Page 10 - Jupiter West - September '20

Page 10, Jupiter West
Five Reasons Your Single-Member LLC

Needs An Operating Agreement

Submitted by Anné Is The Operating Agreement A Legal Requirement? Reason 5 – Scalability
Desormier-Cartwright, JD Most states don’t require an LLC to have an operating Successful businesses grow. And growth requires
An operating agreement agreement. Of the states that do, some require the capital. An operating agreement can specify how future
is a contract that controls operating agreement be written while others permit oral investors will be treated. If you structure these terms
your LLC’s operations as agreements. No state requires an LLC to file an operating in the operating agreement, the LLC will be better
well as member interaction agreement with the Secretary of State; instead, the positioned in the investment negotiations.
with each other and with the operating agreement is kept with other business records. Let’s Continue This Conversation
LLC. You may think that an No matter what state you’re in, however, it’s always a An operating agreement serves an important role, even
operating agreement is not good idea to create a formal, written operating agreement for a single-member LLC. The operating agreement puts
necessary for your single- – even for a single-member LLC. Here’s why: you in the driver’s seat and enables the LLC to perform
member LLC – after all Reason 1 – Avoid State-Imposed Default Rules its main task – to limit liability.
– why make an agreement Without an operating agreement in place, your LLC is If you have an operating agreement in place, we’d be
with yourself? bound by the default rules of your state. Most state laws happy to review the agreement as well as your business
governing LLCs allow the default rules to be overwritten needs to ensure the operating agreement and LLC are in
in the LLC’s operating agreement. Some of the default sync. Or, if your single-member LLC doesn’t have an
rules in Florida may not be beneficial to you. operating agreement in place, we’ll work with you to
Reason 2 – Maintain Control craft an appropriate agreement.
As the business gains momentum, you may want to If you have questions about this or your estate plan
hire a manager to take care of the day-to-day business and what documents are necessary schedule a free
operations so you can shift your attention to business- consultation today by calling our office at (561) 694-
development opportunities. An operating agreement can 7827, Anné Desormier-Cartwright, Esq., Elder and Estate
define the manager role – designating the authority and Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
compensation and what happens if the manager leaves Jupiter, FL 33458.
or competes with the company. The content of this article is general and should not be
Reason 3 – Keep Business And Personal Identities relied upon without review of your specific circumstances
Separate by competent legal counsel. Reliance on the information
An operating agreement helps distinguish the business herein is at your own risk, as it expresses no opinion by
from the owner for liability purposes. A major benefit the firm on your specific circumstances or legal needs.
of an LLC is that it limits liability going both ways: the An attorney client relationship is not created through the
LLC protects a member from business liabilities and the information provided herein.
business assets from a member’s personal liabilities. To comply with the U.S. Treasury regulations, we must
Without an operating agreement in place, the business inform you that (i) any U.S. federal tax advice contained
may look like a sole proprietorship. If a court doesn’t in this newsletter was not intended or written to be used,
see your LLC as an entity separate from you, you could and cannot be used, by any person for the purpose of
lose the liability protection that an LLC offers. avoiding U.S. federal tax penalties that may be imposed
Reason 4 – Clarify Succession on such person and (ii) each taxpayer should seek advice
An operating agreement can specify what happens if from their tax advisor based on the taxpayer’s particular
you die or become unable to run the business. Without circumstances.
this specific provision, your family may have a hard time
continuing the business or winding it down.
Pet Matters

by Pat Deshong, President of Furry Friends
Adoption, Clinic & Ranch, August 2020

“For the Love of Animals” Lucy had tuned into his condition and gotten him the help
features real stories happening he needed. This scenario has repeated itself on several
at Furry Friends in Jupiter. We occasions and, as a result, the bond between Lucy and the
are The Humane Society of son is everlasting. From being discarded to being a hero,
Greater Jupiter/Tequesta and the we are so proud of Lucy and what she represents for the
only no-kill shelter open to the many that we rescue!
public in northern Palm Beach When considering adding a furry family member to
County. We’ve been rescuing, your family, please visit our Palm City Ranch at 4841 SW
rehabilitating, and re-homing Zarrella Street or our new Jupiter Adoption Center at 100
the homeless animals in our Capital Street in the Jupiter Commerce Park. PLEASE
community for more than 30 years. Our not for profit CALL 561-747-5311 PRIOR TO VISITING EITHER Weenie is a seriously Mimi, at 11 years old, has been in
501c3 organization consists of our Jupiter based adoption LOCATION DUE TO COVID-19. handsome 1 year old and out of our shelter for most of her
life and at no fault of her own. She
seeking his forever family.
center, veterinary clinic (open to the public), thrift store, Blessings to you for your support and faith in us… all He loves attention, laps and is an obedient and sweet girl who
and Palm City Ranch. for the LOVE of animals! other cats. Please call 561- likes being the only fur-child in the
747-5311 ext. 2 to learn home. She’s house-trained, healthy
more about Weenie! and available as an adoption or long-
Patricia Deshong, President
People and animals. The connections are real and often term foster. Let’s get Mimi into her
life-changing, as each can offer comfort, support and hope FOREVER home!
to the other. At Furry Friends, we live for and cultivate Ways to donate (tax ID #59-2111273):
these connections each and every day through dog and cat 1. Mail a check made payable to Furry Friends to 100 Capital
adoptions, expert veterinary care, and our special programs Street, Jupiter, FL 33458.
like Senior to Senior and Shelter to Service Dog™. 2. Visit www.furryfriendsadoption.org
One special connection we’d like to share with you is 3. Call us with your credit card information at 561.747.5311
that of Lucy and her family. Lucy was brought to Furry ext. 3
Friends more than a year ago from the Redlands, an area “Your donation creates the possibilities to make miracles
where pets are routinely dumped by their owners and left to happen for our Furry Friends”
fend for themselves. Mostly feral and extremely shy, Lucy
was accompanied by her 6 puppies, all of which were soon
adopted. We knew it would take months of rehabilitation for
Lucy and so our Adoption Manager kindly took her home
and worked with her. Lucy made tremendous progress in
our manager’s care, her self-confidence blossoming every
day.
Soon it was time for Lucy to meet a family that expressed
interest in her, mainly because they had adopted one of her
puppies and felt the two should be together. This family
agreed to foster Lucy, knowing that in her case, she would
need extra time to adjust to their home.
The son in the family suffers from medical-related
seizures. One night, the mother was awakened by Lucy on
her bed and pawing her. So uncharacteristic of Lucy, the
mother couldn’t imagine what was wrong until she went
to check on her son and realized he was having a seizure. Paid Advertisement