Business Law

if you are transferring the ownership, changing your name, and changing your location, the total amount would be 1500.

You can acquire the license through a transfer of ownership, so the current owner would have to transfer their license ownership to the new owner.

And the short answer is yes, definitely. Those documents do a really great job of listing out who the owners of the company are, at what percentage, what every owners’ rights, obligations, and responsibilities are, not only to the company but to the other owners of the company. And also, it is also a requirement when submitting for your business license.

Normally, the main issues that I see behind leases, particularly in the cannabis industry, are going to be possibly threefold.

As a requirement for your Oklahoma medical marijuana cannabis business license, you are required to produce some forms of governing documents on behalf of your company.

A retainer is you put X amount of dollars into a trust account, and we bill off of that X amount of dollars, and you are billed.

A transportation agent license lets you transport your medical marijuana products from your facility to a different dispensary.

As a general rule, shareholders are required to have an annual meeting with the business to conduct business dealings. With that, multiple things could be brought up on the agenda for the shareholders. Let’s say you have a situation where the majority shareholder of a business is basically forcing the minority shareholders to do something that could lead to a detriment of the business. There’s plenty of case law on this. Let’s say the majority shareholders are literally trying to have a hostile takeover of the corporation and force out all of the minority shareholders either because they don’t have a controlling vote or maybe because they have a subordinate type of stock, what have you.

We’re going to talking about suing your business partners, the other members of the LLC, majority owners of a share of a corporation, or even board of directors for that matter, all in the same video. If you want to watch the particular steps of the other business structures, look at the previous videos. As a general matter, again, most of these situations are going to be prefaced with in-house negotiations or arbitrations what have you. Then from there, you’ll be able to have that ability to actually file a lawsuit as a minority shareholder, or as a general member of an LLC.

As a general matter, it’s usually a best business practice to keep any disputes between owners of a business in-house, as much as possible. That’s why for most operating agreements on limited liability companies, they already have baked in arbitration provisions.

As a general matter, members of a LLC have two different fiduciary duties to a business. The first one being a duty of loyalty. Second one being a duty of care. A duty of loyalty is self-explanatory. It entails that a individual owner of a business will put the interests of that business before their personal interests or before the interest of any other business or any other individuals.

Depending on what the ownership interest in the business are, there could or could not be a single member of the LLC, that holds a controlling ownership interest, a controlling voting strength, and also can constitute a quorum on their own behalf.

As a general matter LLCs are governed by what’s called an operating agreement. In that operating agreement, you’ll have terms set out as far as how much someone’s ownership interest in the business is, what their percentage interest in the business is, meaning how much money or how much of a percentage of the profits of the business they are lawfully allowed to take, how much their voting strength is, the principal place of business on the operations, how member meetings go, all of those different types of things.

One of the things that’s starting to evolve in this industry are as these businesses start to go on and mature, obviously there’s some disputes that arise in between the owners of the business, whether that be because of bad business practices or maybe there’s potential theft, maybe there’s fraud that’s being committed, what have you. We’re actually going to start this conversation with dealing with a general partnership. Now as a general matter, I don’t personally create these. However, there are some businesses that do operate under this framework. When it comes to winding up that business, a partnership is put in place whenever two or more individuals come together and agree to conduct business together.

Tulsa Attorney Isaiah Brydie speaks on liability insurance and liabilities for your business and the ongoing coronavirus epidemic that’s going on in our nation. So one of the things that’s a problem that’s going on now is that a lot of businesses are thinking of what their potential liabilities would be if there was ever a tracing back of someone’s infection with COVID-19 back to their interaction with their particular business.

Lets speak on insurance and the coronavirus…Specifically, if your business can claim, can actually file an insurance claim due to COVID-19 epidemic. The short answer is, it depends on what your insurance policy says. The long answer is…

If you’re in agreement with the other side on what the transaction is going to consist of, it’s probably best that both parties retain an attorney, even if it’s just for this one transaction and even if it’s just for reviewing documents that are drafted. You want to make sure that your interests are adequately represented. So if one side has an attorney, you should probably have an attorney as well.