The Greater Williamsburg area is an exciting place to live and work, especially because of the large number of entrepreneurs who have built businesses from the ground up. These entrepreneurs have taken their passion and made it their profession.
Many of us want to take that step. Before you begin, you need to think of the type of business entity you want to form. Our attorneys have extensive business experience, from small one-person companies to publicly traded major corporations.
Maybe you want to sell that business you built, or maybe purchase another entity. You will need our attorneys to provide you with experienced counsel and advice to ensure you minimize your liability and maximize your financial position. Again, these transactions are made through contracts, and you need to speak with our attorneys before you execute any documents to make sure that your interests are protected.
Contact us to discuss your matter. Below you will find answers to some of your questions regarding general business matters. You can find additional information in our Law Library and our Blog.
Do I need to set up a corporation or company for my business?
There is no requirement for you to “incorporate” your business. If your business is solely owned by one person, without employees and without outside funding, “incorporating” your business may not be the right idea for you. Still, if you enter contracts with customers and vendors, you will want an attorney to review those documents to make sure that you are protecting your interests.
My friend and I want to start a company, can you help us?
Most certainly we can assist you, but first we would establish the “ground rules” for our representation. Regardless of whether we eventually decide to establish a limited liability company or a corporation, your interests may be different from your business partner’s interests. Therefore, we will counsel you both on potential conflicts and make the determination, with you, as to whether will represent either you, your business partner, or your newly formed company. In that way, all parties can be sure that our attorneys are providing you with unbiased counsel.
I received an offer to purchase my business and signed a letter of intent. Is it too late to change the terms of the deal?
At the risk of using “lawyer speak,” the answer is “it depends.” As in all agreements, the written terms of the agreement govern. Therefore, it depends upon the language of the letter of intent and what terms you want to change. We advise that you seek counsel when you are approached by a prospective purchaser. You need to have information so that you can make well-reasoned decisions. Before you discuss the sale of your business, above all you want to make sure that your corporate secrets are kept confidential. Our experienced attorneys have drafted numerous documents protecting sellers of businesses. Call us to discuss your prospective sale before you sign anything.