Should I Form an LLC or a Corporation in North Carolina?
The appropriate business structure depends on ownership, liability, taxes, management, and future plans. An LLC offers flexibility in management and taxation, while a corporation may make sense for certain ownership and investment arrangements. Our attorneys can explain the legal differences and coordinate tax considerations with your accountant.
Do I Need an Operating Agreement for My LLC?
North Carolina generally does not require an LLC to have a written operating agreement, but having one is often valuable. It can establish how decisions are made, profits are distributed, ownership interests are transferred, and disagreements between members are handled.
Can NC Planning Help Me Buy or Sell an Existing Business?
Yes. We represent buyers and sellers in business acquisitions and sales, including transactions involving professional practices. Our services can include letters of intent, due diligence, negotiations, purchase agreements, and closing.
What's the Difference Between an Asset Purchase and a Stock Purchase?
In an asset purchase, the buyer acquires specified business assets and assumes agreed-upon obligations, subject to applicable law. In a stock purchase, the buyer acquires ownership interests in the company itself. Each structure involves different considerations regarding liabilities, contracts, taxes, and ongoing business obligations.
Do Professional Practices Have Different Legal Requirements?
Yes. Dentists, physicians, veterinarians, attorneys, and other licensed professionals may be subject to additional rules concerning ownership, entity formation, licensing, and professional operations. NC Planning helps professional practice owners understand these requirements when establishing, purchasing, or transferring their businesses.
Can You Review a Business Contract Before I Sign It?
Yes. Our attorneys review, draft, and negotiate business agreements, including commercial leases, purchase agreements, operating agreements, employment and associate contracts, and vendor agreements. Reviewing the terms before signing can help identify obligations, restrictions, and financial exposure that may otherwise be overlooked.
Can NC Planning Serve as Outside General Counsel for My Business?
Yes. Our ongoing corporate counsel services are designed for businesses that need recurring legal advice without necessarily maintaining an in-house legal department. This can include contract matters, corporate governance, ownership changes, transactions, and other planning needs.
When Should I Start Planning to Sell or Transfer My Business?
Ideally, before you're ready to complete the transaction. Reviewing ownership agreements, contracts, business records, succession arrangements, and potential tax consequences in advance can help identify issues that may affect a future sale or transfer.
How Much Do Business Planning Legal Services Cost?
The cost depends on the services involved and the complexity of the matter. NC Planning offers different billing arrangements, including fixed-fee projects and other engagement structures where appropriate. We'll discuss the scope of work and applicable fees before beginning representation.