Business Law

      You filed a certificate of formation if you’re a New Jersey Limited Liability Company (“LLC”), you got a tax identification number, and many people think they are ready to do business. The reality is that you just missed the most important step if you don’t have a well written Limited Liability Company Operating Agreement.       You can decide to use one of the free Operating Agreements that comes in your Company Kit, provided by your incorporation agent or it can be prepared by someone without intimate knowledge of New Jersey’s New Revised Uniform Limited Liability Company Act. However, these are not wise options, as you would be putting the fate of your company into a document that most likely is a generic form for any LLC (possibly not specific to any state) and it would not consider the unique issues presented by your company or the intricacies of New Jersey’s Revised Uniform Limited Liability Company Act.       Remember that...

Living in today’s modern world, somewhere along the way you’re going to be asked to sign a lease agreement, either for where you live or for your business. The most common misperception I’ve seen among people is that all lease agreements are basically the same and are nonnegotiable. That could not be further from the truth. Almost every lease agreement is negotiable. Some lease agreements are very basic, utilizing an Allstate form (Allstate is a legal publisher in New Jersey that produces forms) with a rider attached to it with specific terms and conditions relating to the leased space. It’s easy to spot an Allstate form as it is stated right on the bottom of the document. In contrast, there is the custom lease agreement created by the landlord or their attorney. Also, depending on the age or credit rating of the individual leasing the space, you may see a space for a personal guarantee by a third-party. In my own life, I have recently experienced my daughter asking me to r...