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Leaving an LLC as a member can be a complex process, influenced by the provisions in your LLC Operating Agreement and the relevant state laws. In this guide, we break down the key steps to help you navigate the process effectively, highlighting how state regulations may differ and what to watch out for to avoid complications. 1. Review the Operating Agreement The first step in leaving an LLC is to carefully review the LLC Operating Agreement. This document typically outlines the procedures for leaving, such as providing written notice or obtaining consent from other members. Ideally, a well-drafted Operating Agreement…

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As of January 1, 2024, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has imposed a new obligation on almost all corporations and LLCs doing business in the U.S. Companies that fall under this obligation (“reporting companies”) must file reports containing identifying information of certain individuals, with a limited number of exceptions. This is an ongoing obligation – meaning, it’s not necessarily a one-time filing, these reports are required when certain changes are made to the company. In this post, I’ll go over some of the details. Which Companies Does This Apply To? The rule does not apply to companies…

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Note: I, your human correspondent, didn’t write the text below. I input the question “Can I Use AI To Come Up With a Trademark?” into ChatGPT and this is what came back. Yes, you can use artificial intelligence (AI) to generate potential trademarks. There are various AI-powered tools available that can suggest trademarks based on certain inputs, such as keywords or industry. However, it is important to note that while AI can assist in generating potential trademarks, it is not a substitute for a human attorney who can evaluate the legal availability, registrability and enforceability of a trademark. It is…

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A few years ago I wrote a blog post titled “D&D & IP” in which I discussed the Open Gaming License that allows (allowed?) anyone to use elements of Dungeons & Dragons, for free, to create their own products. To recap: WotC wants to encourage D&D enthusiasts to create and sell products that fit within the game – within certain limits. Those limits are defined by WotC’s Open Gaming License (“OGL”). This link directs you to the most recent version of the OGL. If you want to create and sell content within the D&D universe, you must obey those rules….

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