If you are considering forming a limited liability company, you may be tempted to handle the process yourself. Many online sites and television commercials advertise the ease of filing these new entities. Unfortunately, what these self-service websites cannot offer you is anything that goes beyond the establishment of the LLC as a new entity. The next step after forming the LLC is typically to obtain a tax ID number and create an operating agreement. Using an Internet form, or worse, having no operating agreement at all, may prove to be a costly mistake. These agreements should be carefully reviewed and negotiated under the guidance of an experienced Hampton LLC lawyer.
6 Issues a Lawyer Can Help You Address When Creating a New Hampshire LLC
What issues can an attorney help address as you form your new LLC? The following are six examples:
- Whether to be a manager-managed or member-managed LLC
- What happens if you pass away unexpectedly
- What happens if you become incapacitated
- What happens if you and your business partner want to go in separate directions
- Who is responsible for which tasks relating to the operation of the company
- How the sale, transfer, or forfeit of membership interests is handled
Unfortunately, failing to consider these important issues ahead of time can lead to costly and potentially devastating consequences down the road. We encourage you to reach out for guidance through this process. Contact us today to schedule a complimentary consultation.