Many clients come to us requesting assistance with changes they want to make to their LLCs or Corporations, or disputes they’re having with other members. Many times these businesses, irrespective of size or success, were built on a handshake. Without the proper company documents, it can be difficult and costly to come to a conclusion. When forming your LLC or corporation, be sure to speak with your attorney. You will need several documents drafted and signed by all members at the beginning of the entity’s existence. This is true even if there’s only one member! These documents will dictate how disputes are to be handled, and what happens to a member’s interest if there’s a disagreement, sale, or even a death of a member.
-Emily A. Helmick, Esq.