Larry Donahue, Author at Law 4 Small Business, P.C. (L4SB)

Larry Donahue is an attorney and founder of Law 4 Small Business, P.C. He is licensed to practice law in Illinois, New Mexico and the US Patent and Trademark Office.

What is a Bad Operating Agreement?

January 13, 2020 / by Larry Donahue / Anonymous LLC, LLC / 0 comments

I bet you could guess that most of our revenue as a law firm, comes from expensive litigation. But, did you know that most of that expensive litigation is due to partnership disputes involving a bad Operating Agreement? What is a Bad Operating Agreement? An inadequate Operating Agreement is either a free template you found […]

Free Operating Agreement Template – Bad Idea!

January 8, 2020 / by Larry Donahue / Anonymous LLC, LLC / 0 comments

A free operating agreement typically cause problems for your business

A Free Operating Agreement Template doesn’t make anyone money, so you have to wonder why companies make them available? As a law firm, it probably wouldn’t surprise you to hear that we make most of our money in legal fights — when our clients are in a knock-down, dragged-out fight in litigation. Some of our […]

Selecting the Right State to Form Your LLC

January 6, 2020 / by Larry Donahue / Anonymous LLC, LLC / 0 comments

This is one of those questions where if I was paid a quarter for every time I was asked this question, I would be a rich man indeed. There are many things to consider when choosing the right state to form your LLC in. What is the Right State to Form Your LLC? There is […]

Tax Status for Companies

January 6, 2020 / by Larry Donahue / / 0 comments

Companies in the United States are taxable entities. How they are taxed depends on the designated “tax status”. This “tax status” occurs at the federal-level with the IRS, and the states adopt this status when dealing with corporate income tax. Corporations can be taxed in one of two ways: S-Corporation and C-Corporation. LLC’s can be […]

Important Clauses for LLC Operating Agreements

January 6, 2020 / by Larry Donahue / Anonymous LLC, LLC, Partnership / 0 comments

The Operating Agreement acts like a “partnership agreement” between the owners of a LLC. Important clauses for LLC Operating Agreements are critical, and a well-written and customized Operating Agreement for your business is essential to preventing very expensive problems from rearing their ugly heads years later. The problem for many business owners, is they formed […]

What is the Best State to form a LLC?

December 31, 2019 / by Larry Donahue / / 0 comments

We get this question a LOT — more often than I would care to guess. The problem is, it’s really not an easy question to answer. A lot depends on where you live, where you do business, how you do business and your personal circumstances and preferences. Therefore, to help answer this question, we’ve put […]

Tax Status for Companies

December 31, 2019 / by Larry Donahue / Anonymous LLC, Corporations, LLC, Other Corporate Entities, Partnership, Taxes / 0 comments

When clients ask me what type of tax status they should elect for their company, I usually respond with, “Please ask that question to your CPA or Accountant.” After all, a good CPA or Accountant, who understands the needs of your business, is going to be able to make a good recommendation and help you […]

Expungement of a Criminal Record

December 2, 2019 / by Larry Donahue / Expungement of a Criminal Record / 4 comments

Criminal Record Expungement is Effective January 1, 2020 A comprehensive new expungement law in New Mexico authorizes courts to limit public access to non-conviction records one year after disposition if no other charges are pending, and to most convictions for felonies, misdemeanors and municipal ordinances after varying waiting periods. The ACLU of New Mexico describes […]

Having Trouble Opening Bank Account in My State. How Do I Open a Bank Account, Without Registering in My State?

November 19, 2019 / by Larry Donahue / / 0 comments

At the end of the day, banks want to make sure the bank accounts they open on behalf of their customers are operating legally. This means, if you want a business account for a company you own, banks will want to verify the company is properly formed and the paperwork is complete. Banks will also […]

How To: Personal Asset Protection

November 15, 2019 / by Larry Donahue / Anonymous LLC, Business Tips, Insurance 4 Small Business, LLC, Small Business / 0 comments

Personal asset protection is an important idea, especially when you own, manage or lead a business in today’s litigious society. Unfortunately, no one thing can protect you or your business perfectly under all circumstances. Therefore, it’s important to implement a number of steps to give you coverage to help protect against a variety of circumstances […]

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