Category Archives: Business Succession

 LLC Operating Agreement: Is a Non-Compete Clause Necessary?

You and several friends start a new business and decide to operate it as a limited liability company (LLC).

Now that you’ve completed the first step—choosing a business entity—it is now important to prepare an operating agreement. The operating agreement is a contract which governs the operations of the LLC and sets forth the arrangements made...
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Estate Planning for Vacation Rental Property Owners

In all parts of the country, services such as Airbnb have grown in popularity over the past few years including the beach resort areas of Hampton Roads.

Indeed, these alternatives to hotel stays are popular among homeowners and vacationers alike. If you have a home or other rental property that is generating income, you should understand...
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Can Your Business Survive the Loss of a Key Person?

Maybe you’ve protected your business with general liability coverage, property insurance, commercial automobile coverage, and workers’ compensation insurance.

But for some businesses, operations would come to a grinding halt without certain essential contributors—key persons as we call them. If your business includes any key persons then key-person insurance should be a part of your business insurance...
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Transferring LLC Membership Interests Part 3

Part 3—Involuntary Transfers

In the third part of our three-part LLC Membership series, we're discussing involuntary transfers. To get caught up you can read our previous blogs on LLC Membership Overview and Voluntary Transfers. An involuntary transfer of an LLC membership interest is just that—a transfer prompted by a creditor action or the occurrence of...
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