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Showing 3 posts tagged Limited Liability Company.

Why Choose a Business Entity?

As attorneys, we talk a lot about the considerations that go into choosing a business entity for your business, but what may not always be clear are the reasons for choosing to organize or incorporate your business in the first place. After all, you don’t need* to organize or incorporate your business at all! That’s right – it is possible to be in business without choosing to structure your business as one entity or another, but even that is a choice, and it’s called a “sole proprietorship.” So, if you’re already set up as a sole proprietorship just by existing and operating a business, why choose another form? While there are plenty of reasons to do so, one stands head and shoulders above the rest: More >

Five Legal Considerations for Starting a Small Business: Which Type of Entity is Best?

You started your small business yourself – just you and an idea. As time went on, you became more successful. You added employees. You opened a storefront. You started contracting with outside vendors. And while each of these events took place, you added additional liability – liability that could harm you personally as a sole proprietor. That’s exactly why business entities exist; they create a sustainable structure in which to operate while simultaneously shielding you personally from liability, for the most part. Not all business entities are created equal, however, and choosing an entity to organize or incorporate can come with both benefits and consequences. More >

Member Rights in Kentucky Limited Liability Companies

All members of Kentucky Limited Liability Companies, whether they hold a majority or minority membership interest, have rights under Kentucky statutory and common law, but these rights may be modified, curtailed or extended to a nearly unlimited extent by the provisions of the operating agreement. In this post, we will briefly discuss various rights afforded to members of Kentucky LLCs, which are less statutorily-defined than other corporate rights under state law. More >

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