Once the name of a limited liability company is secured, the required paperwork is filed and all of the fees are paid, many Maryland small business owners believe their legal obligations are fulfilled. However, when starting a new business as an LLC, there is another requirement -- creating an operating agreement. Certain elements must be included in this agreement in order to maintain the LLC's legal status.
Maryland readers may have already heard that car manufacturer Volkswagen admitted that its diesel vehicles were fraudulently rigged to pass emissions. The cars, which were marketed for their supposedly clean and efficient running, would have miserably failed emissions testing if the company had not cheated. In the wake of this scandal, business litigation is either being filed -- or contemplated -- by consumers, shareholders and even other car manufacturers.
Some Maryland business owners may not be aware that there is a distinction between business and corporate litigation. In order to understand the difference between corporate and business litigation, it is first necessary to have general definitions of corporate and business law. The information below is intended to give you an overview of the difference.