Businesses are formed in many ways. There’s the sole proprietorship, the general and limited partnership, limited liability companies, corporations, and joint ventures. Each form has its virtues. At Berg, McLaughlin & Nelson, we listen carefully to the client’s business plan and objectives, then apply the firm’s experience in advising the client.
Many small businesses start with a friendly handshake and break down when the terms of the shake are misunderstood, or unforeseen circumstances complicate the original “deal.” The transactional practice team has experience in structuring business relationships. What happens when a working partner dies, wants to retire, or becomes incapacitated? What rights do minority owners have against dilution? What protections do shareholders have to oversee management? When can owners call for more capital and what happens if an owner doesn’t pay his share? What happens if the owners deadlock over a management issue? How and when are profits and losses distributed? When may an owner sell his shares?