Condominium Resale Certificates
Anyone who purchases a condominium unit is entitled to certain disclosures. If the unit is brand new and is being purchased from the Declarant, the buyer is entitled to a Public Offering Statement which contains extensive information concerning the anticipated organization, operation and condition of the condominium itself. In many cases there may not be much actual history in existence. On the other hand, a buyer of a condominium unit from an owner other than the Declarant is entitled to a resale certificate from the condominium association…
What you need to know about LLCs
If you are launching a business, you need to determine the ideal structure for success. You’ve drawn up a business plan, so now it’s time to figure out the best classification for the business. Several factors go into this decision, such as the number of owners, the industry, management and operational plan, and tax structure. Once you establish those significant factors, you may decide a limited liability corporation or LLC is the best option for you and your business partners. Executives managing a traditional corporation must comply with a wide range of corporate governance requirements, record keeping and paperwork. An LLC can be flexible and agile compared to other options such as a corporation, S-corporation, general partnership or sole proprietorship…
Four topics your partnership agreement should address
Before you and your partner start up your new business, you should consider creating a partnership agreement. A partnership agreement can be a useful tool to prevent unnecessary turbulence for your business by setting out plans for how to navigate various situations that may arise. It can also be helpful in avoiding miscommunication between you and your partner. Partnership agreements can be complicated because they aim to cover such a wide variety of possible situations. However, most partnership agreements should cover what is expected of each partner, how the profits and losses will be distributed, how ownership of the business could be affected by certain scenarios and what the protocol is for resolving disputes…
Environmental compliance for small business owners
Small business owners face a number of challenges to keep up with bigger corporate competitors. Trying to meet these high expectations can feel daunting, but the success of your business is worth the added effort. Environmental compliance comprises one set of expectations your business needs to meet. The U.S. Environmental Protection Agency monitors and regulates potential violations in order to maintain natural resources. Small businesses are subject to EPA regulations the same way as their bigger competitors, but the agency has long-standing policies in place to attempt to lessen the burden of meeting regulatory standards. The regulators have recognized the impact of regulations on business owners and devised solutions to mitigate the necessary burden of compliance…
The legal structure of your business impacts personal liability
You’ve got a million-dollar idea, you’ve acquired the start-up funds and now you’re ready to get the gears turning to establish your new business. But wait — there’s one major factor you may not have considered.The legal structure you choose to establish for your business has an enormous impact on the way it operates. If you have concerns about facing personal liability, it’s important to choose wisely.If your new business will stretch your funds, you may not be able to take on losses that personal liability could create. If you can’t afford the risk, a corporation or an LLC may be the best structure for your business…