Tag Archives: business law

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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Is Your Business Ready for the Tidal Wave of Changes to Virginia Employment Laws?

Virginia has historically been known as a business-friendly state, with relatively few laws enacted specifically for the protection of employees.

That reputation will certainly change as the seismic shift in the political landscape of Virginia has resulted in a virtual tsunami of changes designed to protect employees.  While the Covid-19 pandemic and resulting government-imposed restrictions on...
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What SBA Economic Disaster Assistance is Available in Response to COVID-19?

Part 1: Coronavirus Preparedness and Response Supplemental Appropriations Act, PL 116-123 (March 6, 2020)

ECONOMIC INJURY DISASTER (“EID”) LOANS As authorized by PL116-123, the SBA has made Economic Injury Disaster Loans ("EID Loans") available for qualifying businesses that have suffered economic injury as a result of the Coronavirus epidemic. Below is a summary of the SBA's eligibility...
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