White Plains Legal Issues Blog

If you own a limited liability company (LLC), an operating agreement is a must.
Operating Agreements govern not only the way in which a business will operate during its life, but will also govern how your business will be "wound down," and eventually dissolved - be it for an anticipated, or unanticipated reasons.

Some basic elements of most Operating Agreements include: the formal name of the company; information regarding each member of the LLC; the date the LLC was formed; how long LLC is expected to exist; its purpose; and how the LLC will be distributed at the end of its operation.
Other common, and often essential, elements include: the meeting schedule; fiduciary duties; management description; and how members can be added or removed.

While some Operating Agreements are relatively short, others can be quite long, depending on the unique needs of the LLC and its members.

If you are thinking about creating - or have already created - an LLC, and have yet to draft and adopt an Operating Agreement, Bashian P.C. can help you identify your goals; prepare an Operating Agreement that is right for you; and protect each member's needs and business goals moving forward. 

Many people starting a new venture decide to create a nonprofit corporation.

A nonprofit corporation is a type of business entity that is created in order to provide a meaningful service without the intention of making a profit as a result.

This means that any profitable income that is generated from the organization is reinvested into the company so that it can grow.

It's common for nonprofit organizations to have religious, educational or charitable goals.

Since they are doing work that is seen to benefit citizens, nonprofit organizations are exempt from paying income tax.

If you are interested in starting a nonprofit corporation, it is important that you understand how this can be done efficiently, and what the specific requirements are to qualify for non-profit status.

If you are interested in creating a nonprofit corporation, Bashian P.C. can help guide you through the process, and determine whether or not the corporation you envision will qualify for nonprofit status. 

New York City's Department of Housing Preservation and Development is close to having all the pieces in place for a program that will allow developers with projects that include affordable housing for senior citizens.

The Affordable Independent Residences for Seniors program will grant approvals for developers to increase density and height in their projects if they set aside units for seniors.

If you are a senior citizen seeking affordable housing, now may be the time to consider transitioning from your current living situation, to housing offered and which will soon be available through this new program. 

When it comes to estate planning, we often can learn from the tales of celebrities. The case of Tom Petty is one of those that should have New Yorkers - particular those with blended families - taking note.

Singer-songwriter Petty died in October 2017 at age 66. He was married at the time of his death and had two adult daughters from a previous marriage. And since his passing, the women have been at odds over his estate.