Whether you're starting from scratch or buying an existing business, we help you form the
strong legal foundation on which you can build your company and that will
protect your home, car, and life savings from the risks of your business.
Here are some of the things we can help you with when starting your business:
Business Entity Selection
Corporation? C-corp? S-corp? Limited liability company? It can be confusing trying to figure out which is the right business entity for you. We can help. We'll explain to you the pros and cons of each and advise you on which business form makes the most sense for you.
Partnership & Buy-Sell Agreements
Will there be more than one owner
of your company? If so, you definitely need our help!
Business partners often fail to plan for what will happen if:
- The partners are deadlocked
on a major business decision.
- A partner fails to fulfill their assigned job duties that are critical to the successful operation of the company. This could happen for any number of reasons such as the partner is angry; mentally, emotionally, or physically disabled; tired of the business and wants to do something else; wants to retire; or dies. Without advance planning for each of these situations:
- The company could fail or be crippled
because it no longer has the expertise of the missing partner.
- Or, if the company survives, the derelict partner could continue to unfairly benefit from the hard work of the partner(s) who shouldered the load and kept the company going.
- If a partner dies, the surviving partner is now in business with the deceased partner's executor or spouse who likely doesn't have the time or expertise the company needs to survive or thrive, which hurts both the remaining partner and the deceased partner's family
who depend on the income from the company.
- A partner wants to sell
their interest. Without advance planning, the partner can sell to anyone they choose including a competitor or the remaining partner's worst enemy.
- A partner gets a divorce
and their ownership interest becomes part of the property settlement
- A partner declares personal bankruptcy
and their ownership interest is now under the control of a bankruptcy trustee and can be sold off to anyone in order to satisfy the partner's individual debts.
These are just some of the issues that are best addressed when the company is first formed and all the partners still like each other and are getting along. Just like no couple gets married thinking they will get a divorce, but then over 50% of them do-- no business partnership starts out expecting problems including all those that end up in bitter fights that could have been avoided with a little planning at the very beginning. If you wait until there's a problem, it's too late.