Do owners of three-family rental, investment properties usually form an LLC?

Income and investment properties are commonly held in LLCs in order to personally protect the owners from any liabilities arising from the rental...

Single owner LLC in NY State, moving to IL

You'll want to update your address in your Operating Agreement or by written notice to the LLC (just a formality). Then you'll want to use a...

I'm in contract on my house I have a closing date of on or about May 1 there is no Time of essence clause

Absent the "time is of the essence" clause, closing should occur within a reasonable amount of time (30 to 45 days). However, you or your attorney...

If there is an "understanding" or an "agreement" between you and another person, it's best to get it in writing (particularly if there's a large...

Is it illegal to sell someone a motorcycle without telling them it cannot be fixed

Caveat Emptor - "let the buyer beware" In secondary market transactions, you should do your due diligence before making a purchase. What legal...

I dont have a contract but have been renting a small mil apt for the past 6 months. The landlords are selling and I must move.

Generally speaking, in most jurisdictions, if you do not have a written lease agreement then your tenancy is month-to-month. Typically, you can be...

How many entertainment law firms should review a signing contract?

Agreed. If you are working with an attorney that is competent and knowledgeable, and if you trust their judgment and counsel, one firm should be...

Civ. Code 4910 is titled "NO ACTION ON BUSINESS OUTSIDE OF BOARD MEETING". Outside of a board meeting, does "no action" mean no

Generally speaking, it should mean that no formal corporate actions / conduct requiring board approval can be taken outside of a duly noticed...

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We have an LLC with 4 members. Upon sale of the property, are the proceeds of the sale divided equally between the members?

This should be addressed in your Operating Agreement. If you do not have one, the statutory defaults in your state will likely apply. Proceeds...

How the heck can I form a Delaware Series LLC on my own?

Series LLC are still somewhat novel, hence the perceived lack of information for the DIYer. Forming a Series LLC is "straightforward" as far as the...