As a business owner in Gainesville, you can face a variety of challenges. Many of these challenges can be overcome with your own experience or ingenuity. However, some situations might call for further assistance.
A business lawyer in Gainesville with Bogin, Munns & Munns could handle your insurance claims or set up the structure of your business.They could help ensure you avoid harmful errors while making important decisions for your business.
Entity Selection
For aspiring business owners, one of the first decisions to make is selecting the type of entity their business will become. Entity selection is important, as the different types of businesses carry varying tax burdens and liabilities.
Sole Proprietorship
Legal Information Institute (LII) states that this form of business earns its name from having a single member that is entirely responsible for the company.
The owner of a sole proprietorship is liable for any claims against the business. This means creditors could reach the business’ and owner’s assets.
Corporations
One of the oldest forms of organized business entities is the corporation. Corporations shield shareholders from liabilities, but they also face issues of double taxation. With a corporation, income is taxed twice on each of these bases:
- The corporate level
- The individual level
There are two popular forms of corporations: C corps and S corps.
Limited Liability Companies
A limited liability company – or LLC – has much in common with a corporation. Like a corporation, the members of an LLC are shielded from liability from creditors. However, LLCs also avoid the double-taxation issues corporations face.
There are limits on LLCs that do not apply to corporations, including limitations on the number of owners.
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Drafting Contracts and Handling Disputes
Contracts are central to the operation of most businesses. One of our Gainesville commercial lawyers could assist with every aspect of a contract. We can draft the document and address disputes.
Contract Preparation
The first step to ensure your interests are protected during dealings with another company is to see if the language of the contract is appropriate.
A properly drafted contract will lay out the rights and obligations of each party. Your attorney could tailor a contract to your specific needs.
Negotiation and Review
Sometimes both parties of an agreement will prefer to be involved in its creation. An attorney on our team can review language presented by another party. This can ensure your rights are protected. One of the most important aspects of reviewing these documents involves checking if the other party honors the negotiation terms.
Working out these terms is another central aspect of business law. Your attorney can work with the other party to ensure the agreement is acceptable. Negotiating complex contracts is a skill that is acquired through years of experience.
Contract Disputes
The unfortunate reality is that many business contracts are breached or otherwise result in disputes. Even the most carefully crafted agreement could result in litigation if one of the parties refuses to operate in good faith.
Some disputes occur as the result of a misunderstanding. In these cases, your attorney could get a business agreement back on track and ensure your rights are protected. In other situations, a lawsuit may be the only way to resolve a contract dispute.
In that case, a breach of contract lawsuit might be your best option for holding the other party to a contractual agreement accountable.
Mergers and Acquisitions
One of the situations where the guidance of a business lawyer is most valuable is during a merger or acquisition. In many cases, it makes the most sense for a business to merge with a rival or acquire them entirely.
While there are benefits to both of these transactions, the process of completing either option is complex. An attorney on our team could provide assistance during mergers or acquisitions.
Mergers
There are different types of mergers that could be available to your business. Some mergers form a conglomerate. This is a large entity consisting of many different smaller affiliates. In other situations, a merger could result in businesses falling into a hierarchy.
In general, it is important to determine if the end result of the merger involves:
- A collection of businesses that are equal
- One business acquiring the other.
These mergers are known as equal and unequal mergers. In an equal merger, representatives from each business will have equal representation on the new board. With an unequal merger, the management and executives of one business will largely remain in place and oversee the operation of the new entity.
Acquisitions
An acquisition occurs when one business purchases another. These transactions can occur in a number of ways. For example, one business could purchase controlling shares or interest in the company they intend to acquire. This instance is known as a stock purchase acquisition. Once a company secures a majority of shares, it can use that influence to replace the board and take over the company.
Other acquisitions do not involve stock deals. With asset acquisitions, a purchasing company effectively acquires another company by purchasing its assets. This purchase could include real estate, stock, or vehicles. The acquiring company could then step into the shoes of the first business.
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Contact Bogin, Munns & Munns for Help with Your Business Disputes
If you have questions regarding business law, the team at Bogin, Munns & Munns has the answers. Our attorneys are prepared to handle everything from business transactions to formation.
To learn more about how Bogin, Munns & Munns could help your business grow, call (352) 332-7688 to find out more about the services of a business lawyer in Gainesville.
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