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The Rules On Establishing An LLC

Losing your personal assets can be a main concern when thinking of starting a business. Gaining profits is why people choose to establish a company, so why bother building something that can only cost you money? This is where Limited Liability Company or LLC comes in, the benefits of this type of business far outweighs any of its anticipated disadvantages.

One the many advantages of having this type of company established are the Operating Agreement. Whether it is a sole proprietorship or has many partners, through the operating agreement in an LLC business, you (and your partners, if there is any) can organize the percentage of ownership, each one’s own share of profits and losses, the rights and responsibilities, and options once a partner leaves the company. The operating agreement permits you the chance to form the financial as well as the working relations with every partner in a way that appeals to your business.

Although many states does not requires LLC businesses to have an operating agreement, it helps to have one because it is generally aimed in securing the limited liability status, intervene with misunderstandings (especially on financial and management issues), and makes sure that your company is lead by your own rules and not by the rules of the state alone. Among the many things that should be included in your LLC business Operating Agreement is:

  • Rules pertaining to meeting and taking votes
  • Allocation of profits and losses
  • Each partners’ voting powers
  • Each partners’ right and responsibilities
  • Each partners’ percentage interest in LLC
  • Buy-sell, or buyout provisions should a partner decides to sell his or her interest (or dies or disabled)
  • How the business will be managed

Albeit straightforward, each of these items are required to have some time for pondering and needs to be written in paper (so to speak) in your company’s operating agreement. It may be better to have the professional help of a business lawyer when creating the operating agreement of your LLC business. Whether you draft it from blank or getting help professionally, it should be made to benefit the needs of your company and adhere to your state’s laws. Seeking the guidance of a lawyer who focuses on business formation, contract negotiation, and contract preparation may help you in the  long run. 

 

 


Arkansas Senator Sponsors AMMO Act

The supply of ammunition available at local gun shops has been declining to the point that there is now a shortage of ammo. Before this shortage, it was not uncommon to be able to walk into a gun shop and find exactly the kind of rounds you wanted. Now, many kinds of rounds are simply out of stock and stores are having difficulty replenishing their supplies.

In response, Arkansas Senator John Boozman has co-sponsored a bill that would regulate the amount of ammunition stockpiled by the federal government. Many believe that the government is stockpiling too much ammunition and that its actions are hurting the public’s access to bullets.

Ammo Act BulletsThe proposed bill,  the Ammunition Management for More Obtainability Act of 2013 (AMMO), will limit the amount of ammunition certain government agencies can store and purchase. AMMO will require the Government Accountability Office to audit the amount of ammunition purchased by the agencies it regulates.

These regulations aim to allow more ammunition to make it into gun shops and ultimately into the hands of citizens.


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The Workers’ Compensation Program

Every state in the United States has a workers’ compensation program. Each state is required by law to carry this type of workers insurance in order to cover for the employees to use once they are injured. Workers’ comp is only given to those who are injured while working, or have become sick due to the nature of their job. Because of the differences in state jurisdiction and policies, this benefit can also differ.

For anyone to avail of their workers compensation benefits the injury or disability suffered can be physical, mental or emotional, based on the Social Security Administration. They can even be a combination of all, and to qualify for these benefits, an employee should prove that he or she is suffering from at least two types of disabilities:

  1. Permanent Partial Disability (PPD) – this is a type of injury that impairs the physical and mental capabilities of a worker to perform certain parts of normal work duties for the rest of his or her life. Upon returning to work, a worker suffering from PPD can only perform certain responsibilities and not everything that they used to perform, causing them to have lower income jobs. This type of disability benefit can last up to 500 weeks, and is based on a certain percentage of the difference between the previous and current wages. In a personal injury suit, permanent partial disability can be used for awarding damages.
  2. Temporary Total Disability (TTD) – based on the opinion of the physician, this type of disability is the total restriction from any and all work. Employers provide TTD benefits to the injured worker until he or she can return to their work. This benefit lasts for 113 weeks, where the physician can determine if the worker is able to go back to work.

It is important to file for worker’s comp immediately after you have suffered an injury in the workplace, mainly because it takes some time for them to be approved. There are circumstances where these requests are denied, such as a pre-existing condition. For this situation, it is better to prove that the work itself has helped aggravated the condition or has made it worse. These sort of situations can become complicated without the guidance of a legal professional. A workers compensation lawyer may be able to help anyone that has been hurt or injured due to an unfortunate circumstance at their worksite. Visit this website to learn more about how lawyers may be able to guide you through a case: http://www.lamarcalandry.com/practice-areas/workers-compensation/


Probation

Not all crimes are subject to jail time: in some instances, the individual who is convicted of a crime is given probation instead. Probation is a conviction sentence where the convict forgoes imprisonment; instead, they are released but remain under the supervision of the court. Probation is often given to criminal suspects who have no criminal record or who have demonstrated good behavior, and therefore can be safely allowed to return to society provided they report to a special officer approved by the court. Because of the considerable benefits that a sentence of probation versus imprisonment entails, it is important to have legal representation to help work for this type of sentence. 

However, there are times where the terms of an individual’s probation are violated, and when this happens, it can result in the individual facing serious consequences. Punishments for violation of probation depend on the severity of the violation and on the court overseeing the terms of probation.  Some of the most common consequences of probation violation include: 

  1. Military service
  2. Community service
  3. Rehabilitation programs
  4. Large fines and penalties
  5. Imprisonment

It is important to follow the rules, conditions and terms of a probation agreement in order to avoid these types of penalties. Some of the most important things that a convict on probation should avoid include:

  1. Possession, use and solicitation of illegal drugs
  2. Being arrested for a different crime
  3. Leaving the state or visiting other people without the consent of the probation officer
  4. Not showing up on scheduled court appearances
  5. Not reporting to the approved probation officer on the scheduled date or time           

There are other offenses that can affect your probation, as well. Experienced criminal attorneys can help those who are on probation to stay within the guidelines of their probation sentence and avoid more serious consequences.


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