The attorneys of Harris, Harris & Gilbert provide a wide range of services to its clients from the creation of new entities to the protection of existing businesses.
A common issue that arises when starting a new business is deciding whether to form an entity to own and operate the business, and choosing the type of entity. We can help you in the formation of a new entity, such as a limited liability company or a corporation. This is an important decision that can impact your personal liability as well as tax issues. When possible, we prefer to work with your accountant and other advisors to make sure that everyone is working toward the same goal — to meet the needs of you and your business in the most efficient, productive manner.
Business owners — especially those who have business partners — should always consider what would happen if an owner died, became disabled, divorced from his or her spouse, went through bankruptcy, or simply decided he or she wanted to quit the business. For example, let’s assume you have a successful business, which is split 50-50 between you and your business partner. What would happen if your partner unexpectedly died? What would happen to his share of the company? Would it pass on to his heirs? That could be a less that desirable situation for you because you may not want to split ownership with a bunch of strangers. Would you be able to buyout his share? If so, how would you determine the purchase price? Would you have to come up with the full amount of the purchase price immediately, or would you be able to pay for it over time? These are just a few examples of the issues that can arise and lead to a dispute. However, with a properly drafted Buy-Sell Agreement, the business owners can agree in advance about how to deal with these issues.
Contract Review and Drafting
Virtually all businesses enter into contracts from time to time. Perhaps you hired an employee and need an Employment Agreement. Or maybe you are interested in leasing some space in an office building and the landlord has presented you with a lengthy Lease Agreement and you have questions about some of the terms. Or maybe your business needs some financing and you need help drafting the documents. We can help you with your contract needs — whether it involves drafting, negotiating, or simply reviewing a contract.