Do you own a business? Are you looking to start a company? Herrnstein Law represents established companies as general counsel in all aspects of their businesses. We also help new businesses get started by setting up the appropriate corporations, limited liability companies, or other business entities and by preparing many types of business agreements.
BUSINESS ENTITY FORMATION
When you start a new business, one of the most your important decisions you will make is choosing the right type of entity. Of the many options available, the most frequently used entities are corporations, limited liability companies, and partnerships. Selecting the wrong entity can be financially detrimental and result in the loss of liability protection for the owner of the business.
Herrnstein Law can assist you in making an informed decision when selecting the right type of entity for your business. We then prepare the appropriate organizational documents to create your business entity and get it up and running.
Once a business is up and running, following on-going legal requirements for your entity is very important. A business owner’s time is valuable. The day-to-day challenges of running a business leave little time for properly maintaining the legal requirements of your business. Failing to take necessary actions exposes a business owner to many risks, such as losing legal protection from personal monetary loss.
To assist businesses in minimizing their risk, Herrnstein Law offers services that include;
Reviewing the organizational and governing documents of the business to make sure they are current and comply with state law
Preparing notices and resolutions for required meetings
Assisting with titling and transferring assets to the business
Updating documents to incorporate changes in circumstances of the business
Succession planning for a business can be a difficult task. Many owners fail to plan for the continuation of their business after their retirement or death. The majority of businesses do not survive the transition from the original owner to new ownership. Even fewer businesses survive the transition from the second to the third generation of ownership. Herrnstein Law can help, both before after the transition of the business takes place. Not surprisingly, pre-planning is an important step to ensuring a smooth transition for your business. A business plan should include provisions for the successful transfer of the business to future ownership. Appropriate estate planning strategies and buy-sell agreements help protect your business’s future.
Contracts protect the interests of all parties involved. To ensure your rights are protected and your agreements are legal, Herrnstein Law drafts many types of proposed contracts for your approval. We also review contracts drafted by others before you sign them to make sure your rights are protected. Among other things, a contract should contain provisions addressing issues such as the measure of damages if a party breaches the agreement, choice of law, what is considered a breach of the agreement, severability of provisions, and the binding effect on successors. These provisions will vary depending upon your particular situation.
Herrnstein Law is experienced in protecting your interests by drafting and reviewing purchase contracts, buy-sell agreements, employment contracts, partnership agreements, operating agreements, and many different types of general business contracts.