Transferring LLC Membership Interests

Posted by James M. Kreitler | Nov 17, 2022 | 0 Comments

Part 1—An Overview Say you are a member of an LLC. You own membership interests in the LLC. But what if you want to leave the LLC? What if you get a divorce? What if you have creditors seeking immediate repayment? What can you do with your membership interests? The answer depends on how tr...

Legal Considerations for Farm Owners

Posted by James M. Kreitler | Nov 11, 2022 | 0 Comments

Farming brings to mind kinship with nature and a simpler way of life. But the farming industry is highly regulated, and navigating the applicable laws and regulations can be far from simple. A rising world population creates greater demand for food and the farmers who produce it. With the age of...

Using Beneficiary/Transfer-on-Death Deeds

Posted by James M. Kreitler | Nov 04, 2022 | 0 Comments

What Is a Transfer-on-Death Deed? If you own real property, such as a home, in your sole name but you have not created a trust and transferred your property's title to the trust, it is virtually guaranteed that your beneficiaries (or heirs) will have to deal with probate after your death. If the...

Why a Trust Is the Best Option to Avoid Probate

Posted by James M. Kreitler | Oct 28, 2022 | 0 Comments

Ideally, when someone passes away, the paperwork and material concerns associated with the deceased's passing are so seamlessly handled (thanks to excellent preparation) that they fade into the background, allowing the family and other loved ones to grieve and remember the deceased in peace. I...

What Happens to My Spouse's Debts at Their Death?

Posted by James M. Kreitler | Sep 23, 2022 | 0 Comments

A spouse's death creates a difficult and demanding time for the surviving partner. As much as you might want space and time alone to process your grief, you may have certain responsibilities related to settling your deceased spouse's affairs, including paying off their debt. Most Americans have ...

What Is the Difference between a Trust and an LLC?

Posted by James M. Kreitler | Aug 17, 2022 | 0 Comments

Trusts and limited liability companies (LLCs) are both legal vehicles that can be used to manage and protect assets, minimize taxation, and avoid probate. Whether a trust or an LLC is a better choice may depend on the type of asset, but you do not necessarily have to choose between the two. In f...

What Is an S Corporation and Should I Form One?

Posted by James M. Kreitler | Apr 22, 2022 | 0 Comments

Contrary to popular belief, the S corporation is not a distinct entity type. According to the Internal Revenue Service (IRS), an S corporation is a corporation that has elected treatment as a pass-through entity for federal income tax purposes under Subchapter S of the Internal Revenue Code[1]. T...

How Does LLC Ownership Work?

Posted by James M. Kreitler | Apr 08, 2022 | 0 Comments

The limited liability company (LLC) is a popular business structure for new businesses, but what does it really mean to own an LLC? LLCs provide unique opportunities to customize business ownership to fit the particular needs and circumstances of the owners. Here is what you should know about LLC...

Common Business Formation Mistakes

Posted by James M. Kreitler | Mar 31, 2022 | 0 Comments

The key to a successful business is having the right people, financial knowledge, effective processes, and a well-researched business plan. According to the Bureau of Labor Statistics, approximately 20 percent of businesses fail in their first year, and 50 percent fail by their fifth year. Formin...

Why Your LLC Needs an Operating Agreement

Posted by James M. Kreitler | Mar 04, 2022 | 0 Comments

Congratulations! You have decided to form a limited liability company (LLC) to run your business. After completing your state formation process, your LLC needs to have the right documentation in place. An operating agreement, sometimes called a company agreement, is a legal document that describe...

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