New and expanding companies in South Carolina benefit from a sound foundation and structure as a result of thoughtful business formation decisions. Business owners should choose a business formation that optimizes their chance for growth and profit. The correct business formation also helps business owners avoid liability and collateral damage to equity holders that could threaten their business. Additionally, business formation includes tax planning, commercial real estate transactions, contract drafting, and protecting intellectual property.
Discuss Your Case with a Business Formation Lawyer Today
At Willcox, Buyck & Williams, PA, we provide integrated and comprehensive legal services to help you choose the best business formation for your company. Whether you’re starting a business and need to select a business entity structure, or you’d like to protect yourself and your business through business formation, we are here to help. Contact us soon through our website or phone if you would like to schedule an initial consultation to learn more.
Our Business Formation Services
Many different factors go into forming a business. Business owners face a wide range of regulations and laws. They also need to make many important decisions, sometimes in a relatively short time frame. All of these factors can put tremendous pressure on business owners. At Willcox, Buyck & Williams, PA, our corporate lawyers can assist business owners with all aspects of business formation.
Discussing your business formation issue with a skilled lawyer can help you rest assured that you understand the legal issue at hand and make the best decision possible. We offer our corporate clients a wide range of legal advice and services related to business formation, including the following:
- Formation of corporations and limited liability companies
- Management and dissolution of corporations and limited liability companies
- General business planning and legal advice
- Advice regarding commercial real estate transactions
- Buying, selling, or liquidating businesses
- Establishing and protecting trademarks, trade names, copyrights, and other intellectual property
- Hotel and travel law
- Employing contract negotiation and drafting
- Business agreement negotiation and drafting of contracts
- Creditor/debtor relations and disputes
- Non-compete agreements
- Partner buy-outs
- Confidentiality agreements
- Employment law issues such as wrongful termination and discrimination
Selecting a Business Structure
In North Carolina, there are a wide variety of business structures available to business owners. Business structures range from sole proprietorships and limited liability corporations to C corporations and S corporations. Trying to decipher the differences between each structure and choosing one for your business can be challenging. The structure in which your business operates will impact your tax liability, personal liability, and management decisions.
Understanding the requirements and advantages of each type of business structure can help you tremendously. With Willcox, Buyck & Williams, PA, on your side, you can rest assured that you will understand all of your options and make the best choice possible for your business. One of our skilled business lawyers will assist you in weighing the pros and cons of different business entities in South Carolina.
By default, businesses in South Carolina are considered sole proprietorships. Sole proprietorships are the most straightforward legal entity, and they are businesses owned by one person who is liable for the company’s debts. The owner claims the business’s profits on his or her personal tax return. There are no state filing requirements, but business owners who are sole proprietors are exposed to lawsuits. Should their company be sued, the business owner could find his or her personal assets on the line to pay the judgment.
Limited Liability Company (LLC)
Limited liability companies are a useful tool for business owners who want to avoid being personally liable for their company’s debts. The owner uses a pass-through tax structure. With an LLC, but the profits are passed to the owners. The owners claim the LLC’s profits on their personal tax returns. If you would like the protection of a corporation without the difficulty of managing a corporation, an LLC could be right for you.
Corporations are the most complex legal business entities, especially when a company intends to become public and trade on the national stock exchange. There are several different types of corporations, including an S corporation, C corporation, and B corporation. However, every type of corporation affords business owners the most protection from personal liability. South Carolina recognizes B corporations, or benefit corporations. These types of corporations benefit the public. They operate for profit, and for tax, similar to a C corporation.
Planning for Growth
Forming a business is an exciting but often stressful time. Many different tasks need to be done effectively to give your business a firm foundation and protect you from liability. At the same time, it’s crucial that all business owners focus on planning for growth when they start their business. We provide our clients with concrete advice from an objective perspective. For example, when our clients are presented with licensing agreement deals or potential business alliances, we will discuss the potential opportunities and the risks involved.
At Willcox, Buyck & Williams, PA, we work hard to learn as much as we can about our customer’s businesses and their personnel so we can give them the best possible legal advice. We want to facilitate the long-term profitability and growth of their businesses. Our skilled business lawyers provide our clients with straightforward opinions and advice, giving them the realistic and informed feedback they need to help them make the ultimate decisions for their businesses. Willcox, Buyck & Williams, PA, has been invested in our local community for over 100 years, and we want local businesses to succeed and thrive.
Contact a South Carolina Business Succession Lawyer Today
At Willcox, Buyck & Williams, PA, our business lawyers have the insight you need to guide you in making business formation decisions effectively. We are a trusted corporate law firm with offices in Florence and Myrtle beach. Our talented corporate attorneys have the skills necessary to assist clients with business formation matters effectively. If you have questions related to business formation, contact us today to schedule your initial consultation.