A: Congratulations on purchasing a business. Payment by the buyer in an asset purchase agreement can take many forms, or a combination of forms. The simplest is 1) a lump-sum, in which the total purchase price for the business is paid upfront, or 2) installment payments, in which the purchase price is divided into multiple installments over a specified period. It is a good idea to implement some conditional provisions for payment, which provides more protection for the buyer. Options include 3) an earn-out provision, which is used when the final purchase price is contingent on the future performance of the acquired assets or business. The seller may receive additional payments if certain financial targets or milestones are achieved post-acquisition; 4)contingent payments, in which you agree on a lower base purchase price, and additional payments by buyer are made only when triggered by specific events or outcomes, such as new acquisitions or product milestones. Regardless of model used, in most cases I recommend 5) escrow, in which the buyer place a portion of the purchase price in an escrow account for a certain period of time, say 12 months, in order to cover indemnification claims and disputes that arise after acquisition, that were not disclosed or unforeseen during the due diligence process. It is crucial to have the advice of an attorney you can trust through the asset purchase process. Please contact my firm if I may be of service. www.hitiklaw.com

A: Hi, congrats on starting a business! You're asking all of the right questions. The short answer is that your LLC operating agreement can spell out in as much detail as you want what decisions the Manager of the LLC is free to make on their own, and what decisions require a vote from the other Members. You can also elect to have a multi-manager LLC, in which each Manager is responsible for different aspects of the business, such as day-to-day operations versus overall business strategy versus capital raising. Again, each one of these Manager roles can specifically delineate what decisions and actions the Manager can take automatically, without other Members' prior approval. I specialize in business and corporate transactions and have drafted 100s of LLC operating agreements. I would be delighted to help you. Please reach out at talin@hitiklaw.com or call my office at (312)685-2292.

A: You basically just answered your question. You should review and update your will whenever a major life event happens that might influence how your assets are distributed in the will. The rule of thumb is the addition or subtraction of a family member, or addition, or subtraction of a major asset like a home purchase.

A: I'm sorry that's happening to you and I can imagine that that's frustrating. There are unfortunately a lot of instances in which we legitimately experience discrimination, but it wouldn't meet the high bar of the LEGAL definition in court. I suggest seeking out a black, or better yet, black female attorney who might be more empathetic to your lived experience.