How do we add a new partner to an existing LLP, LLC or LP?

All Articles, Business & Real Estate

Most limited liability companies [LLC’s], limited liability partnerships [LLP’s] and limited partnerships [LP’s] have operating agreements [its formation agreement] among the partners that permit adding in a new partner. An LLC, LLP or LP is a business formed to protect the individual partners from financial liability other than the assets of the entity shielding individual…

What is the difference between a revocable and irrevocable trust, and which needs do they serve?

All Articles, Estate Planning

The ability to change your mind is at the heart of the difference between revocable and irrevocable trusts. Revocable trusts take their name from the trustee’s ability to “revoke” (which necessarily includes to change) provisions of the trust agreement after signing it. These changes could include adding or removing beneficiaries of the trust by amendment…