As you prepare to form and run your own business, you must be mindful of the many legalities that you are expected to follow. It can be difficult to know exactly what laws that you must abide by and how those laws affect you as an entrepreneur. You also do not have the time to research these laws on your own.
Instead of forming a business and possibly running afoul of the law, you can abide by the mandates for your chosen industry by hiring one of the experienced NY business attorneys to represent you. You can put one on retainer today by contacting the Limberis Law Firm today.
If you are launching a business, then you are considering a sole proprietorship or LLC partnership or corporation as the form of your business. Selecting the proper entity is an important decision that can determine whether you achieve success, failure, asset protection, and favorable tax treatment.
If you decide to take on partners in your business, you must follow carefully the state and federal laws for doing so. Your lawyer can advise you about how to form partnerships that abide by the laws and also allow you to organize your company in a way that suits you financially and legally.
If you decide to end partnerships, you also need to obey the laws for dissolving those contracts in your business. Your lawyer can advise you on what exit clauses in contracts to use and what mandates to follow so that you avoid being sued by the partners that you are cutting out of your business.
Your lawyer can also advise you on how best to finance your business without abusing the laws in your state. You need to accept donations and handle sales and liquidations carefully to avoid bringing undue scrutiny to your company. Your lawyer can be on hand to advise in these transactions.
A buy-sell agreement is a legally binding agreement between a business and its owners that clearly stipulates how a significant event – such as death, divorce, or departure of a partner – affects the management and control of the business. A well drafted agreement anticipates the intent and needs of the owners, as well as the potential conflicts that may arise among them if one or more wishes to sell his/her interest in the business or is forced to dispose of such interest, as may happen in a bankruptcy proceeding.
An effective buy-sell agreement describes:
* When, and under what circumstances, a business may dispose of an owner’s interest.
* Whether the other owners or the business have the opportunity to buy the interest from that owner prior to its disposition to an outside party.
* How much to charge for that interest.
* Whom the remaining owners are willing to accept as a substitute owner.