No Business is too Small to Need Corporate Counsel

All businesses, big or small, should have “corporate counsel”.   While it is not necessary for most business to maintain in-house counsel, as their needs are irregular, it is unwise to utilize an attorney only when a dispute arises.

There are numerous reasons why a business or business owner who waits until a problem has arisen before contacting an attorney is at a distinct disadvantage.  This author has addressed this, and a variety of inter-related issues, in more detail in the full article, which you can find here: No Business is too Small to Need Corporate Counsel.  The full article addresses common misconceptions and failures made by a business in some of the following scenarios:

1)     Self-help business formation, filing Articles without an attorney and failing to have proper entity structure or formalities;

2)      Overlooking the importance of member/shareholder transfer restrictions and the value of a “Buy-Sell Agreement”;

3)     Failing to establish the rights, responsibilities and obligations of each owner/member, resulting in costly disputes; and

4)     Failing to maintain the “veil” between corporate and personal liability.

If you are a business owner, or you know a business owner, you should read the full version of this article, and forward it to anyone who you may believe would benefit from reading it.  Should you need to speak with an attorney, information about Brad Boyd and the Thomsen Nybeck firm can be found here: http://www.tn-law.com/Attorneys/Brad-J-Boyd.shtml.

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This blog entry is written by Brad Boyd, a Shareholder at Thomsen Nybeck.  Brad’s practice focuses primarily in Real Estate, Real Estate Brokerage, Business and Corporate law.  Brad provides legal advice, guidance, and representation related to risk management in a wide variety of real estate and business law matters.  Brad has worked with a wide array of small and mid-size businesses through all stages of the business life-cycle, from formation, to ongoing operation, to shareholder disputes, work-outs, and sale or dissolution.