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.
What is an operating agreement?
Situations that can qualify as triggering events
Many New York companies employ a buy-sell agreement to sell a person's ownership share of a business to another partner or to shareholders in the event the owner can no longer function as an active participant in the company. The key to activating a buy-sell action is a triggering event. Any buy-sell agreement should clearly spell out what the company considers to be a triggering event so there is no doubt that the sale of ownership can take place.
What to consider putting into your non-disclosure agreement
Non-disclosure agreements, when they work, help form a shield around your New York company's sensitive information and prevent your workers from giving the information out to competitors and also prevent unfair competition from the use of your own company's documents. However, if you do not spell out certain provisions before your workers sign your NDA, you might find your agreement is harder to enforce.
What rights do minority shareholders have in a dispute?
Litigation between majority and minority shareholders can impact the health of a business and the finances of shareholders. Oftentimes, minority shareholders will feel underrepresented and powerless in these disputes. Understanding the rights and remedies that minority shareholders can use should be a priority for everyone involved in shareholder lawsuit.
The long arm of the IRS
In case you didn't know, the IRS has a criminal investigation division. And they are decidedly proud of their well-earned reputation as a law enforcement agency. As you may have guessed, the division focuses on traditional tax cases, but has also worked in the areas of tax-related identity theft, money laundering, public corruption, cybercrime and terrorist financing.
