business law Archives

Five Ways To Protect Your "Corporate Veil"

If you own a small business, or you are thinking about starting your own business, you have probably worried about protecting your personal assets from liability. You also probably know that forming a corporation (S-Corp or C-Corp) or a limited liability company (LLC) is an important step toward protecting your personal assets.

Use A Close Corporation Agreement To Get All The Benefits Of A Corporation Without All The Hassles Of Corporate Compliance

When choosing a business entity, many small business entrepreneurs are resistant to forming a corporation due to the additional compliance requirements. An LLC is an attractive alternative; however, a corporation provides more flexible ownership and potential for future growth.

Are "Termination On Bankruptcy" Clauses Enforceable?

If you read an operating agreement for a closely held business, it is common to find "termination on bankruptcy" language. Essentially, these contract clauses provide that a person's interest in the business is dissolved upon filing bankruptcy. These contract provisions are designed to protect the other shareholders/members in the event one of them files bankruptcy. However, the bankruptcy code will likely trump the contract provision and, therefore, the bankruptcy Court will still have control over the person's partial interest in the business.

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