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Category: LLCs

What’s In Your Operating Agreement?

What’s In Your Operating Agreement?

Frequently, I’m asked, “What do you put in an operating agreement?” And like any good lawyer, I respond “Depends.” I’m not avoiding the question. Rather what’s goes in to an operating agreement depends on many factors. For example, membership size and funding. The typical operating agreement for a single member LLC is about 10 pages. The average operating agreement I draft for a two or more member LLC is usually about 50 pages. That’s a big difference in content between…

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S-Corp Election: What They Don’t Tell You

S-Corp Election: What They Don’t Tell You

I often come across small business owners who’ve made the S-Corp election for their LLC. Usually, after learning about their business, I’m at odds why they choose to do this. I understand by making the election an owner can save on self-employment taxes through a reasonable salary and dividend payments. I believe however, in the majority of instances, the tax savings to the business owners, do not outweigh the legal and tax advantages lost to the LLC on making the…

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Your Colorado LLC Doesn’t Belong in Delaware

Your Colorado LLC Doesn’t Belong in Delaware

Your Colorado LLC doesn’t need to be formed in Delaware. Many Colorado entrepreneurs mistaking believe forming an LLC in Delaware will give them added tax benefits as well as liability protection. Quite the contrary. Forming a Delaware LLC may not be the best thing for Colorado business and here’s why. YOU’LL NEED TO REGISTER AS A FOREIGN LLC IN COLORADO If you want to conduct in the state of Colorado you’ll have to register of a either a domestic or…

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Adding A Member to Your Single Member LLC

Adding A Member to Your Single Member LLC

Adding a member to your LLC is a big step in the growth of your business. Perhaps your looking to gain a partner in the business. Or you have an investor ready to invest cash to help it grow and expand. Or perhaps you have a dedicated employee who you liked to reward or recognized for their years of hard work. Don’t take this process lightly. There are many legal and tax consequences to contend with if not done correctly….

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Home Based Business Start Up Guide

Home Based Business Start Up Guide

Home-based businesses are part of the American entrepreneurial spirit. Disney, Apple, Microsoft, Google, and Amazon are just a handful of companies which got their start in a garage. If you’re thinking about starting a home-based business, use the guide below to assist you before investing your time, money and effort, in your new venture. Even if your home-based business has been up and running a while, use the guide to give your business a quick audit. Choose Business Entity One…

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