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Business succession planning is essential to any business for a number of reasons. These include: Ensuring a smooth transition of ownership and management. Maintaining continuity of operations in the event of the death or incapacity of a current owner or key executive leader. Identifying and preparing potential candidates for key leadership roles. Providing legal and…
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Starting a business in North Carolina can be a great way to make money and provide your own unique service or product. However, there are a few things you should know before starting your business. In this article, we will discuss some of the most important things you need to know before starting a business…
Read More about Ask a Lawyer: What You Need To Know About Starting a Business in North Carolina
When a business owner in North Carolina is ready to retire, sell, or wind down their business, they will need to choose the appropriate structure for the exit. There are a few common structures used for business exits in North Carolina. We will discuss them in this article. Each option has its own set of…
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An LLC is a limited liability company that allows a business to operate with a flexible structure and with fewer requirements than a corporation. Additionally, it provides protection to the individual operating the business and potentially offers tax savings. However, as an organization grows and changes so does its legal structure. Knowing when it makes…
Funding is always a challenge for small and growing businesses. There are a number of government grants and other forms of support for small businesses that can help you expand. Most of these programs are specific to the type of business and the business’s goals for expansion. Some of them are also directed toward specific…
Read More about How To Take Advantage Of Government Funding For Your Business
Your organization could resort to downsizing for many reasons, including cost-cutting, restructuring, mergers, and other factors. When you consider laying off employees, you must examine the risks of violating various state and federal laws. Furthermore, in the event of a layoff, several common law claims may be strengthened, and a mass layoff may expose you…
Read More about Protecting Your Company From Liability During Downsizing
There are many forms of reorganization and bankruptcy, but not all are available to – or make sense for – small businesses. Due to recent changes in the law, however, a Chapter 11 reorganization, which used to be somewhat challenging to access for many small businesses, has become much more accessible. Here, we discuss what…
Raising money for starting or growing a business is one of the most challenging parts of being an entrepreneur or a business owner. You might have that revolutionary idea for a product or a service, but your resources aren’t just enough. So, where do you turn to get the financing for your business idea? Thankfully,…
People use the terms mergers and acquisitions interchangeably, but they have different meanings. In an acquisition, a company takes over another one and becomes the new owner. A merger refers to two firms, roughly the same size, that come together to do business as one company or a merger of equals. For example, Daimler-Benz and…
Read More about The Mergers & Acquisitions Process In North Carolina
Whether you’re looking to retire or begin a new business venture, you may be in the situation where you need to close an existing venture. It may seem easy to just walk away, however, there are a variety of legal requirements that may make the process seem daunting at first. Here are a few important…
Read More about How Do I Close My Business In North Carolina?
There are many reasons business owners choose to sell their businesses. It could be because they want to move to another state or city, they want to retire, sales are down and they don’t have the energy to continue, or they are just looking for a new challenge. No matter what reasons you have to…
The pandemic and the government stay-at-home order have significantly impacted most businesses and business owners. As a result, there are instances where business contracts are not honored. This raises the question whether the force majeure clause can pardon contract non-performance. The force majeure clause is a time-hallowed contract defense. The clause protects either party when…
Read More about What Is A “Force Majeure” Clause And When Is It Used?