We often have small business owners reach out to us to create their estate plan, and one question that is always on their mind is: how do I protect my business after my death? Fortunately, there are a range of options to consider when deciding how to protect your business in your estate plan.
What is an operating agreement and do you need one? What happens if you don’t have an operating agreement? What goes in an operating agreement? Answering these questions will help your business create rules for how it’s governed rather than rely upon the government default.
This article discusses one aspect of protecting your liability — holding regular meetings.
One of the most important choices you will make, after deciding to start a business, is deciding which legal structure is right for you. This decision will impact your future liability, the amount of control you will be able to exercise, how complex the requirements will be, and much more.