At the suggestion of a friend, I decided that 2018 would be a great time to start a blog emphasizing Limited Liability Companies, or LLCs, as well as addressing any number of issues effecting small and medium size business owners.
I have a little experience in this area: I’ve been a business owner for over 25 years. The first LLC I formed was in 1995, and I converted my family’s construction company to an LLC in 1997. I’ve formed around 80 LLCs over the years.
In addition to personal experience, I’ve done a good deal of research and speaking in this area. This past November I was invited to speak on the topic of LLCs in Alabama: Issuing, Dividing and Transferring Member Interests by M. Lee Smith Publishers, a division of BLR. I understand the webinar is available through the company online.
A lot of people now use the LLC format to conduct their business. Whether single member or multi-member, member-managed or manager-managed, the goal is the same: to conduct business and limit potential risk to personal assets. Taxes play a role in this decision as well.
One commentator has estimated that over 21 million LLCs have been formed since the introduction of the first LLC statute in 1977 in Wyoming, although my sense is that at least half of those have been abandoned or dissolved.
Alabama’s first LLC statute was enacted in 1993, and the laws governing the entity have gone through three or four major revisions since then. I hope we are through with significant changes for the time being.
Hopefully, this format will allow me to post from time to time some topics relevant to your business. If you have specific questions, I may be reached at rec@CorriganLawFirm.com or (251) 476-2292.