Your Small Business Deserves A Trusted Adviser
Many of our clients provide for themselves and their families through their ownership and management of small businesses in our community. These small businesses also provide jobs and financial security for their employees and employees’ families, which in turn support other businesses and make this community a vibrant one to call home. We at Bryant & O'Connor Law Firm understand many of the challenges of operating a successful business because we are also a small business.
Too Much Is At Stake To ‘Wing It’
When planning and managing a business, you will benefit from consulting with a reputable certified public accountant (CPA) for financial and tax matters and a conscientious attorney to help with business formation, operating or partnership agreements, and dealing with other legal matters that will come up. In fact, we have found it is best to invest in a plan to deal with legal matters before they come up. We are now offering subscription services for our business clients so that they are able to pay a monthly fee for general consultation services rather than receive annoying monthly bills for each phone call or meeting. If you are interested let us know.
We find that traditional hourly billing discourages many clients from seeking legal advice, and therefore we are willing to remove that hurdle for client who agree to establish a long-term lawyer-client relationship at a set rate. Legal issues are almost never matters to skimp on cost because failure to plan for your business can lead to preventable disasters with much greater costs. At Bryant & O'Connor Law Firm, our goal is to provide the legal services that you need to protect your personal and business interests and to direct you to other qualified professionals who will maximize your ability to realize your business goals.
What To Know About Business Formation – Corporations, LLCs And Partnerships
Although there are subcategories of each, the three primary types of formal business entities used in Georgia are corporations, limited liability companies (LLCs), and partnerships. Many individuals operate a sole proprietorship, which is a business owned and operated without any kind of formal governmental filing and without any limitation of personal liability. A sole proprietorship might be appropriate for a small-scale lemonade stand, but it’s usually not how you want to operate a business that you rely upon to make a living.
To protect your personal assets from any liability that you might incur as a business owner, you need to operate as an entity with limited liability, have the right kinds of insurance, and make sure you are keeping up with your accounting and tax planning. While we do not provide liability insurance or tax advice, getting a lawyer involved in the formation of your business is an important part of business planning, and we will direct you to see the whole picture and seek all of the professional advice that you will need.
While filing to form a corporation, LLC, and certain types of limited partnerships with Georgia’s secretary of state may seem easy to some people, the original filing is something that will impact your business for a long time, and it needs to be done carefully.
Meeting with an attorney to think through planning will be worth it. Corporations and LLCs similarly provide a “veil” of protection against personal liability, assuming you appropriately separate your business and personal affairs, but there are important variations between the two entity types with regard to operating documents and the medium of ownership.
A for-profit corporation is typically owned by shareholders who own a certain number of shares of stock. The governing document for a corporation is called the bylaws. LLCs are typically owned by a single member or multiple members, who each own a certain percentage of membership interest. The governing document for an LLC is called an operating agreement. Without an appropriate governing document, your business will be stuck with the default one-size-fits-all rules under the applicable corporation or LLC code as enacted by the General Assembly. If you do not spell it out in writing, there could be confusion in the future as to who has what rights to management and profits if a disagreement ever arises. Resolving confusion is expensive and can damage relationships. Proper planning and memorialization of agreements may prevent disputes and misunderstandings, and this is one of the primary reasons that you will benefit from consulting with a lawyer and make sure that you are doing things the right way.
Are You Buying Or Selling Business Interests?
When you transfer your business interests or buy someone else’s, it is not something do handle by a handshake alone. Any transfer or business interest, whether it be by transfer of stock, membership interest, or partnership interest, requires certain documents memorializing the transfer so that the terms of the transfer are without question. This will also satisfy third parties about your rights of ownership. Handle your business the right way the first time, and you will avoid more costly problems down the road. We will be happy to help you get your business or interests transferred or to help you buy into someone else’s business.
Our lawyers also handle real estate contracts and closings. You do not need to go somewhere else to handle real estate purchases or real estate loan financing. Please ask us how we can help you with your real estate concern.
Agribusiness In Georgia: Just Say ‘Yes!’
Georgia is nature’s favorite state with the best farms and food, full of businesses and entrepreneurs on the cutting edge of agribusiness and related industries. Georgia Grown is a community of Georgians working together to promote new and established agribusinesses, and we at Bryant & O'Connor Law Firm are proud to have just become a member of Georgia Grown in 2021.
We believe agricultural production and distribution of agricultural products are essential to continued sustainable growth in our state, and we want to do everything we can to support the innovative Georgians feeding and clothing us. We guide our clients who may have an interest in agribusiness to establish a legal framework aimed at keeping their families and businesses out of conflict and out of court so that they can focus on doing what they do best and create a lasting legacy with their businesses.
Contact Us Soon
We invite you to contact us soon for the practical and legal assistance you need to start your business or to bring your enterprise up to the next level. We know how challenging it can be for startups as well for established businesses, and we look forward to helping you. Call Bryant & O'Connor Law Firm in Vidalia at 912-788-5095 or send us an email to make arrangements for a consultation.