The Robertson Law Group, LLC concentrates in small business, asset protection, and estate planning for business owners and professionals. Sean Robertson is an experienced entrepreneur and understands the challenges and opportunities available when you are a small business owner or self-employed.
Sean Robertson is passionate about counseling and assisting small business owners meet their legal and small business needs. Whether it is assisting you make important decisions or drafting a contract that protects you from liabilities. Sean Robertson may be reached at (630) 364-2318 or (312) 498-6080. We are based in Naperville, Illinois and we serve the Western Suburbs and Dupage County along with Kane County, Kendall County, and Cook County.
Friday, June 25, 2010
Thursday, June 24, 2010
LLC Operating Agreement and Non-Compete
Sean Robertson (630) 364-2318 or (312) 498-6080
Robertson Law Group, LLC
Today, a small business owner called me regarding reviewing an LLC Operating Agreement and a Non-Compete Agreement. An LLC Operating Agreement is essentially your Small Business Guide in how to operate your business. This LLC Operating Agreement explains how you elect new members and managers. It also explains how key decisions are made and what the process is for making key decisions. A LLC Operating Agreement is fundamental to your Small Business success.
A non-compete agreement is a written agreement where you either have an independent contractor or employee sign to prevent them from entering into business against you, or it is an agreement that an employee or independent contractor signs to prevent them from entering a business venture against them.
For example, Joe (made up name) is a small business owner that wants to hire a former employee of a Big Company to work for him. In this example, the small business owner wants to know the liability risks of hiring the former employee of a Big Company.
Answer: High liability because a Big Employer may sue the former employer to send a message for their fellow employees. In reality, non-compete agreements have a tough time standing up in a court of law. Courts generally not prefer non-compete agreements.
In conclusion, Robertson Law Group, LLC is a business, asset protection, and corporate law firm concentrating in assisting small to medium sized businesses and their owners. Sean Robertson is the Principal of Robertson Law Group, LLC, which is based in Naperville, Illinois. Naperville is near Plainfield, Lisle, and Downers Grove, Illinois in the Western Suburbs. Sean Robertson may be reached at (630) 364-2318 or (312) 498-6080.
Robertson Law Group, LLC
Today, a small business owner called me regarding reviewing an LLC Operating Agreement and a Non-Compete Agreement. An LLC Operating Agreement is essentially your Small Business Guide in how to operate your business. This LLC Operating Agreement explains how you elect new members and managers. It also explains how key decisions are made and what the process is for making key decisions. A LLC Operating Agreement is fundamental to your Small Business success.
A non-compete agreement is a written agreement where you either have an independent contractor or employee sign to prevent them from entering into business against you, or it is an agreement that an employee or independent contractor signs to prevent them from entering a business venture against them.
For example, Joe (made up name) is a small business owner that wants to hire a former employee of a Big Company to work for him. In this example, the small business owner wants to know the liability risks of hiring the former employee of a Big Company.
Answer: High liability because a Big Employer may sue the former employer to send a message for their fellow employees. In reality, non-compete agreements have a tough time standing up in a court of law. Courts generally not prefer non-compete agreements.
In conclusion, Robertson Law Group, LLC is a business, asset protection, and corporate law firm concentrating in assisting small to medium sized businesses and their owners. Sean Robertson is the Principal of Robertson Law Group, LLC, which is based in Naperville, Illinois. Naperville is near Plainfield, Lisle, and Downers Grove, Illinois in the Western Suburbs. Sean Robertson may be reached at (630) 364-2318 or (312) 498-6080.
Managed Managed LLCs vs. Member Managed LLCs-Naperville
Today's topic is the difference between a manager managed LLC and a member managed LLC. A manager managed LLC is run and operated by the managers, which are elected by the members. A member managed LLC is run and operated by the owners. This past week, I had an interesting situation. I have a client that was appointed as a manager of an LLC, which was previously owned by another person. Apparently, the LLC was sold because another contractor owed my client around $100,000. My client never hired an attorney to draft an asset sale agreement. An asset sale agreement is a written contract that distributes the assets of one business to another business. In contrasts, a stock purchase agreement purchases the stock of a business, which means that the new business owns the assets and liabilities of the old business. An asset sale agreement, means that you purchase only the assets of the old business and not the liabilities. In my client's situation, the old business owner only transferred the right to manage his LLC. My client thought that this meant that he owned the entire LLC. Thus, this is an example of why it is important to hire a qualified business attorney to assist you. In conclusion, a member managed LLC is managed by the owners or members and a managed managed LLC is owned and operated by the Managers, which are appointed by the Member(s).
Sean Robertson is a business and tax attorney that concentrates in LLC, business, and partnership law. Sean Robertson is the Principal of Robertson Law Group, LLC, which is headquarted in Naperville, Illinois, which is near Lisle, Illinois and Plainfield, Illinois along with Downers Grove, Illinois. Sean Robertson may be reached at (630) 364-2318 or (312) 498-6080.
Sean Robertson is a business and tax attorney that concentrates in LLC, business, and partnership law. Sean Robertson is the Principal of Robertson Law Group, LLC, which is headquarted in Naperville, Illinois, which is near Lisle, Illinois and Plainfield, Illinois along with Downers Grove, Illinois. Sean Robertson may be reached at (630) 364-2318 or (312) 498-6080.
Tuesday, June 22, 2010
Life as a Corporate and LLC Lawyer
I am sitting here thinking about how life is as a corporate, business, and LLC lawyer. It is fun and exciting representing business owners and entrepreneurs because you never know what tomorrow or today will entail. Representing business clients includes drafting LLCs, independent contractor agreement, employment agreements, and assisting to structure a business or company maximize growth potential and profitability.
often times, I come across business owners and entrepreneurs that fail to understand the importance of business entity structure planning and legal procedure and structure. As experienced entrepreneurs, entrepreneurs often underestimate the importance of structure planning for your LLC or Corporation. Most entrepreneurs have experienced judgments and lawsuits and learned from their mistakes. Inexperienced entrepreneurs often underestimate the significance of legal structure and liabilities. Furthermore, inexperienced entrepreneurs do not understand how lawsuits by your vendors and failure to structure your entities in the correct manner can cause you greater harm. Many times, these failures result in bankruptcy or lives that are majorly changed in a negative manner for several years.
Sean Robertson is an experienced entrepreneur and business attorney that counsels and advises business owners in their business entity structure planning, personal and business asset protection goals, and estate planning goals. Sean Robertson is based out of Naperville and downtown Chicago, Illinois. Sean Robertson may be reached at (312) 498-6080 or (630) 364-2318.
often times, I come across business owners and entrepreneurs that fail to understand the importance of business entity structure planning and legal procedure and structure. As experienced entrepreneurs, entrepreneurs often underestimate the importance of structure planning for your LLC or Corporation. Most entrepreneurs have experienced judgments and lawsuits and learned from their mistakes. Inexperienced entrepreneurs often underestimate the significance of legal structure and liabilities. Furthermore, inexperienced entrepreneurs do not understand how lawsuits by your vendors and failure to structure your entities in the correct manner can cause you greater harm. Many times, these failures result in bankruptcy or lives that are majorly changed in a negative manner for several years.
Sean Robertson is an experienced entrepreneur and business attorney that counsels and advises business owners in their business entity structure planning, personal and business asset protection goals, and estate planning goals. Sean Robertson is based out of Naperville and downtown Chicago, Illinois. Sean Robertson may be reached at (312) 498-6080 or (630) 364-2318.
Entity Structure for Real Estate and Investors
This afternoon, I was discussing real estate investing with a current client. He concentrates in the construction industry and wants to recruit investors to purchase foreclosure properties.
This gentleman is an experienced entrepreneur but inexperienced with working with investors. There are two (2) ways this can be achieved. The first way is through creation of an LLC where there are two types of membership interests. The first type of membership interests is voting interests and the second type of membership interests is through non-voting interests. The investor either with good credit or cash typically will own shares or membership interests through the non-voting membership interests. This gives the real estate investor a preferential position in getting paid back. Thus, the investor or cash investor gets membership interests as security in the LLC and gets paid back first in case of a dispute or problem. This is a good strategy for a construction or real estate investor because they can entice an investor that may be worried about their investment.
The second and preferred method of investment is through a loan through the LLC coupled with a security interest similar to a mortgage. Thus, the real estate investor takes a security interests against the property and may foreclose if their investment is at jeopardy. This also is good for real estate investors because the more secured a investor feels and is the more likely to secure their investment. With this second strategy, the property becomes the collateral.
Sean Robertson is an experienced corporate and business attorney that assists real estate owners and developers, small business owners, and physicians in their asset, corporate, and estate planning legal needs. Sean Robertson can be reached at 312-498-6080 or 630-364-2318.
This gentleman is an experienced entrepreneur but inexperienced with working with investors. There are two (2) ways this can be achieved. The first way is through creation of an LLC where there are two types of membership interests. The first type of membership interests is voting interests and the second type of membership interests is through non-voting interests. The investor either with good credit or cash typically will own shares or membership interests through the non-voting membership interests. This gives the real estate investor a preferential position in getting paid back. Thus, the investor or cash investor gets membership interests as security in the LLC and gets paid back first in case of a dispute or problem. This is a good strategy for a construction or real estate investor because they can entice an investor that may be worried about their investment.
The second and preferred method of investment is through a loan through the LLC coupled with a security interest similar to a mortgage. Thus, the real estate investor takes a security interests against the property and may foreclose if their investment is at jeopardy. This also is good for real estate investors because the more secured a investor feels and is the more likely to secure their investment. With this second strategy, the property becomes the collateral.
Sean Robertson is an experienced corporate and business attorney that assists real estate owners and developers, small business owners, and physicians in their asset, corporate, and estate planning legal needs. Sean Robertson can be reached at 312-498-6080 or 630-364-2318.
Motion to Vacate Default Judgment
A Motion to Vacate a Default Judgment under 2-1401 is a strategy to rid yourself of a previous judgment because you lacked notice of the trial date or you simply made a mistake and did not file an appearance or otherwise plead to a plaintiff's complaint or lawsuit.
In Illinois, Motion to Vacate Default Judgment commonly occur against business and corporate clients. Either vendors sue a business or company or other plaintiff's file a lawsuit against business and corporate clients. Today, I appearanced at the Circuit Court of Cook County to represent a Defendant Business that had a default judgment entered against them. My client simply did not appear in court at the time of the case and failed to file an answer or appearance. In this case, the Judge gave the Plaintiff a default judgment. My client and I filed a Motion to Vacate a Default Judgment within thirty (30) days. Motion to Vacate a Default Judgment is typically granted if one party files their Motion prior to the expiration of thirty (30) days. After thirty (30) days, your 2-1401 motion must be supported by affidavit, be within two (2) years, and challenge the the substance of the plaintiff's claim.
Sean Robertson practices in the areas of corporate and business law, asset protection, and estate planning and probate law. Sean Robertson can be reached at 312-498-6080 or 630-364-2318.
In Illinois, Motion to Vacate Default Judgment commonly occur against business and corporate clients. Either vendors sue a business or company or other plaintiff's file a lawsuit against business and corporate clients. Today, I appearanced at the Circuit Court of Cook County to represent a Defendant Business that had a default judgment entered against them. My client simply did not appear in court at the time of the case and failed to file an answer or appearance. In this case, the Judge gave the Plaintiff a default judgment. My client and I filed a Motion to Vacate a Default Judgment within thirty (30) days. Motion to Vacate a Default Judgment is typically granted if one party files their Motion prior to the expiration of thirty (30) days. After thirty (30) days, your 2-1401 motion must be supported by affidavit, be within two (2) years, and challenge the the substance of the plaintiff's claim.
Sean Robertson practices in the areas of corporate and business law, asset protection, and estate planning and probate law. Sean Robertson can be reached at 312-498-6080 or 630-364-2318.
Monday, June 21, 2010
Manager Managed LLCs
There are two (2) types of LLCs: Manager Managed LLCs and Member Managed LLCs. A member managed LLC is an LLC that is managed by the members or owners of the LLC. In contrasts, a manager managed LLC is similar to how a Corporation is managed. A manager managed LLC is managed by a Manager(s) and the Member(s) determine who will be the Manager(s).
In the State of Illinois, the Illinois Limited Liability Company Act defines LLCs. Sean Robertson is Principal and Attorney for Robertson Law Group, LLC. Sean Robertson is a corporate, asset protection, and tax attorney. Sean Robertson may be reached at 312-498-6080 or 630-364-2318.
Keywords: LLC Corporation, Business Attorney Naperville, Business Attorney Chicago, Business Attorney Lisle, LLC incorporation, Manager Managed LLC
In the State of Illinois, the Illinois Limited Liability Company Act defines LLCs. Sean Robertson is Principal and Attorney for Robertson Law Group, LLC. Sean Robertson is a corporate, asset protection, and tax attorney. Sean Robertson may be reached at 312-498-6080 or 630-364-2318.
Keywords: LLC Corporation, Business Attorney Naperville, Business Attorney Chicago, Business Attorney Lisle, LLC incorporation, Manager Managed LLC
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