Single member LLCs provide many legal and financial benefits, making them a great choice in a variety of business and asset protection scenarios. But like any entity, they must be structured with care, as minor mistakes in the planning phase can have disastrous consequences for clients down the road. This guide provides seasoned insights on avoiding five common perils that often arise during formation and business planning - order today!
Getting Too Fancy With Formation State
Common Mistakes That Expose the Company to Veil Piercing
Common Formation Mistakes
Not Planning for Death or Incapacity of Sole Members
JAMES A. BORCHERS is the founder of InNovare Law LC, where his practice focuses on small business, commercial transactions, real estate, franchising, and estate planning. Mr. Borchers has taught limited liability company issues and drafting for The Missouri Bar and National Business Institute. He also teaches classes at the St. Charles Community College on starting your own business, and serves as a mentor for various entrepreneur communities in the St. Louis area. He is dedicated to helping attorneys recognize that LLCs are not corporations in LLC clothing. Mr. Borchers is active in various American Bar Association and The Missouri Bar committees relating to small business and estate planning. He earned his B.A. degree from Valparaiso University, his J.D. degree from Gonzaga University, and his LL.M. degree in taxation from Washington University St. Louis.
JON L FARNSWORTH is a partner at Spencer Fane LLP, in Minneapolis, Minnesota. He utilizes his M.B.A./J.D. degree to counsel clients, particularly privately-held companies, through complex business transactions, brand protection, and technology matters. Mr. Farnsworth uses a common-sense, practical approach to simplify and navigate tricky legal issues. He is a recovering litigator who builds on a wealth of experience, including multiple trials and appeals, to help advise clients about the realities and pitfalls of litigation. He is the former chair of the Technology Law Section at the Minnesota State Bar Association, recipient of the LegalCorps Volunteer of the Year Award, and is consistently recognized by Super Lawyers as a top technology transactional attorney. His clients range from entrepreneurs to established enterprises with international brand recognition. Mr. Farnsworth received his B.A. degree in political science, with honors, and B.A. degree in history, magna cum laude, from Gustavus Adolphus College. He also received his J.D. degree, cum laude, from St. Thomas School of Law; and his M.B.A. degree from St. Thomas Opus College of Business.
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