We believe that a Limited Liability Company (LLC) is the best entity structure for partnerships. It is often regarded as a hybrid business structure as it mergers the protection of a corporation with the tax benefits and relative administrative simplicity of a partnership. For these reasons, it is considered an ideal business form for most small to mid-sized businesses with multiple owners.
If partners do not form a business entity when they begin doing business, they are deemed to be a General Partnership, whether or not they have a formal written agreement. This “default” structure is problematic because each of the partners has unlimited personal liability for the debts and obligations of the business, whether or not the partner is aware …show more content…
An LLC provides great flexibility to its members, and, if formed correctly, does not require the same level of documentation associated with a corporation, (such as annual meeting minutes for both the Shareholders and Directors). The Operating Agreement is the controlling document in an LLC, and essentially allows the members to contract with regard to their respective rights and obligations. The Operating Agreement addresses various matters concerning the business, including: profit allocation, managerial structure, ownership interests of the members and procedures for admitting new members or handling the withdrawal of a member. The LLC members are generally permitted to modify the Operating Agreement to accommodate the specific needs of the business, thereby offering considerable flexibility for partners entering into an LLC arrangement. While a written Operating Agreement is not required by law, we recommend executing a written Operating Agreement to preserve the limited liability afforded by the LLC structure, and to ensure the members are aware of their rights, obligations and managerial authority relating to the LLC. A written Operating Agreement also allows the partners to outline an exit strategy in the event there is a disagreement in the …show more content…
Victoria specializes in structuring corporations and limited liability companies and associated compliance. In addition to entity formation, Victoria also works with our clients on various issues arising in the course of business, such as drafting customized contracts to serve their business needs and assisting clients in setting up and re-structuring employment programs to ensure compliance with state and federal regulations.
While in law school, Victoria served as a legal extern at California Department of Justice in the Office of the Attorney General and at the Financial Industry Regulatory Authority in the Enforcement Department and as a law clerk for Public Counsel’s Community Development Project.
After obtaining her law degree from Loyola Law School in 2013, Victoria was admitted to the State Bar of California and the United States District Court for the Central District of California. Victoria graduated from Loyola Marymount University with a Bachelors of Business Administration in Marketing and Business Law in 2006. She is a member of the Mexican American Bar Association and the Los Angeles County Bar Association, where she serves as on the executive committee for the Barristers
If partners do not form a business entity when they begin doing business, they are deemed to be a General Partnership, whether or not they have a formal written agreement. This “default” structure is problematic because each of the partners has unlimited personal liability for the debts and obligations of the business, whether or not the partner is aware …show more content…
An LLC provides great flexibility to its members, and, if formed correctly, does not require the same level of documentation associated with a corporation, (such as annual meeting minutes for both the Shareholders and Directors). The Operating Agreement is the controlling document in an LLC, and essentially allows the members to contract with regard to their respective rights and obligations. The Operating Agreement addresses various matters concerning the business, including: profit allocation, managerial structure, ownership interests of the members and procedures for admitting new members or handling the withdrawal of a member. The LLC members are generally permitted to modify the Operating Agreement to accommodate the specific needs of the business, thereby offering considerable flexibility for partners entering into an LLC arrangement. While a written Operating Agreement is not required by law, we recommend executing a written Operating Agreement to preserve the limited liability afforded by the LLC structure, and to ensure the members are aware of their rights, obligations and managerial authority relating to the LLC. A written Operating Agreement also allows the partners to outline an exit strategy in the event there is a disagreement in the …show more content…
Victoria specializes in structuring corporations and limited liability companies and associated compliance. In addition to entity formation, Victoria also works with our clients on various issues arising in the course of business, such as drafting customized contracts to serve their business needs and assisting clients in setting up and re-structuring employment programs to ensure compliance with state and federal regulations.
While in law school, Victoria served as a legal extern at California Department of Justice in the Office of the Attorney General and at the Financial Industry Regulatory Authority in the Enforcement Department and as a law clerk for Public Counsel’s Community Development Project.
After obtaining her law degree from Loyola Law School in 2013, Victoria was admitted to the State Bar of California and the United States District Court for the Central District of California. Victoria graduated from Loyola Marymount University with a Bachelors of Business Administration in Marketing and Business Law in 2006. She is a member of the Mexican American Bar Association and the Los Angeles County Bar Association, where she serves as on the executive committee for the Barristers