Myrtle Beach Business Formation Attorneys Help Clients Launch Successfully
Grand Strand lawyers provide strategic guidance with business formation and transactions
As a law firm that focuses on providing service to small businesses, our attorneys at DesChamps Law Firm understand how important it is to you to start your own business. Regardless of the amount of money at stake, you want your business to be a success, and the DesChamps Law Firm is available to help you lay down a solid foundation so that you can succeed in your business through your hard work and determination. Below is a list of some of the services we provide for small businesses:
- Assistance with business entity formation and registration.
- Drafting operating agreements, partnership agreements, resolutions, or similar documents reflecting the terms and conditions agreed upon between the members, partners, or owners of your business.
- Setting up the company and obtaining proper certificates and authorizations in conjunction with the type of business you will be operating.
- Drafting, reviewing, and negotiating leases, contracts, or other agreements with vendors, landlords, tenants, service providers, or potential clients.
- Assistance in purchasing or selling businesses and business interests to other members, partners, shareholders, or owners as well as third party purchasers.
Launching a new enterprise can be overwhelming, but the right legal guidance makes things easier. Located in Myrtle Beach, DesChamps Law Firm delivers comprehensive counsel on the legal issues that face startups and existing businesses so that you can concentrate on making your business a success. We can assist you not only in the formation process but can also guide and assist you toward settlement or resolution of contested issues and disputes pertaining to your business. If you feel you need some guidance, advice, or any of the services listed above, please feel free to contact any of the attorneys at the DesChamps Law Firm and we will be happy to set up an appointment to meet with you to discuss your needs.
Types of business entities available in South Carolina
If you are creating a new business in South Carolina, one of the first major decisions you will make will be determining the type of entity appropriate for your business. Choosing the appropriate entity form is important because it could be costly to convert your entity to a different form down the road. In South Carolina, the relevant entity form choices include sole proprietorships, general partnerships, limited partnerships, limited liability companies, registered limited liability partnerships, and corporations. The common entity forms we typically encounter include:
- General partnership — A general partnership is a simple type of partnership form in South Carolina where two or more people agree to share in the assets, profits, debts, and liabilities of their respective entity. A general partnership is created when two or more people (or even business entities) go into business together for profit and can be formed with or without a written agreement. In South Carolina, general partnerships are fairly simple to create, have limited administrative requirements, and allow for tremendous flexibility. Although not required by South Carolina law, a general partnership should have a well written partnership agreement signed by the partners to govern the affairs of the entity and the relations among the partners. A significant disadvantage of a general partnership is that each partner is individually and jointly liable, with co-partners, for partnership debts.
- Limited partnership — Limited partnerships (LPs) are entities in which one or more partners assumes the role of “General Partner” and is thereby granted management authority and operational control with greater liability for partnership debts and liabilities when compared to the entity’s limited partners. The other partners or “Limited Partners” typically do not have management authority or operational control but their liability is limited to the amount of their investment in the entity.
- Limited liability company — Many business owners now choose to establish limited liability companies (LLCs), which allow them to blend the flexibility and tax structure of a partnership with the protection from personal liability you’d get from a corporation. Although not required by South Carolina law, an LLC should have a well written operating agreement signed by the LLC’s members to govern the affairs of the entity and the relations among the members. Drafting an operating agreement at the outset of forming an LLC is extremely important. For instance, an operating agreement should include, among others, provisions pertaining to entity income tax election, allocation of profits and losses, distributions, dissolution, and member disassociation. Should you select this option, we can assist with articles of organization, operating agreements and other foundational concerns to help start your LLC off on the right foot.
- Subchapter S corporation — There are different types of corporations, all of which provide the most personal liability protection to business owners when compared to other entity forms. S-corporations are often utilized by small business owners because this entity form provides the personal liability shield afforded to shareholders of other corporation types without having to face double taxation. However, S-corporations have specific requirements that may not be ideal for some business owners.
Whatever your particular circumstances or needs entail, our firm offers thorough guidance to help you choose the right type of legal business entity.
Why hiring an experienced lawyer is so important
The various types of business entities in the United States can be broadly defined and generally categorized, but the law governing each entity type varies from state to state. Using online generalized forms at the onset or forming your new South Carolina entity without consulting a knowledgeable attorney may seem fairly simple and inexpensive, but this decision can lead to disastrous consequences down the road. At DesChamps Law Firm, our attorneys do not use form templates but prepare the necessary entity documents for clients by drafting provisions that are tailored to the client’s specific needs and based upon the knowledge and experience that our attorneys have acquired over the years in both our litigation and transactional practice.
Contact a knowledgeable South Carolina business and corporate attorney
The attorneys at DesChamps Law Firm advise Grand Strand clients on all types of business formation and planning issues. To schedule a consultation with one of our experienced lawyers, please call 843-213-6430 or contact us online. Our office is in Myrtle Beach.