Forming, Operating, And Growing Business Organizations
A business organization must be founded on sound principles and good legal advice in order to succeed. Especially when the business includes more than just one owner, solid formation contracts are essential. Every key player should understand, agree on, and carry out your business plan with transparency and efficiency. If disagreements develop amongst partners or owners and shareholders, the right legal counsel and the right contracts can prevent a breakdown and possible failure of the business.
At Herndon, Coleman, Brading, & McKee, LLP, our business law attorneys advise individuals who are just starting their business, as well as existing businesses, in the processes of incorporating, , operating, and growing businesses. We also assist business owners who wish to merge, acquire, sell or dissolve businesses. For almost a century, our firm has been a trustworthy source of legal advice and advocacy in the East Tennessee business community.
Start Your Business Off On The Right Foot
Forming a business in Tennessee typically requires these fundamental steps:
- Articulating the idea and vision for the business in a preliminary business plan
- Selecting the most appropriate entity structure, such as a sole proprietorship, a partnership, a limited liability company (LLC), a corporation or a nonprofit organization
- Considering the tax and other financial consequences of your business structure
- Deciding on a name for a business – an important step that can prevent confusion and expensive rebranding later
- Creating the selected entity with the correct documents and processes, such as filing articles of organization for your business with the Secretary of State
- Completing necessary tasks involving local, state and federal government, including obtaining an EIN, or tax registration number from the IRS, and obtaining pertinent insurance, bonds, licenses, and permits
- Determining the location of the business and clarifying any zoning requirements that must be addressed
- Choosing your officers and/or members and naming a registered agent for service of process
- Filing and reporting taxes
- Obtaining insurance
- Opening and maintaining a business bank account
Starting and maintaining a business can be overwhelming. Quality legal advice through all phases of business formation and operations will go a long way towards relieving your stress, and can prevent costly disputes, liabilities, and lawsuits down the road. Our lawyers can help you and your business be as successful as possible.
Prevent Or Resolve Partnership Disputes And Other Obstacles
In the course of business formation and daily operations involving partnerships, disputes and complications may develop. You may need help when:
- Partners accuse each other of wrongdoing
- One partner seeks to close the business or to be bought out in a “business divorce”
- Partners differ in their interpretations of a business organization agreement
- Shareholders disagree with officers of a corporation on major issues
- The divorce or death of a business partner causes disruption
- Operations are disrupted by a natural disaster, lengthy road construction, civil unrest or other factors beyond the control of the partners or officers of a business
- Owners/Partners want or need to dissolve and shut down a business
With more than 127 combined years of legal experience, Herndon, Coleman, Brading, & McKee, LLP, is prepared to help clients resolve challenges such as breach of contract claims breach of contract claims or internal business disputes.
Get Legal Guidance For Your Business Organization
Our business law attorneys welcome the opportunity to consult with you about business formation, legal questions about an existing business, a merger or acquisition, the sale of a business, or business succession planning.
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