State law offers several management structures to suit most businesses. The most common structures are sole proprietorships, partnerships, LLCs, and corporations. Depending on the business’ management structure, certain owners can be held liable for the company’s warranties, credit issues, and injury claims. When starting a business, clients should schedule an appointment with a lawyer and consider a variety of factors such as:
* The desired business type and management
structure.
* Whether to start a new business or buy from a
franchising company.
* Where to locate the business.
*
Whether to lease or buy commercial space.
* Personal finances.
Selling and Buying Businesses
While it may be beneficial to buy an established business because the location, staff, and clientele are already in place, prospective business buyers should consider the company’s past, current, and future finances before making an offer. After a client decides to sell an existing business, they must devote a significant amount of time to organize the company’s financial records and documents. Owners and managers may need a business lawyer’s help to finalize some transactions.
Contract Negotiations and Terms
A commercial contract is the cornerstone of a solid business. During contract negotiations, Business attorneys in Honolulu, HI on both sides bargain for rights and responsibilities under the contractual relationship. It is vital for a client to make their requirements clear to the other side. When reviewing or drafting a contract, a buyer or seller must be sure to understand all obligations and terms within the document. If either side fails to fulfill the terms of the contract, they can be held liable for a contract breach.
Should a Buyer or Seller Consult an Attorney About a Commercial, or Business Law Issue?
Starting, buying or selling a business requires a substantial amount of effort and time. A lawyer can help a client organize corporate financial information, determine which licenses are necessary, and contact relevant parties before deadlines. A business lawyer can help the client draft and review a contract in a way that protects their interests. Finally, attorneys in Honolulu HI can help clients determine which management structure meets the company’s needs while limiting personal liability. Visit the website for more information.
