The Limited Liability Company or LLC is really a fusion of two forms of business entity status. Each has unique positive attributes and legal protections.
Membership, as used in business, is a legal term referring a partnership agreement in existence under a different form of a business classification – Limited Liability Company. Membership traditionally exists in the professional arena such as medical practitioners, engineers, accountants, lawyers and architects.
There is a tremendous amount of information to convey to fully understand partnership agreements. This is the first in a series of articles related to partnership agreements. Throughout this series I will explain the various sections and issues a small business owner faces in creating a sound and fair agreement with a single or multiple partners.