It can be difficult to decide how to organize a business: Should yours be an LLC, limited partnership, or a Subchapter S Corporation? As many business owners have discovered, a Michigan LLC offers entrepreneurs the ability to create a corporate organization that offers significant financial security and benefits. Michigan LLCs, however, are not without their… [Continue Reading]
Dissolving a Business Partnership
Some of the best business ideas come from partnerships among friends. In fact, many people find that a partnership is the best option for managing a business. While partnerships work well for some entrepreneurs, others discover that a business partnership is not the best working model for their business. If you are currently engaged in… [Continue Reading]
Deciding if an S Corp is a Good Fit
An S corporation is a unique corporate structure that offers the security of an LLC while allowing profits and losses to be passed directly to shareholders. An S corp structure dictates that income as well as losses by the corporation must be listed on individual shareholder tax returns, which means that the company is not required… [Continue Reading]
Alternative Dispute Resolution for Business
Alternative dispute resolution (ADR) refers to a variety of techniques, including arbitration, mediation, and negotiation, that are used to resolve legal disputes and avoid more traditional methods like litigation. ADR is often a more effective approach than negotiation when corporate entities are involved. The following will review some of the primary advantages offered by alternative… [Continue Reading]
Advice on Dissolving a Partnership
If one of the members of a business partnership wants to end the relationship, the law prohibits simply closing a company’s doors. Instead, the dissolution of a partnership is required. Dissolution helps to make sure that none of the partners remain liable for the company’s cash flow, debts, taxes, or any other lingering business concerns.… [Continue Reading]
Common Obstacles Faced by Start Up Companies
Start ups offer an exciting opportunity to for ambitious entrepreneurs. With the opportunities for growth that these ventures present, however, there are also numerous obstacles that can arise along the way. This article reviews some of the most common mistakes that we see start ups make. Hopefully, by reading about these various challenges, you can… [Continue Reading]
Understanding Michigan Non-Compete Agreements
There is a substantial amount of paperwork involved in the on-boarding process for a new employee. One of the documents that a new employee may be asked to sign is a non-compete agreement. Some people do not give a a second thought before signing a non-compete agreement, but for many, that could prove to be… [Continue Reading]
How Personal Liability Arises in a Corporate Setting
One of the most advantageous aspects of the Michigan Business Corporations Act and the Limited Liability Act is that protection is created for a business owner’s assets if a company defaults on its loans or has a judgment against it. If a business owner fails to adhere to the law and pierces the corporate veil,… [Continue Reading]
Dissolving an LLC in Michigan
Deciding to end a limited liability company (LLC) in Michigan involves a number of challenging tasks. Because the dissolution process is often complex, many business owners decide to obtain the assistance of an experienced business attorney to ensure everything wraps up smoothly. The following are some of the basic steps through which your Michigan business… [Continue Reading]
Most Common Contract Mistakes
Contracts play a critical role in nearly every aspect of our daily lives. An adult can expect to sign a contract in order to complete medical visits, get help with a business, or retain an attorney to provide civil or criminal legal advice. Unfortunately, many people make basic mistakes when it comes to contract preparation… [Continue Reading]
