Tag Archives: business

LLC Members: What You Need to Know about Your Fiduciary Duties

As a member of an LLC, you may owe a fiduciary duty to the company.

The two key fiduciary duties are the duty of loyalty and the duty of care. Whether you have a fiduciary duty will depend on the LLC’s management structure and whether you have management responsibilities. Understanding your duties is essential to avoiding...
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 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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What Franchise and Multilevel Marketing Business Owners Need to Know About Estate Planning

Franchise and multilevel marketing (MLM) businesses are often attractive because they offer people the chance to start a small business with a well-known brand and an established business model.

However, they present different estate planning challenges than other types of small businesses because the rights and obligations of franchisees and multilevel marketers are spelled out in...
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How to Protect Your Family When You and Your Spouse Work in the Same Business

You and your spouse live together, you work together, and chances are you spend a lot of your free time together.

Having a successful marriage and business takes a lot of hard work and dedication but can also be among the most rewarding things in life. But what happens when your business hits a bump in...
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