Being a board member for a nonprofit organization means that you will likely be called upon to assist with fundraising. While it may be easy to write a check, the organization benefits greatly from fundraising. In addition to raising capital, fundraising also increases awareness about the nonprofit’s mission. Fundraising may also generate non-financial assets for […]
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What Is a UCC Filing & How a UCC Lien Works
When you borrow money, the lender may require you to provide collateral for the loan. If you default on the loan, the lender can exercise its legal right to claim the asset as payment for the debt. A security instrument is filed in the public records where the property is located to ensure that other […]
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Five Reasons Your LLC Needs an Operating Agreement
Have you recently formed your Limited Liability Company (LLC) or are you interested in forming an LLC for your business? If so, you will also need an Operating Agreement for your LLC. While South Carolina does not require an LLC to file a copy of one with the Articles of Organization, there are several reasons […]
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Pros and Cons of the Most Common Business Entities
A crucial step that entrepreneurs must take when starting a business is choosing a business entity for their company. Business entities have advantages and disadvantages. The type of business entity you choose depends on your desires, needs, and plans. A South Carolina business attorney can help you decide which entity provides the benefits you need […]
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Should Our Company Have Key Person Insurance?
When you operate a business, there are many types of insurance that you need. Some insurance policies are required by law, such as automobile liability insurance or workers’ compensation insurance. Other types of insurance are a wise investment to protect your business, such as liability insurance and property insurance. Our South Carolina business attorneys can […]
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8 Things That Should Be in Your Corporate Bylaws
Bylaws are the governing document for your company. The bylaws set forth the rules and guidelines that allow the company to function smoothly. When drafting the bylaws, the incorporators can tailor and customize the bylaws for the company, but certain items should be included in every company’s bylaws. A South Carolina business attorney can help […]
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Five Common Estate Planning Mistakes and How to Avoid Them
Although estate planning may seem daunting, it’s really about organizing your affairs and planning your financial future. By consulting an experienced estate planning attorney, you can avoid some common estate planning mistakes. Common Estate Planning Mistakes 1. Not Having a Will A will is the most basic estate planning tool that establishes how your property […]
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Is a Verbal Agreement Enforceable in South Carolina?
Contracts are a key legal document used every day in business. A contract protects the interest of all parties by reducing their agreements to writing. A contract that meets all legal requirements is legally enforceable, which is vital when transacting business. However, is a verbal agreement ever enforceable in South Carolina? Our South Carolina business […]
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When a Business Folds, Who Is Responsible for Its Debts and Other Obligations?
There are many reasons why a business may close its doors. In some cases, a business closes even though it owes debts to several creditors. If the company is no longer in business, who pays those debts? The answer to that question usually depends on the type of business entity used to form the company. […]
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Understanding UCC Filings
UCC (Uniform Commercial Code) filings are financing statements filed by mortgage companies, banks, creditors, and other lending institutions against secured collateral. The purpose of a UCC filing is to place other creditors on notice that a creditor has a secured lien against certain collateral that a debtor may be attempting to pledge as collateral for […]
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