Membership Interest Purchase Agreement

Membership Interest Purchase Agreement

https://youtu.be/lBMuGzMc00k When owners of a limited liability company (LLC) want to sell the whole business, a Membership Interest Purchase Agreement (MIPA) is the tool of choice to complete the transaction.  A MIPA sells the membership interest of the LLC.  This is different from an Asset Purchase Agreement (APA) where only specific assets and not liabilities […]

Illinois Attorneys

Illinois

There are many different types of Illinois attorneys that practice law in many different areas of Illinois law. Each one specializes in a different area of the law that requires different types of legal advice from offices helping children to those that negotiate documents for businesses, or even those that provide separation and custody services. […]

Business Formation Lawyers

business formation lawyers

Are you looking for business formation services to set up a business partnership? Liability protection, income tax, and ventures that need a partnership agreement are key motivators for a new business. A business partnership is a relatively easy entity to set up, but it does have its drawbacks. One primary drawback to setting up your […]

Asset Purchase Agreements: What is an asset purchase agreement?

Asset Purchase Agreement

An asset purchase agreement is a legal contract between two parties, in which one party agrees to sell and transfer ownership of certain assets to the other party. The purchased assets may be tangible or intangible and can include things like property, equipment, shares in a company, or intellectual property. An asset purchase, or a […]

Dispensary Financial Models

dispensary financial models

Financial models for a dispensary detail the cash flows of the business based on either assumptions or market data from your existing operations. Financial models are often required for your dispensary application. if you do not have enough liquidity to open your dispensary, financial models are required to get investors interested in the business opportunity […]

How to add a new member to an LLC

How to add a member to an LLC

Generally speaking, to add a new member to any LLC, you must first follow the operating agreement (“OA”) or the state law regarding LLCs. Though there are some additional things to take into consideration before adding a new a new business partner to your multi-member LLC. Most OAs lay out how to add a new […]

When Is An LLC Needed

  We want to help you out on your business journey and explain to you when a corporate liability shield, like an LLC or corporation is needed or not. As small business owners it can be extremely valuable to find guidance in what you should be doing for your business and when. We are going […]

How To Stop Check Kiting Scams

How to stop check kiting scams

Check Kiting constitutes a type of bank fraud very popular before the early 2000’s. A federal regulated called Check 21 prevented most check kiting schemes since its passed in 2004. Even though not as common as it used to be, check kiting is still present in many fraudulent transactions. Here we explain to you everything there […]

Fiduciary Duty Litigation

fiduciary duty litigation

A fiduciary duty is an obligation that exists in a relationship in which one of the parties has the best interest when acting on the other party/es behalf.  There are multiple types of fiduciary duties. Some examples can be the obligations between lawyers and clients; shareholders and directors; between business partners; and many others where […]

LLC Operating Agreements

Illinois LLC Operating Agreements

What to Put Your Illinois Company’s Operating Agreement An Operating Agreement is the contract of your Illinois company’s life – which it really does not have. However, your company is a legal fiction of a person that has a beginning, called articles of organization for LLCs, and even an end, called a dissolution. The Operating […]