Consider the following hypothetical: The operating agreement of an LLC vests management authority in its two members. In practice, and by informal mutual consent, only one of the members actively ...

Forbes contributors publish independent expert analyses and insights. At this point, the other members in the LLC may try to invoke a provision in the LLC's Operating Agreement that removes the debtor ...

When starting your limited liability corporation (LLC), one of the first things you’ll have to do is decide what kind of LLC you want to build. Some are small ventures run by one person or a family.

Managing members of manager-managed New York LLCs owe default fiduciary duties of loyalty and care to non-managing members. Those duties can be modified by the operating agreement. Lawsuits brought by ...

A limited liability company (LLC) is a private company where the members or partners are allowed to gain some protection from liability, while passing taxes down as individuals. There are different ...

Members of limited liability companies (LLCs) are divided into managing members who actively participate in the day-to-day running of the business, and inactive members whose involvement with the LLC ...

Ambiguity in the tax law often provides opportunities for taxpayers. For nearly three decades, how earnings of a limited liability company (LLC) are reported for self-employment tax purposes has been ...