The explosion of Limited Liability Companies over the last decade continues. For most situations, especially new businesses with a small number of owners, the Limited Liability Company offers an attractive array of benefits from reducing liability exposure for its owners to favorable tax treatment. Almost daily, our firm is assisting clients in creating Limited Liability Companies through the filing of a Certification of Formation with the State of New Jersey.
Beyond filing for these entities, we also assist clients when ownership changes occur. Through the preparation of Member Purchase Agreements, we ensure that sales of membership interests in Limited Liability Companies comply with existing Operating Agreements and New Jersey law. We also ensure that appropriate documents and notices required by the New Jersey Division of Revenue are completed.
Once a Limited Liability Company has been created, in situations where there are multiple owners, we draft Operating Agreements that address the governance of the company, the addition of new members, the sale or transfer of membership interests and the day to day management of the company. Proper drafting of these documents is crucial to ensuring that a company will not become deadlocked or the victim of legal action, because its operating documents fail to accommodate a predictable turn of events.
If you are forming a Limited Liability Company, adding members or in need of an Operating Agreement, we can help you prepare these documents. We can also assist in the sale of individual membership interests or an entire company. We can also prepare the proper legal documents to dissolve a business. Failure to properly dissolve a Limited Liability Company can have future financial consequences that are often ignored by members anxious to close a business.
Do you need help with your Limited Liability Company? Contact us today to speak to a lawyer.