It’s Your Money Not Theirs

Clients, Friends and Fans,
Sunday night Don and Paul were guests on the radio show “It’s your money not theirs” hosted by our good friend and former partner, Richard Muscio.  The show airs every Sunday at 7 p.m. on 760 KFMB.

We talked about entity selection and borrowing from traditional lenders like banks.

We have added some of the material to our website under articles of interest you can download the pdf here “Choice of Entity

Enjoy!

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One Response to “It’s Your Money Not Theirs”

  • Great information Paul!

    One thing I would like to add to this is that ab LLC Operating Agreement, which governs the operation of the company, gives the owners a lot of flexibility to tailor the company to their specific situation, beyond a basic Buy/Sell Agreement.

    For example, I have prepared custom Operating Agreements dictating that the assets in the Company shall be sold in 5 years, unless all owners agree to continue the business; when the owners didn’t know each other well and weren’t sure about how long they wanted to do business together. If anyone is unhappy after 5 years, they have the power to cause the sale of the assets, or agree to be bought out. This is would not be a standard provision, but was necessary to give the owners the comfort they needed to enter into the deal.

    Other provisions can be tailored regarding control of the company (supermajority requirements), distributions and almost(?) any other situation arising between the owners.

    While some of these special situations can be addressed in a corporate Shareholder Agreement, most of the time those are limited to the basic buy/sell factors.

    Thus, to your checklist above, I would add the consideration of any unusual situations regarding the ownership or operation of the business.

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