Business Attorney in South Carolina
What is a Business Attorney?
The challenges to running a company are many, and the main goal of a business attorney should be to allow the entrepreneurial spirit to flow, so the focus can be on customers, rather than the distraction of complex legal matters.
They should be comfortable with contracts, consulting with entrepreneurs, negotiating complex situations, taxation, and intellectual property, as well as arguing cases in court. However, their professional skills should be used to help business owners understand the problems they’re facing and which problems they might face in the future, so as to mitigate or even prevent legal problems before they occur.
Small or medium-sized companies have a unique character, and provide a welcome and interesting service to their community. So it is important for any business lawyer to be sensitive to the firm’s home town, as well as being completely understanding of the state laws. Just like, we are well known in Charleston, and we are equally well versed in the state law complexities of South Carolina and the surrounding areas.
Business Lawyer FAQs
Partnership Issues
What can I do if my business partner isn’t showing up to work?
Whenever associates are no longer aligned with the firm’s values, or work ethic, problems can arise. It’s best to try to take these situations head on. You could agree to adjust salaries, a buyout, or hiring other people. There are many options to resolve misalignments. Be mindful that these situations can slowly escalate beyond repair so do your best to communicate clearly and effectively to resolve before it becomes something that causes long term problems.
What do I do if my business partner is misusing money?
This can be a problematic situation. You, of course, have a cause for action if someone is stealing money and also a breach of fiduciary duty. But you also have other problems about the future of the relationship if the owners do not trust each other any more. These situations can often lead to one buying the other out.
How can I get rid of my business partner?
You can always try to buy them out. If they have breached a fiduciary duty of loyalty or care, you may have other options. These situations can be delicate so it’s important to consider all options and be intentional with how you proceed. If a company gets locked into a partnership lawsuit, it can impact the value of the business itself in some circumstances.
What’s the best way to buy out my business partner?
You have several options. The ultimate goal is to find an agreeable price, timeline, and terms. You want to try to keep this conversation away from employees and clients. If the relationship is good, we recommend coming up with terms that you think you both would find fair and agreeable. There’s many ways to make this a smooth transaction, and we typically recommend clients think through the perspective of the other person involved so that an attractive offer can be made. That said, if there’s wrongdoing or tension that is leading to the buyout, you might be able to take a more aggressive route. A business attorney can help you strategize the best course of action. Many times it depends on the personalities involved so you can work with a lawyer on maximizing your chances of a smooth transaction.
LLC Structure
Do I need a separate LLC for each business?
Yes. There could be reasons for exceptions but you are trying to insulated one from the other. For example, if I own a restaurant and a rental property and someone gets injured at the rental property, I do not want the restaurant to be involved at all. A specific LLC for each will keep them apart. You’ll also want to have different bank accounts and treat these businesses entirely separately.
Do I need a separate LLC for each rental property?
This is a judgment call but yes you want some separation, so that if there is liability on one building, it can’t impact your entire portfolio. For some people, this means every property is in a separate LLC and for others they opt to group several properties together in each one.
How do I move my LLC from another state to South Carolina?
If you move from one state to another, you will want to amend your limited liability company. You have three options.
- First, you could keep the existing US business structure and then get a certificate of authority to operate in SC.
- Second, you could merge your current limited liability company with a South Carolina LLC<. This would be a good option if you need to preserve things within the business such as contracts or valuable licenses like with the DOT or otherwise.
- Third, you can dissolve the LLC you have now and start a new one in SC.
Meet Wesley Henderson, Your Business Attorney in Charleston SC
A graduate of Wofford College and the University of South Carolina School of Law, Wesley co-founded Henderson & Henderson law firm in December 2014. He says:
A member in an LLC (who owned 10% of the business) called me years ago with questions about whether he was paid his fair share of equity in his Charleston company. He called thinking he was owed $30,000. There were few formal documents and the primary owner kept our client in the dark about the purchase. In the end, we were able to find important information that showed my client was owed much more money and recovered more than $400,000 for his ownership interest. This taught me an important lesson as a business attorney: trust, but verify. When we started to verify the information, it did not add up and we pursued what didn’t add up until my client was made whole.
Learn more about business law, about Wesley Henderson, and contact him for any questions.
