Corporate Law Blog

A Veteran’s Guide to Launching a Business: From Op Order to Operating Agreement

SECTION I: SITUATION

1. CAUTION.

Veterans are trained to identify threats early, but in the civilian corporate world, those threats look different, appearing as free online templates, handshake deals, and casual legal advice akin to a barracks lawyer. At first glance, these shortcuts seem harmless. But under pressure, when money is on the line, partners are running to the exits or contract terms are challenged, these devices fail to stand up.  Too many first-time business owners step into the market without proper legal personal protective equipment. They rely on generic operating agreements, misfiled registrations, and misunderstood tax elections. The damage is rarely immediate, but picking up the pieces can be catastrophic to a junior entrepreneur. Ignoring early warning signs or skipping pre-mission checks can result in mission failure. In business, the enemy is anything that undermines your legal structure, credibility, or long-term survivability.  More >

The LLC Operating Agreement - Why is it important and what should it say?

An LLC is a fairly limitless business form. Generally, an LLC can be and act in any number of ways, tailored to how you want your company to operate. The Kentucky LLC statute provides several gap-filler provisions, but most of these can be overridden by the terms of the operating agreement, making the operating agreement a nearly indispensable part of any LLC. More >

It's All in the Family: Building & Protecting Family-Owned Business Assets