Jason Sanders Law

Intellectual Property, Commercial and Corporate Points of Interest

Essential LLC Decisions – Have You Actually Agreed?

Essential LLC Decisions – Have You Actually Agreed?

I’m commonly asked about the speed of forming a limited liability company (LLC). Clients are often happy to learn that LLCs are quick and easy to form, and can generally be formed in a day or two. LLCs have few formalities, no double taxation, and little maintenance requirements. For those reasons, many clients opt to use LLCs.  But these assets can result in a pitfall: people often move through the process so quickly they fail to stop to make sure that all the co-owners are actually agreed on key issues. Owners may later find themselves bound to terms that they did not and would not have agreed to at the outset, or involved in a lengthy and costly negotiation or litigation. If you’re forming or already part of a company with other members, you’ll want to ask yourself (and your partners) – have we agreed on these key issues? 

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A Legal Checklist for Starting a New Business

A Legal Checklist for Starting a New Business

My nine-year-old daughter recently informed me that she and her best friend were about to start a dog-walking business. I’d previously rebuffed her requests for our family to get a dog by noting my aversion to picking up dog poop. However, I thought this seemed a reasonable way for her to get some dog time, and some familiarity with the work involved with having a dog. I wasn’t deterred by her statement that the services would be free for dog owners, pre-IPO profitability not being particularly in vogue these days. But, as a lawyer and typical dad, I did have some questions – for example, what type of agreement had she reached with her best friend? Had she thought through liability waivers with the clients? What would the branding be and how would she protect it?

I assured her that while it might seem daunting, the legal aspect of starting a new business doesn’t need to be.

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JSL

Jason Sanders Law provides results-oriented legal advice in areas of intellectual property, corporate formation and growth, commercial transactions, and dispute resolution. Our clients include companies and individuals in media, software, marketing and advertising, fine arts, entertainment, design, food and beverages, and fashion, among other industries.