Monthly Archives: March 2013

No Formal Operating Agreement

Posted on March 24, 2013 by Elio Palacios, Jr.

Frequently members (i.e. the owners) of a limited liability company (LLC) do not enter into a formal operating agreement (the equivalent of the partnership agreement).  If there is no formal operating agreement it does not mean that there are no … Continue reading →

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Get Out of a Contract Legally

Posted on March 17, 2013 by Elio Palacios, Jr.

Maybe you entered into a contract with a service provider to provide your business certain services over a given period of time.  Can you get out of such a contract before the contract term has expired?  When a contract for … Continue reading →

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Shareholders Do Not Own Corporate Assets

Posted on March 10, 2013 by Elio Palacios, Jr.

A corporation is, for corporate law purposes, a “person” separate from its owners.  As such, it owns the assets of the business, including, for example, customer lists, trade secrets and equipment.  A shareholder generally holds only legal title to the … Continue reading →

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