Our Firm advises small-to-medium size businesses in its practice in the following areas:
- Sole Proprietorship: No entity is formed, but the business may register under a trade name (recent statutory law has modified the process of registering).
- General Partnership: General partnerships consist of two or more owners. A partnership agreement, like a limited liability company operating agreement, is an important document for the partners to have.
- Limited Partnership: Such partnerships allow investor “limited partners” to make an investment of money in a business with the management duties in the “general partner.” The limited partners enjoy protection from liability to the extent of their investment.
- Corporation: Requiring more formalities than a LLC, a corporation requires maintaining corporate records including bylaws, resolutions, corporate meeting minutes, and stock certificates. Annual meetings of shareholders and directors are required. Tax considerations figure prominently in forming a corporation.
- Limited Liability Companies: Limited liability companies (LLCs) were created to give owners more flexibility in organizing the business. While LLC members are shielded from liability like a corporation, a LLC is not required to hold meetings or maintain records as a corporation is. However, a detailed operating agreement setting forth the duties and powers of the members and managers, accounting for contributions and distributions, and events and consequences of member departures is necessary for a multi-member LLC. A single member LLC is available under North Carolina law as well.
- Common Transactions:
- LLC and Corporate Formation
- Contracts and Transactions
- Commercial Real Estate Transactions
- Succession Planning
- Corporate Governance