Every limited liability company (LLC) needs to have an operating agreement- whether there is one member or twenty. Unlike the North Carolina Business Corporation Act (N.C.G.S. Chapter 55), the Limited Liability Company Act (N.C.G.S. Chapter 57C) is minimal and does not sufficiently address governance of the company. While Chapter 55 contains many default rules (i.e. rules that apply if the …
When buying a business, there are certain considerations that must be addressed in order to make sure the transaction is precisely what is contemplated by the parties. Some of the issues that often arise can have drastic effects on the value of the business being purchased, the success of the venture and the potential risk associated with not only the …
Setting up a new business venture seems simple enough, particularly with all of the information available online. Many believe once they file their LLC or corporation with the Secretary of State, their business is established and they are protected from personal liability. Unfortunately, that belief is not accurate. While technically the corporation or LLC exists upon filing, there are several …
The Supreme Court recently ruled that the National Football League’s apparel contract with Reebok is subject to the Sherman Antitrust Act. Believe it or not, this ruling may affect your business. The Plaintiff, an apparel company, sued the NFL alleging that the league’s apparel contract with Reebok violates the Sherman Antitrust Act. The Act provides that “[e]very contract… in restraint …
In the course of a lawsuit, the Plaintiff and Defendant have the opportunity to request information from each other regarding the case. The purpose of discovery is to encourage and allow each party to find out what evidence the other party has in support of its case. This process allows the parties to determine the strengths and weaknesses of their case and their opponent’s …
A frustrating trend has emerged over the past several years with regard to defaulting defendants. On many occasions, a defendant will fail to respond to a lawsuit, but will show up at the hearing when we attempt to obtain a default judgment. Sometimes, the judge will give the defendant another chance to respond, or will grant other relief, such as setting …
In these difficult and volatile economic times, it may feel like you are not in control of your business. It is important, therefore, to make sure that the things that you can control are working in your favor and that you are taking advantage of the resources and tools that you have at your disposal. First, make sure that your …
Are you concerned about identity theft? The answer is straightforwardly simple:“Absolutely and wholeheartedly, YES!” And if anyone has ever taken your credit for a spin, you are likely to follow with, “And you just can’t imagine how awful it truly is.” If there is one thing that can’t be said enough, it is that no matter how many safeguards you …
Post Judgment Remedies: What To Do When All Seems LostBy James R. VannAttorney at Law Obtaining a judgment is only the initial hurdle in collecting a debt. On many occasions, a Writ of Execution will be returned by the Sheriff unsatisfied. The initial response may be to cease collection efforts. However, there are several mechanisms provided for by the law to …
