Business Organizations and Agreements
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Collapse ▲This page discusses business organizations in the context of operating liability protection and transfer of interests.
Reading
LLC Operating Agreements: Key Components and Sample Language. This draft article provides sample clauses and suggested language for closely-held limited liability companies for use in managing legacy property.
Business Organizations: Partnerships, Corporations, and Limited Liability Companies. This short narrative explains the very basics of the forms of business organization available for business management, liability protection, and transfer of assets.
The Limited Liability Company (LLC): Steps in Formation. This narrative outlines the steps and decisions in forming a limited liability company in North Carolina.
Buy-Sell Agreements: Exercise of Options to Purchase. This short narrative discusses the basics of contracts that obligate the disposition of assets upon certain events. The narrative includes sample language for how a buy-sell agreement might be structured.
Buy-Sell Agreements: Valuation of Company Interest. This short narrative describes how a buy-sell agreement might structure a valuation (and discount) to determine the price of an interest to be purchased. The valuation scheme is essentially a dispute resolution scheme should buyer and seller fail to compromise on a price. Sample language is included to illustrate operation of such a scheme.
Presentations
Business Entities: Steps in LLC Formation This presentation delivered to NC Farm School covers the very basics of default operating status and business entities.
Sale and Purchase of Farm Assets. This presentation covers the very basics of sale and valuation land and farm business assets, as well as the documents of transfer.
Business Entities and Farm Program Payment Limitations. This short presentation covers the very basics of business structure and relationship to payment limitations for federal programs.
Resources
North Carolina Secretary of State (Entity Search). Use this site to search for filed business entities and their document filings. This is where one should search to see if the name chosen for a new entity is not already taken (i.e., chosen name is unique).
Acknowledgements
Content loaded to Agricultural and Natural Resource Law portal, including narratives, workbooks and presentations, is supported by The North Carolina Tobacco Trust Fund Commission (TTFC) (Grant award 2019-001-16).
