Fort Mill Business Law Attorney

Top Rated Business Lawyer in Fort Mill, SC

Since 1960, the lawyers with the law firm of Mack & Mack Attorneys have been providing skilled and knowledgeable legal guidance to South Carolina businesses of all sizes. We understand the unique challenges that come with operating a successful business, and we are committed to providing the qualified legal counsel necessary to help you navigate complex situations and shield the future interests of your business.

We help both small and medium-sized businesses address various legal concerns. From issues you must address before you launch business operations to drafting a succession plan, our skilled attorneys can walk with you through every step, helping you make decisions that lay a strong foundation for your company. We are committed to your success.

Assistance For A Variety Of Legal Concerns

One of our goals is to help your business avoid complications through careful planning and specific legal measures. Before you start a business, sign a contract or complete a significant transaction, we make every effort to ensure your protection and eliminate the possibility of future issues that could have a negative financial or legal impact.

Our skilled team of attorneys can help with:

• Drafting and contract review
• Commercial real estate transactions
• Representation before zoning and planning committees
• Purchasing or selling a business
• Drafting business succession plans

It takes years of effort and hard work to build a business, and we can help you take steps to ensure its continued operation for years to come. Whether it is shielding your business from the possibility of a divorce or laying the groundwork to sell or pass ownership to family members at some point, we can help you draft plans that allow you to look to the future with confidence.

FAQs

What are the advantages to forming an entity?

In South Carolina, the main types of business entities are sole proprietorships, partnerships, limited liability companies (LLCs) and corporations. Each type of entity offers specific advantages, so choosing the right structure requires consideration of several factors. Liability protection is one important consideration because it determines how well the business can insulate you personally from potential lawsuits aimed at the business. Taxation is another factor, including whether you must file a separate tax return for the business or whether business proceeds pass through to your personal income tax return. You should also consider management and operations, including who will run the company, how day-to-day operations will be managed, and the goals and duties of the company.

What are the differences between a limited liability company (LLC) and a corporation?

An LLC is a common form of entity in South Carolina and is governed by the South Carolina Uniform Limited Liability Company Act of 1996. An LLC is treated as a separate entity from its members and can provide liability protection that helps insulate members from the negligence of employees or the debts and contractual obligations of the company. LLCs also allow owners to choose whether the company will be taxed as a pass-through entity or at the entity level. The operating agreement that governs the management of the business can be customized to fit the company’s particular needs. LLCs can be particularly useful for small-business owners without outside investors.

Corporations in South Carolina are governed by the South Carolina Business Corporations Act of 1988. Like an LLC, a corporation is a separate legal entity from its owners or shareholders. Corporations, however, are subject to specific corporate formalities, such as annual meetings and minutes, yearly filings and fees, and making business information available to shareholders. A corporation is generally taxed at the entity level but can elect to be taxed as an S corporation, with taxes passing through to the owner’s personal income tax return. Corporations can also provide a more sophisticated form of governance for businesses with outside investors.

What is required to commence the purchase or sale of a business?

When selling a business, you will first look to the governing documents, such as an operating agreement for an LLC or bylaws for a corporation, to determine what steps must be taken. In a business purchase or sale, the parties will usually sign a letter of intent, which is a nonbinding agreement showing that the parties are serious about the transaction. A formal, final purchase agreement will follow and contain the important details of the transaction, including the price and terms. Sellers must also give potential buyers an opportunity to perform due diligence on the business so the buyer can review the seller’s finances and make an informed determination about the value of the company.