View Our Practice Areas

Spartanburg Business Law Blog

How does the money work in an LLC?

When you consider the type of entity you want to form for your new North Carolina small business, one of the major considerations is how the money will work. You have numerous reasons for starting a business, and one of them is to make money.

When you asked for suggestions regarding entity formation, you probably received an earful about limited liability companies. While numerous benefits exist in forming this entity type, one thing you need to know is how the money works.

Addressing financing in your business plan

When you thought about starting a business here in South Carolina, you may have heard that a business plan is essential. It provides you with an outline of your company -- an outline of how the company will operate and goals you want to reach.

This sounds more like a tool just for you, and while it is, it does serve another important purpose. Your business plan lets others know what you intend for the future of your company. It shows how you plan to operate the company in a way that fosters success and helps it thrive. Why do others need to know this? If you want someone to lend you money, the lender needs to know you have a viable plan that allows for repayment.

Utilizing the due process hearing for your special needs child

As a parent, you are probably ready to fight when your child's needs are in question. After all, you are your child's voice and perhaps the only one to advocate for his or her rights. If your child has a learning disability or other special needs, you may have to fight more than most, especially when it comes to obtaining for your child the most complete and appropriate educational opportunities possible.

When your child's teacher, school or district fails to provide that appropriate education, you may wonder about your options. After all, the Individuals with Disabilities Education Act requires that students with special needs receive a free public education that is appropriate for their abilities. If you disagree with the school district's decisions about what is appropriate for your child, you may wish to understand how a due process hearing can work for you.

Dealing With Debt Collectors

It is common for many of us to have various levels of debt, such as credit cards, mortgages, car payments, etc. For many individuals, losing a job or even missing a single paycheck, could significantly impact their ability to pay their monthly debt payments. With the current government shutdown, it is a scary time for federal employees and federal contractors who are in the unenviable position of not currently receiving a paycheck. Since it is unknown as to when federal workers and contractors may receive their next paycheck, individuals who have debts may be unsure how to handle creditors in those situations. If you are dealing with any debt, it is important to understand your rights under the Fair Debt Collection Practices Act (FDCPA). 

Have you chosen a registered agent for your company?

When trying to get a South Carolina business off the ground or even while running the business after it's operational, it may seem like the decisions you need to make are never ending. Of course, you likely expected this task when you decided you wanted to start a business in the first place. In order to keep a company running and growing, you need to handle the daily decisions.

You also need to make decisions to ensure that your company meets all the requirements for the type of structure you have chosen, such as a limited liability company or a corporation. As you do this, you may want to make sure that you have chosen a registered agent for your company.

Trademark infringement may warrant litigation

As you have operated your South Carolina business over the years, times may have come up when you needed to protect your intellectual property. Because you understand the importance of intellectual property, you wanted to ensure that other businesses could not lawfully use your company's IP for their own successes. As a result, you may have trademarked certain information.

Commonly, trademarks apply to logos, slogans, business names, certain designs and other similar variations of ideas. Of course, even if you have taken the time and made the effort to trademark certain aspects of your company's brand, it does not necessarily mean that all companies will avoid using it. However, if a company does utilize your trademarked information, you may have reason to move forward with trademark litigation.

How does forced arbitration work?

Though many businesses are phasing them out, arbitration clauses are still a feature in some contracts. They require both parties to seek resolutions to any contract disagreements by using alternative dispute resolution methods rather than litigating the matter in court. The decision reached in arbitration is legally binding, and there is typically no alternative for an appeal. If you encounter an arbitration clause in a potential contract, it's important to have clarity about how they work.

The discovery phase of your business lawsuit

Facing legal action against your South Carolina business is likely something you hoped would never happen. Nevertheless, despite your efforts to be proactive, you have learned that a customer, vendor or another business has named you in a lawsuit, and now you must respond.

A lawsuit can easily drain time, money and resources from your business, so you want to be certain to deal with it in the most efficient and cost-effective way. If you have an attorney who has assisted you through the establishment and growth of your business, you can likely count on that professional to guide you through this difficult time, including the critical discovery phase of the lawsuit.

What should you include in your LLC's operating agreement?

As is the case with many small businesses here in South Carolina, you chose to form a limited liability company when you started your new business. Now that you can legally operate, you may have thought that the paperwork part of starting up your business was over.

However, you need to draft an operating agreement. This document outlines the agreements among you and the other members of your company. It covers a wide array of issues that could arise among the members, along with matters such as who handles the day-to-day operations, who handles the money and more.

Why every business should get an annual checkup

No business is stagnant. Just as the market is continually evolving, so, too, is your business. And so is the legal landscape that affects your enterprise.

Most businesses undergo a thorough legal vetting at certain milestones: during formation, while considering a major acquisition, or when restructuring or selling, for example. But every business can benefit from more frequent and regular legal reviews.

Representing Clients In Spartanburg And Throughout the Carolinas

Learn How We Can Help

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

A Business Law Firm, LLC
1989 South Pine St.
Spartanburg, South Carolina 29302

Phone: 864-308-2486
Phone: (864)-699-9801
Fax: (864) 699-9803
Spartanburg Law Office Map

office
Back To Top