NJ Business Lawyers

When forming a multi-member Limited Liability Company (LLC) (i.e., an LLC with more than one owner), one of the most critical steps is drafting a comprehensive LLC operating agreement. This legal document sets the foundation for the business’s operations and management, and understanding its common provisions is crucial for any entrepreneur. In this blog post, we delve into some of these key provisions of an LLC operating agreement to help you navigate this important aspect of your business.

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In the world of closely held corporations, a Shareholders’ Agreement (or Stockholders’ Agreement) is a pivotal document that governs the relationship among the shareholders of the corporation. A shareholders’ agreement may not be proper for every corporation. However, it is highly recommended for small and medium-sized businesses. Understanding the key elements of this agreement is crucial for any shareholder or prospective investor in a corporation. This blog provides a high-level overview of the common provisions found in a shareholders’ agreement.

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For entrepreneurs and business owners, choosing the right business structure is a pivotal decision. Among the options, Limited Liability Companies (LLCs) stand out for their flexibility, especially regarding tax status. This flexibility allows LLC owners to align their business structure with their financial and operational goals.

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Investors with business entities have had the flexibility to maintain their privacy about the ownership and control of LLCs, LPS, and corporations. However, the Final Rule under the Corporate Transparency Act (CTA) changes these obligations significantly. This is by divulging previously private information concerning the ownership and control of various business entities. This blog will discuss what the CTA is and how the CTA will impact small businesses.

Enacted on January 1, 2021, by congress, this new anti-money laundering legislation imposes extensive reporting requirements for beneficial owners of most entities. The Act aims to provide significant transparency of legal entities to pinpoint and tackle illegal activities. These include money laundering, terrorism financing, and related illicit activities.

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