The Uniform Commercial Code (UCC) is a set of laws governing commercial transactions, like the sale of goods. In addition to commercial transactions, the UCC covers secured transactions, also called security interests, in which lenders hold the right to seize a borrower’s collateral should the borrower default on a loan. The UCC also addresses negotiable instruments. Negotiable instruments refer to a specific document, such as a check, that is used to guarantee payment by a set date. If you deal with any type of commercial transaction, you should know which UCC filings apply to you and the best practices for filing UCC forms.
Any individual involved in a business may have come across the notion of dissolving before. It is crucial to understand: • What a dissolution is • When an entity can be dissolved • How to dissolve a business, and • Whether a dissolution is the right option for you. Our business attorneys here at Newburn Law, PC have years of experience helping our clients understand each of these elements of a dissolution. If you have any questions, it is imperative that you speak with an experienced lawyer to understand your options and whether a dissolution is right for you.
The past decade has ushered in a new era of transacting business virtually on decentralized networks known as blockchains. Blockchains started as the underpinning of virtual currencies, most notably Bitcoin, and have evolved to serve other purposes, such as allowing for the execution of smart contracts. Understanding smart contracts and the enhanced utility they offer is critical for succeeding in different industries in the ever-evolving business marketplace that is steadily moving towards decentralized, virtual networks.
When business owners form corporate vehicles like LLCs, the common belief is their personal assets are protected from the company's creditors. This true except in cases where the "corporate veil" of security can be pierced. Read more to learn how to protect your business from a piercing the corporate veil action.
Waterfall provisions, also known as waterfalls, allow LLC members to decide how to allocate distributions among investors. While many members usually create an operating agreement that allocates distributions in proportion to the amount of investment an investor made, there are other ways a company can make distributions.
If you just formed an LLC, or are looking to do so, contact an experienced Newburn Law attorney today to learn more about what you should include in your operating agreement and what issues you might initially be overlooking.