Starting a new business is always an exciting time but it can also be filled with anxiety. Whether you made the right decision or not is something for you to decide and most often, things will fall into place and your goals will be met or exceeded. But, sometimes, it is worth having your lawyer review your business contracts, lease, loan agreement, as well as recommend the type of entity you should establish for your business: Sole proprietor; C corporation; Limited Liability Company; Partnership. Most often, it is customary to talk to your accountant to get advice on taxes and the entity that you should operate under.
Buying a business is not always a straightforward proposition. You need to verify the representations being made to you by the Seller especially with regard to sales, revenue, net profit, operating expenses, purchasing details, and debts. Have you obtained warranties from the Seller?
Having our office draft or review agreements for you before you take the plunge is helpful and will give you a peace of mind so that you may focus on your business.
When you purchase an existing business, a different set of issues arise:
What was discussed and agreed upon between the buyer and the seller?
Was an agreement entered into?
What representations and warranties have been made?
What contingencies have been placed to allow you to purchase or sell on your terms?
Purchasing a business is a process that you must take with an understanding of your rights, awareness of timeliness of actions and performance of due diligence.
Most business ideas start with a gut feeling about a product or a service and lot of people succeed just by their own efforts. A lot of people also find that they got themselves in a bind by rushing through a process they did not understand. The reason behind that could be that sometimes they were pressured by a broker or circumstances beyond their control and felt that they were trapped. At all times, having an attorney guide you and represent you, from the beginning, would lead you to less confusion and stress and a more positive outcome.
Keep in mind that you should decide on the type of entity that you want your business to operate under. For instance, will you incorporate or form a limited liability company? These are things that you should consider because there will be tax consequences for you as your business progresses and you generate higher revenues.
Handling Business Litigation Matters
No one wants to get into a law suit. Any lawyer who paints a pretty picture about litigation is lying to you. The process is grueling and takes up your most precious resources: time and money.
Our number one goal is to prevent litigation from happening in the first place whenever possible. But, sometimes that is not possible. Our goal is to protect you, your assets, your time, and your money. However, there are some instances where litigation may be in your and your company’s best interest. Under these circumstances, we advise you strategically, based on years of experience, how to mitigate damages and achieve the best outcome from your case. Whether your goal in litigation is to deny all liability, reduce damages or to obtain a Judgment for all your losses, we are here to ensure that your goals are met.