New Orleans Real Estate & Corporate Law Blog

Is an operating agreement necessary for a 1 member LLC?

Single-member limited liability companies work well for Louisiana small business owners in a variety of industries. They provide owners with the protections of an LLC as well as the freedom of a sole proprietorship. However, this autonomy can lull an entrepreneur into skipping an important formation step -- creating an operating agreement.

It may seem unnecessary in a single-member LLC, but it actually does serve several vital functions. Most states have what are referred to as "default rules" when it comes to these entities. Having an operating agreement circumvents this. After all, the owner should be have the freedom to choose how to dispose of business assets and determine the succession of the business, both of which can be addressed in this document. 

Mold could indicate construction defects

Protecting against mold often starts with the building of a structure, whether here in New Orleans or elsewhere. Preventing leaks in walls, roofs and other parts of the building are often seen as the first line of defense when it comes to the intrusion of a potentially toxic substance such as mold. For this reason, finding mold could indicate construction defects.

Molds can release toxins or volatile organic compounds as they metabolize. Some people may have sensitivities to VOCs, but they are often not considered dangerous. However, the toxins released into the environment do not easily evaporate and can cause significant harm to humans.

You don't have to address legal matters for your business alone

Starting and operating a Louisiana business requires a great deal of your attention. Every day, you have to make decisions that will probably affect its success. While you make those choices, you cannot forget to address legal matters that could also make or break the future of your company.

For instance, regardless of the type of business entity you decide to structure your business under, there are at least some legal issues you need to address. You may need to register your business, its name and other information with the state of Louisiana. If you own the business with others, putting together partnership agreements, operating agreements or bylaws is essential. These agreements outline the relationship of the parties, including who handles daily operations, who makes certain decisions and how individuals leave or join the company.

Contracts vital to real estate transactions

When dealing with an exchange of money, it is often important that everyone involved is on the same page. When conducting a real estate transaction, this understanding is particularly important because a considerable amount of money is often on the line. As a result, it is typically wise to create contracts for these transactions.

Louisiana residents may wonder what a solid real estate contract entails. As mentioned, a lot of money will be changing hands, so having terms that address the financial aspects of the deal is important. Potential buyers could indicate that their purchase of the property is contingent on obtaining a certain type of loan, or the buyer may want to indicate that he or she is paying in cash upfront. Additionally, the contract can include the amount they want to offer on the property.

Business litigation: Bakery awarded in defamation lawsuit

In the business world, a company's reputation can make or break it. Though Louisiana business owners often do their best to ensure customer and client satisfaction and operate their companies without questionable actions, some individuals may try to tarnish a company's reputation. In some instances, business litigation could result if libelous rumors are spread.

It was recently reported that a jury came to a verdict regarding such a case in another state. The situation began when three college students were accused of attempting to obtain alcohol illegally at a bakery. The students were taken into custody by police, and one was charged with attempted robbery and two others were charged with misdemeanor assault. One student confessed to attempting to purchase alcohol illegally, and the two others pleaded guilty to attempted theft and aggravated trespass. However, because the students were African-American, the college that they attended accused the bakery of racial profiling and discrimination.

Scrutinizing the abstract of title when purchasing Louisiana land

Many people assume that when they purchase a piece of land, they own it outright with no hindrances, and rightly so. However, the unfortunate truth is that is not always the case. For this reason, thoroughly reviewing the abstract of title is vital whether that land is here in Louisiana or elsewhere.

The abstract of title lets a prospective buyer know whether there are any items in the history of the property that require addressing prior to making the purchase final. It should list any liens, encroachments, easements or other encumbrances that could prevent free and clear ownership of the property. Other things to look for are errors in the recorded documents.

The essential elements of a binding contract

Though verbal contracts are still legal, the days of doing business on a handshake are mostly behind us. In today’s uncertain world, a well-drafted contract can protect you in case a dispute arises.

In order to provide protection, a contract has to be enforceable. Here are the essential elements of a legally binding contract.

There is no such thing as TMI when it comes to selling your home

For many people, purchasing a home is a rite of passage. And while you probably did not know much about real estate when you bought your first house, you inevitably learned a lot through the process.

When it comes time to sell your home, you have another learning curve where you can apply some of the information you gleaned in making your investment. As a seller, you should be aware of the disclosures you must provide for potential buyers. Although your disclosure paperwork will likely include “known defects,” do you know what might be included?

Letters of intent provide clarity for business transactions

Louisiana business owners usually have big dreams for the future. For some, this involves merging with or acquiring another business. Business transactions such as these can seem complicated and even somewhat overwhelming, but a letter of intent can help address any concerns that a business owner might have.

A letter of intent is what some people refer to as a precontract. These written documents are generally -- although not always -- not legally binding, and instead act as blueprints for future contracts and other legal actions. It also confirms that all parties have an understanding of the general basics and main points of the upcoming deal.

Issues that make real estate transactions complicated

Buying or selling a home is one of the most complex financial transactions that a person will make in his or her lifetime. There is a lot at stake in this process, and it is beneficial for a Louisiana buyer or seller to avoid any missteps that could be costly down the road. There are specific challenges to selling a home smoothly and without complications. 

There is more to selling a home than simply putting a sign in the front yard. One of the most significant challenges that a person faces when selling is choosing the right selling price. Industry analysts believe that home prices will continue to rise this year, potentially pricing out many buyers. Another concern is the sustainability of the home that a person is trying to sell. Buyers are more aware now of issues like climate change and the potential for natural disasters, and they are concerned about how a home will hold up over time.

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