Limited Liability Companies
Petock & Petock, LLC represents local limited liability companies and LLCs throughout the United States. We are experienced and ready to help with all of your business needs from formation of an LLC, registering trademarks and fictitious names for your business, securing intellectual property rights, drafting or reviewing contracts and agreements, all the way to the possible sale of your business. It is highly advisable that all LLCs have an attorney to advise with respect to formalities which should be adhered to such as the holding of annual meetings and the taking of minutes and with respect to all other areas of business such as contracts and agreements. The attorneys at Petock & Petock are ready to become part of your business team.
LLC Primer:
Limited Liability Company (LLC) formation has exploded in recent years and for good reason. An LLC offers the flexibility and many of the tax advantages of the traditional sole proprietorship and partnership, while simultaneously providing its members with protection from personal liability akin to that provided by a corporation. What this means is that absent special circumstances a member’s liability is limited to his or her capital contribution to the LLC. This stands in stark contrast to the limitless liability of more familiar business entities such as sole proprietorships and partnerships where creditors of the business (including tort victims) can “get at” the business owner’s personal assets including personal bank accounts, homes and cars.
As with any business entity there are numerous other legal and non-legal issues that must be considered if the business is to succeed. Particularly in situations where there is more than one member, anticipating and addressing problems that might arise within the business is time well spent. Thinking ahead about such issues will lead to a more efficient business plan which in turn will lead to a more successful business.
