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LLC

Dec 11, 2019

Corporations and LLCs: New Federal Beneficial Ownership Disclosure Requires Reporting to FinCEN

On October 22, 2019, the House of Representatives passed the Corporate Transparency Act of 2019 which requires the U.S. Department of the Treasury within one year to issue regulations to “carry out this Act.”

The Act requires each newly formed corporation and each newly formed limited liability company, unless specifically exempt, to file a report with the Financial Crimes Enforcement Network (“FinCEN”) disclosing the beneficial owners of those entities.» Read More

Aug 14, 2018

Single Member LLCs – Best Practices for Maintaining Liability Protection

In Pennsylvania, forming a corporate entity for your business (particularly an LLC) is a good first step in liability protection for business owners, but it is only the first step.  Once your LLC has been formed, you must take certain actions (and avoid certain others) to maintain a separate existence between yourself and your entity to ensure maximum liability protection.» Read More

Jul 31, 2018

Limited Liability Companies: Important Considerations to Make from Beginning (Part 2)

In my first post for the Biz Law Blog, I discussed the benefits of choosing a Limited Liability Company (“LLC”) as the entity for your business.  In this post, I will discuss some important considerations for you when starting your business.» Read More

Jul 30, 2018

Start-Ups Should Implement Legal Formalities Early to Make it Easier to Grow Later

We frequently hear from overextended small-business owners that they spend all their time micromanaging every facet of their business. Putting out small fires seems to be the daily job description of these start-up entrepreneurs. However, it is equally common to hear that small-business owners, particularly sole owners, have ignored most or all corporate formalities for years, or even, forever.» Read More

Jul 26, 2018

Limited Liability Companies: Easy to Set-Up and Worth it to Protect You and Your Business (Part 1)

I have heard from many people that they do not have any entity formed for their business and operate as a sole proprietor.  If operating as a sole proprietor is best for what you do, and your business has very limited liability for the owner, it might not be a bad move. » Read More