Business/Corporation

Any activity or enterprise entered into for profit. It does not necessarily mean a company, a corporation, partnership, or that it has any such formal organization. A "business" can range from a street peddler to General Motors. It is sometimes significant to determine if an accident, visit, travel, meal or other activity was part of "business" or for pleasure or no particular purpose.

Any activity or enterprise entered into for profit. It does not necessarily mean a company, a corporation, partnership, or that it has any such formal organization. A "business" can range from a street peddler to General Motors. It is sometimes significant to determine if an accident, visit, travel, meal or other activity was part of "business" or for pleasure or no particular purpose.

What is Business law and why do I need an attorney?

Business and corporate law involves business tort litigation, partner and shareholder disputes, and asset litigation. Business/corporate attorneys handle a variety of business transactions ranging from general contract law, entity formations and acquisitions to complex issues involving protection of ownership interests, succession planning and financing agreements.

Included in business and corporate law is the structuring of business entities - establishing corporations, limited liability companies, limited partnerships and other business arrangements. In addition, corporate law focuses on advising corporate governance, issuance of stock, and preparing shareholder and limited partnership agreements.

General Business Litigation and Arbitration includes a wide array of practice areas, including commercial disputes, contract, corporate, partner and shareholder disputes, insurance, employment litigation, governmental and real estate disputes, as well as general and business torts and contract disputes.

Unfortunately, litigation, or the threat of litigation, is a fact for many business owners. Even business owners who have protected personal assets by forming a corporation or LLC may be at risk of litigation. When you are threatened with litigation, the worst thing you can do is ignore the problem, especially if you have been served with court papers. Failure to respond quickly may cause you to lose valuable rights.

When you are threatened with litigation, you should contact an experienced business litigation and arbitration attorney. If another person has wronged you or breached your contract, do not be afraid to consult our firm.

What is a sole proprietorship?

Sole Proprietorship is a business owned by one person.

What is a partnership?

A partnership is the legal relationship between two or more persons who carry on business together in order to make a profit.

What is a corporation?

A corporation exists as its own legal being. The owners of a corporation are its shareholders.

How many people does it take to make a corporation?

A corporation can be formed with as few as just one (1) person.

Which type of entity should I form?

To decide whether to form a Corporation, Limited Liability Corporation (LLC), or other type of entity you should discuss this matter with both your attorney and your accountant. Your attorney can inform you of liability issues and your accountant will advise you of the tax ramifications.

What is a registered agent?

A registered agent is a person who resides in South Carolina that is authorized to accept service of process on your company’s behalf.

What is the difference between an LLC, a corporation, and a Subchapter S corporation?

The main similarities between an LLC and a corporation are: both are legal entities created by a state filing, both help protect your personal assets from your business liabilities, and both have few ownership restrictions.

A Partnership is a legal relationship between two or more persons who carry on business together in order to make a profit. A Corporation exists as its own legal being. The owners of a corporation are its shareholders. The main differences between LLCs and corporations are: corporations issue stock and are owned via stock, while LLCs do not issue stock. Like partnerships, LLCs are simply owned by the members and/or the managers of the company. Corporations are required to hold annual meetings and to keep written minutes. LLCs do not have this requirement, resulting in less official paperwork. Corporations are taxable entities, and (except for Subchapter S Corporations) they must pay taxes on their profits at the corporate tax rate. LLCs, like sole proprietors, partnerships and S Corporations, are "pass-through" tax entities. This means that the profit or loss generated by the business is reflected on the personal income tax return of the owners, thus avoiding the double taxation of paying first corporate tax on profits and then personal income tax on distributions of profits.

Both types of entities provide protection to the individual owners from liability to creditors. The LLC, however, allows the owners to select the tax treatment of a partnership, so that there is no tax at the company level, with profits and losses flowing through to the individual owners.

A subchapter "S" Corporation, also called an S Corporation, is a corporation that once incorporated, elects a special tax status. The Subchapter S tax election enables the shareholder to pass through earnings and profits directly to their personal tax return.If the corporation has a profit, the shareholder, if working for the company, must pay themselves wages that meet the standards of "reasonable compensation."