What is Business Law?
Business law generally involves the formation, maintenance, and sale/transfer of business entities such as corporations, limited liability companies, professional corporations, general partnerships, limited partnerships, and limited liability partnerships. Our business law attorneys are experienced in guiding clients through the entity formation process and in dealing with post-formation issues such as the maintenance and sale of the business.
Formation of a Business
When forming a new business you need to consider the following:
- The purpose of the business
- The best legal structure for the business (i.e., sole proprietorship, corporation, LLC, partnership, etc.)
- Liability protection issues
- Tax ramifications at federal and state levels
- Documentation and licenses required
- Planning for the sale/transfer of the business at retirement, death, etc.
It is critically important to get your business started on a legally sound foundation. The attorneys at FBSR&W have the experience and knowledge necessary to assist you and your accountant in the selection and formation of your business entity.
After your business entity is formed, certain legal formalities must be followed in the operation of your business. Examples of some of these formalities include:
- Filing annual reports with the state
- Holding regular meetings of directors and shareholders or members
- Documenting the entity record book with required meeting minutes, resolutions, etc.
- Issuing and documenting sales/transfers of shares or membership interests
The attorneys at FBSR&W stand prepared to assist in making sure your business entity operates in accordance with all applicable laws.
Sale/Transfer of Business
While the proper formation of your business is important, it is equally important to obtain competent legal counsel to assist in the sale or transfer of your business when the time comes. Selling a business usually involves several critical steps such as the negotiation of sale terms, the preparation and execution of a sale contract, and closing of the sale. The attorneys at FBSR&W have represented numerous clients who have sold and purchased businesses over the years and they stand ready to assist you in the sale or purchase of a business.
Call Us Today
When you need help with a business law matter, contact Fargason, Booth, St. Clair, Richards & Wilkins, LLP.