Law Office of Adam P. Whitney Blog

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'Ayr Racecourse builds for the future' found at https://flic.kr/p/g5rZUE by Elite Ayrshire Business Circle (https://flickr.com/people/eliteayrshirebusinesscircle) used under Creative Commons Attribution License (http://creativecommons.org/licenses/by/2.0/)
'Ayr Racecourse builds for the future' found at https://flic.kr/p/g5rZUE by Elite Ayrshire Business Circle (https://flickr.com/people/eliteayrshirebusinesscircle) used under Creative Commons Attribution License (http://creativecommons.org/licenses/by/2.0/)

The Massachusetts Wage Act as it Applies to Directors and Investors

Subtitle: The President or CEO of an Underfunded Corporation or LLC Is in a Unique Position to Face Double Financial Disaster

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'ING Business course 2011 day 1: Frame Building' found at https://flic.kr/p/aWaTEK by ING Nederland (https://flickr.com/people/ingnl) used under Creative Commons Attribution-ShareAlike License (http://creativecommons.org/licenses/by-sa/2.0/)
'ING Business course 2011 day 1: Frame Building' found at https://flic.kr/p/aWaTEK by ING Nederland (https://flickr.com/people/ingnl) used under Creative Commons Attribution-ShareAlike License (http://creativecommons.org/licenses/by-sa/2.0/)

Termination of Minority Shareholder or LLC Member Employment

Employees who are shareholders of a private corporation, family business or limited liability company (“LLC”) may not be subject to the employment-at-will rule in Massachusetts. This means that the majority owner or owners cannot simply fire a minority owner-employee at their whim.

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'paperwork 2' found at https://flic.kr/p/5ccdaS by isaacbowen (https://flickr.com/people/isaacbowen) used under Creative Commons Attribution-ShareAlike License (http://creativecommons.org/licenses/by-sa/2.0/)
'paperwork 2' found at https://flic.kr/p/5ccdaS by isaacbowen (https://flickr.com/people/isaacbowen) used under Creative Commons Attribution-ShareAlike License (http://creativecommons.org/licenses/by-sa/2.0/)

LLC Operating Agreements and Business Divorces

An operating agreement (and other types of agreements between business partners, including shareholder agreements, partnership agreements and joint venture agreements) should govern how the business is to work. In particular, what are the agreements among the partners? What role will each partner have in the work, in the management, in the finances? Will any partner receive a salary? How much? Are partners entitled to a job? What fiduciary duties does each owe to the business? How will profits be distributed? What about losses? Will the partners have to invest more in the business if there is a shortfall? Will there be other employees? What happens if there is not enough business income to pay employees? What will the exit strategy/buyout be? Are the parties married to one another for any future business of the same type?