Showing posts from May, 2016

What Is A Business Operating Agreement?

As the owner of a brand new business, you have a lot of decisions to make. First and foremost, you'll have to determine what type of business entity you would like to use. Depending on your chosen structure (an LLC, for example), you may want to establish a business operating agreement. Even though you are not legally required to have an operating agreement, taking the time to set one up may prove incredibly valuable in the long run. O'Donnell Law Center is here to help! Business Operating Agreements As its name suggests, a business operating agreement is a simple but comprehensive document that outlines how a new business will handle certain situations. Sometimes known as LLC Agreements or Limited Liability Company Operating Agreements, these documents outline some of the procedures for your company, especially if things don't go as planned. Recommended Components Of An Operating Agreement As with most standard business documents, almost all successful operat

3 Components of a Successful Divorce

By nature, divorce tends to be messy, stressful, and overwhelming. Even if you and your spouse are in equal agreement that divorce is the right decision, you will still have to separate two lives that were inextricably combined for the past months or years. There is rarely an easy path (although some paths are certainly more challenging than others). The team at O'Donnell Law Center has a great deal of experience helping couples successfully navigate high-asset divorces at the Lake of the Ozarks  - but this concept can be confusing to some. What exactly counts as a "successful" divorce? What Count As A Successful Divorce? Before we can discuss what the characteristics of a successful divorce are, we must address what a successful divorce is not . A successful divorce does not mean getting everything that you want. It is extremely rare that divorcing individuals walk away from the situation feeling like everything panned out exactly as they were hoping it woul

5 Example Contracts Your Business May Need

No matter what industry you're in, your  company may encounter a variety of different hazards during its daily operations that can threaten the integrity of the business. A s a business owner, solid legal contracts are your first line of defense against the inevitable hidden hazards that may arise during your company's lifespan. At O'Donnell Law Center , we are frequently asked to review or prepare business contracts for various companies. This week, we thought we'd share a few examples of some of the different types of contracts a new company may need. 1. Employment Contract When you hire a new employee, you may want to ask them to sign a contract of employment. This contract outlines their responsibilities, your expectations, how certain disciplinary measures may be carried out, and anything else that may influence their performance while at your company. Having a thorough employment contract will give you the authority you need to enforce certain performance

Your Three Options For Estate Planning

Estate planning remains one of the busiest practice areas at our law firm at the Lake of the Ozarks . End of life is never an easy topic, but dedicating some time and attention to your end of life directives is essential in order to ensure that your assets and belongings pass to your heirs smoothly. Our estate planning attorney in Osage Beach MO and her legal staff are here to assist you in building a proper estate plan that will effectively meet your needs. Your Estate Plan - 3 Choices When it comes to setting up your estate plan, you have three primary options to choose from. You may do nothing, put together a will coupled with non-probate transfers, or establish a trust. 1. Doing Nothing If you pass away without any sort of an estate plan in place, the State will determine what happens to your assets and who will receive what. This is called "dying intestate," and it can be very involved and time-consuming. Who receives your assets will depend on your survivi