Business Bankruptcy

Who can file for bankruptcy?
Any individual, corporation, partnership, city, state or other institution may file for bankruptcy.

What is the point of bankruptcy?
Filing for bankruptcy can be viewed as a safety valve for people who have encountered financial difficulties (ranging from falling behind on mortage/credit card payments, etc.).

Business Formation

Deciding on the best structure for your business can be a daunting task or can be a fruitful endeavor; it all depends on where you get your information. Understanding the differences between a sole proprietorship, partnership, an LLC, a limited partnership, non-profit, S corporation, or a C corporation is the first step in deciding which structure is best for you. After figuring out which structure is best, you then need to take the proper steps in the formation process for the structure that best suits your needs. This whole process can take anywhere from a few days to a few months depending on how well informed and diligent you are. CORPORATE FORMATION California What are the different types of business entities that business owners may choose from?

Business Litigation

There are many reasons a business might end up in litigation: antitrust, trade regulation, bankruptcy, insolvency, class actions, distributorships, dealerships, franchising, employment, intellectual property, and quite a few more. It is important to remember that working with an attorney that is familiar with your business might dramatically change the outcome of your case. Just think about it like this you wouldn't go to a DUI attorney if you where looking at deportation proceedings right? So why go to an attorney who doesn't specialize in your particular issue and if they are familiar with your industry and business practices that will only help to strengthen your case, an attorney who normally works with manufacturing companies may have a hard time understanding the intricacies of an software developer.

Business Planning

Sometimes having a great idea is just not enough. Starting a business can be a daunting task if you are unfamiliar with the process. There is a lot to do in order to get a good running start; filing a name, deciding on a business formation strategy, coming up with an effective marketing strategy, dealing with loans, getting the permits, and location that you need can all be extremely time consuming and confusing, and that is just some of the basics involved with a business start up. An experienced business attorney can help to smooth out the road by helping navigate through all of the issues your business might have.

Buying and Selling a Business

When it comes to buying or selling a business there many considerations that need to be taken into account. For buyers they need to be aware of pre-negotiation issues such as making sure to have a "no-shop" clause if possible. A no "no-shop" clause prevents the seller from conducting any sale discussions with other prospective buyers. It is also very important to be thorough with the due diligence process. Due diligence is usually the most tedious part of any acquisition, during due diligence the buyer should examine every significant piece of correspondence which relates to the target business.

Closely Held Business Law

One of the most fundamental decisions for any business is whether to develop as a closely held or public corporation. Each has its advantages and disadvantages that must be discussed with a business lawyer. He or she will be best able to assist in choosing the best option. Closely held corporations, or close corporations, are owned by a small number of investors, usually five or fewer. These shareholders have a direct involvement in the business by serving as its managers, often as a sole proprietor.

Franchising

Franchising is a business option available to both established companies and beginning entrepreneurs. Each party faces its own risks, which can be best reviewed by an established business lawyer. Franchisors are the parent company in the franchising agreement. They usually have at least one business location already developed and are looking to expand. By franchising, the company is able to expand faster and at less cost, because a third party performs the day-to-day operations.

Joint Ventures

Joint ventures are short-term business deals between people, groups, companies, and/or corporations with a pre-established purpose. Both parties combine their risk and assets in hopes of creating larger profit. These deals are especially popular in international trade, usually occurring when foreign companies enter domestic markets in order to avoid the red tape of acquiring paperwork with foreign governments. This same principle applies domestically when two entities combine resources, technology, and other capital to increase profits in other ways. Joint ventures are best brokered and contracted by knowledgeable business attorneys to avoid future legal issues.

Limited Liability Company (LLC)

An LLC, or Limited Liability Company, is a marriage of the best of both corporation and partnership status. The LLCs owners are known as members. The number of members is unlimited and, like a corporation, they cannot be held liable for debts the company accrues. Like a partnership, though, LLCs have more freedom in dispersing profits and are not required to keep formal records of meetings and decisions. Tax advantages can also make LLCs appealing.

Partnerships

There are several kinds of business partnerships. To help choose the best, it is best to consult a qualified business attorney. He or she can in deciding between a general partnership, limited partnership or joint venture. A general partnership can be very casual and even occur without written contracts. In fact, merely appearing to be partners can be legally construed as being mutually liable.