Are You A Business Entity? Which One? Workshop Clarifies Changes To The Law

Four of us are in business together. Let’s call it a restaurant but it could be any type of business. I dropped a crate and it knocked over a table and four individuals have rather serious injuries causing lost work as well as pain and medical bills; the cost exceeds our insurance. Are you liable for any of the expense?

I went to the Ford dealer and bought a new truck for the business. Do you or your business interest have to pay for the truck?

I want to bring your mother-in-law into the business because she is a good cook. Do I have the right to add her as an owner?

I haven’t been able to make the payments on my house. Can the bank force the sale of my interest in the business to pay my personal debt?

The other three of you are tired of all the problems I have created. Can you throw me out of the business?

I found something I like better than the restaurant business. Can I leave the business? What do I get to take with me?

The answer to all these questions depends on the type of business entity we have.

Extension is offering a workshop on the choice of business entity. These questions and many others will be discussed. The workshop will be:

Date: September 4, 2018
Time: 1:00-4:00 pm
Location: Cullman Chamber of Commerce

To learn more and to register visit this web site: http://www.aces.edu/go/914

Tony Glover

 

There have been several recent changes in the Alabama Business and Nonprofit Entities Code. The Alabama Limited Liability Company Law of 2014 became effective in 2015, the Alabama Limited Partnership Law in 2017 and the Alabama Partnership Law will be effective in 2019.

According to Tony Glover, Coordinator of the Cullman County Extension Office says:

“This program qualifies for continuing education for accountants, attorneys, foresters and professional logging managers. Even if a person doesn’t does not need continuing education credits, with all the recent changes to laws, every business person will benefit from this presentation.”

 

Are You A Business Entity? Which One? Workshop Clarifies Changes To The Law

Timothy Collins

Timothy brings an insightful holistic perspective as well as a mountain man tenacity to his various roles at Cullman Today. You can reach him at cullmantoday@gmail.com.

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