All registered corporations are required by law to hold an annual meeting. Limited liability companies (LLCs), although not subject to the same statutory requirement, may hold regular meetings in accordance with their governing documents. What Is The Purpose Of A Corporation’s Annual Meeting? In the United States, all corporations must hold an annual shareholder meeting because it is required by law. State laws differ slightly on what must happen at an annual corporate shareholder meeting, but it typically addresses the company’s annual report, board of director elections, new business ventures,…Read More
Some activities are inherently risky. Visitors of certain types of businesses, such as shooting ranges, equestrian centers, and sky diving know there is a chance they could get injured when they engage in the activities those businesses offer. To protect themselves against potentially costly lawsuits, businesses can use a liability waiver to shift the risk from themselves to their customers. Liability waivers are a type of contractual provision in which one party agrees not to hold the other party legally responsible for a set of acknowledged risks. Businesses may ask…Read More
In general, middle-income seniors have income and assets that make them less likely to qualify for Medicaid. At the same time, they may not have adequate resources to pay for the rising costs of housing and care options they need. A NORC study done in 2019 and updated in 2022 shows that nearly three-quarters of middle-income seniors in the US will be unable to afford assisted living programs by 2033 without selling their homes. It is the first study of its kind focused on a growing health care crisis. Data Used In…Read More
The LLC is a popular way to structure a business because it provides personal liability protection to the members– like a corporation does to its shareholders–but without as many administrative formalities. But if you’re an LLC member, don’t let this lull you into complacency. As a business owner, you’re responsible for the proper governance of the LLC. If a conflict arises—either among LLC members or between the LLC and a third party—the governing documents and methods through which the owners govern the LLC may help prevent a conflict from escalating…Read More
Divorce is rarely simple. When two people’s lives are intertwined—physically, emotionally, and legally—separating the individual strands can be a task akin to untying the Gordian knot. The longer a couple has been together and the more they share, the more difficult this task becomes. It can be even more difficult if the divorcing couple co-owns a business or one spouse owns a business. Marital assets—including a business—are divided between the parties as part of the divorce process. But determining who the business belongs to and ascertaining its fair market value,…Read More
Employee handbooks address the who, what, where, why, and how of your business operations. Your employee handbook will protect you and your business by setting appropriate expectations, and providing consistency for your employees when situations arise. What Information Should An Employee Handbook Include? Ideally, employee handbooks address anything significant related to your company, employees, operating policies, and applicable laws – as well as how rules and policies are followed and/or enforced. The following topics are commonly addressed in employee handbooks: Equal Employment Opportunity (EEO) Laws. Business owners must comply with EEO…Read More
When faced with a terminal illness or condition, more people than ever are choosing hospice care over starting or continuing expensive medical treatments. Hospice care is for patients who choose not to undergo specific treatments or when they are no longer effective. Instead, the focus is on the patient’s comfort and quality of life. Care is received at home or in a facility, such as a hospital or a nursing home. In addition to supporting the patient’s end-of-life needs, hospice care includes the needs and concerns of the patient’s family.…Read More
Small businesses make a huge contribution to the U.S. economy. Nevertheless, starting a new business is risky. Lenders view loans to small businesses, particularly start-ups, as among the riskiest they make, particularly when there is little or no credit history or business revenue on which to base their decision. In an effort to lessen their risk, lenders frequently require small business owners to sign personal guarantees as a condition for giving the loan. A personal guarantee is a legal commitment by a business owner to repay a business debt if…Read More
Farming brings to mind kinship with nature and a simpler way of life. But the farming industry is highly regulated, and navigating the applicable laws and regulations can be far from simple. A rising world population creates greater demand for food and the farmers who produce it. With the age of the average farmer hovering around sixty years old, younger farmers and ranchers are also needed. Those who want to break into the farming business may do so to carry on a family tradition or start a new tradition as…Read More
