become murky. Squabbles may emerge when attempting to make decisions on behalf of the partnership. You may disagree with a partner’s decision or disagree when it comes to the larger-scale direction of the partnership that your partner...
Whether you are a director of a corporation or a shareholder in a corporation, it is important to know the duties owed to the corporation by directors. The two main categories of duties owed by directors to the corporation are the duty of care and duty of loyalty. The duty of care refers to the...