If you are a business owner or if you are considering starting a business, you know that the legal issues surrounding business formation, the day-to-day operations of your business, and selling or merging your business can be complicated. Having an attorney who is knowledgeable about these issues can be an asset to any business.
Business Formation and Entities
If you are looking to start a business, you may not be aware that there are many different way a business can be set up.
Corporations are businesses in which a group of people can act as a single entity. The advantage of a corporation is that its shareholders cannot be held personally liable for actions of the company. However, the ongoing business costs associated with corporations, such as filing fees and taxes, often prove to be a disadvantage.
Partnerships often provide an advantage for business owners with one or more partner who want a business that is easy to set up and has fewer ongoing business costs, such as filing fees. However, because partners can be held liable for their actions as well as the actions of their partners, many people choose not to establish their business as a partnership.
Limited Liability Companies
Limited liability companies, or LLCs, have many important advantages. LLCs allow for more flexibility among its members and require less paperwork than corporations. Additionally, its members enjoy protection from personal liability for the actions of the LLC.
One disadvantage of LLCs, however, is that because LLCs do not usually have specific roles for their members, there can be confusion within the business, which can threaten the health of the business.
A joint venture is a way to combine the resources and knowledge of two separate companies into one entity. While this technique has obvious advantages, if the companies are not in agreement on the issues they want to face and how to run the joint venture, the joint venture can fail.
Business Planning and Counseling
At some point, every business owner will face issues that require legal advice – whether it has to do with selling the business, merging with another business, or dissolving the business altogether.
Every business owner should have a plan for the future of his or her business. In order for a business to survive on a long-term basis, it is important for the owner to have a plan for what will happen to the business if they die unexpectedly.
Who within the business will be able to take over your duties if something happens? If you retire, how do you wish the business to proceed? An experienced business attorney can help you make these arrangements.
Mergers and Acquisitions
If your business is looking to merge with another business or is in the process of acquiring another business, then the advice of an experienced attorney will be invaluable. An attorney can help you identify which issues are important to your business and what terms should be in the contract used to merge with or acquire the new business.
Many businesses wish to reorganize the nature of their business. Perhaps your business is currently operating as a partnership, but you wish to convert it to an LLC. An attorney can help you form the new entity as well as advise you on which type of entity is best suited to your business model.
Any time you join a new company or start a new job, you will need to sign a contract agreeing to the terms of your employment. Whether you have been given a contract to sign or you need to create one for a prospective employee to sign, a good business attorney can help you draft a contract that is in your company’s best interests.
Review and Negotiation of Contracts
If you have been given a contract to sign, Alperin Law will review the contract and its terms with you in detail. If the contract is not in your best interest, we can negotiate with the other party to the contract until a satisfactory contract is finalized and signed.
Drafting of Contracts and Employment Agreements
If you need to create a contract for prospective employees or business partners to sign, the attorneys at Alperin Law can meet with you to learn what is important to your business model and what terms should be included in the contract. We will work closely with your business to create a contract that works for your unique situation.
The legal issues surrounding forming and maintaining a successful business can be confusing. It is always best to meet with an experienced attorney to make sure you are doing all you can to protect your livelihood and maximize your chances for success.
Do You Need To Speak With An Experienced Business Law And Succession Planning Attorney?
If you need to speak with an experienced business law and succession planning lawyer please feel free to contact us online or call our Virginia Beach office directly at 757.490.3500 to schedule your free consultation. We have offices throughout Virginia including Chesapeake, Newport News, Norfolk and Suffolk.