Factors to Consider in an Operating Agreement

An operating agreement addresses a number of factors about how the limited liability company will be run. The most important factors of the agreement are, what I call, the D’s of the operating agreement. What happens upon the dissolution of the company? The death, disability, divorce of its members, or a disagreement among its members?…

Needing a Shareholder’s Agreement if Starting a Business

A shareholder’s agreement is the agreement between the shareholders of a corporation. Ideally, a shareholder’s agreement is going to address what will happen in the event of the death, disability or divorce of any of the shareholders. It will also often have buy-sell provisions. Also, a shareholder’s agreement, very importantly, will have provisions pertaining to…

Phase 1 vs Phase 2 for a Commercial Property

Before purchasing a commercial property, it’s very important to conduct your environmental due diligence. For most commercial properties, a Phase 1 is a sufficient investigation to determine if there’s any sort of environmental problems. Often, if a Phase 1 comes back with a problem, there will be what’s called a Phase 2. A Phase 2…