Closely-held corporations, small partnerships, LLC’s, and family companies all require a special level of care and attention to laws and issues that affect these businesses.
At The Loftin Firm LLP, our experienced small business attorneys understand these laws and issues, and understand the important thresholds when heightened regulations kick in—whether that be a labor law concern, an investor reporting concern, or other regulations. These regulations may jeopardize the profitability or solvency of a small company. Small companies must comply with some of the same laws and regulations which affect large companies. Our attorneys are experienced as outside corporate or general counsel for small business, and are familiar with ensuring cost-conscious compliance with the law.
Proper Corporate Operations
Small businesses require maintenance. Just as every company must file an annual tax return, companies should stop in for an annual check-up on their corporate documents, records, and key contracts—to ensure company compliance with changing state and federal laws and regulation, to ensure adequate business formality to protect the owners. Our attorneys will work with you and your tax professionals, to ensure the entity documents and records reflect any tax planning instituted by your tax professional, and accomplish those goals. Each small business has its own unique requirements for compliance which can be reviewed by our attorneys with you.
As outside business/corporate counsel, our attorneys can participate in your annual meeting to ensure compliance with state and federal law, and promote business/corporate best practices to ensure your entity retains the liability shield originally intended. If you have not followed corporate best practices in the past, our attorneys will quickly prioritize key compliance tasks for your entity, based on a brief initial discussion or questionnaire. Our skilled attorneys will then execute on your priority list, within your budget—relying on paralegals where possible for document preparation.
Preparing Businesses for Growth
Loftin Firm LLP attorneys also help very early stage companies (pre-VC) prepare for initial fundraising and counsel on best practices related to securities regulation and exceptions. Our attorneys also counsel on benefits planning, qualified and nonqualified stock plans, governance and intellectual property control, and other important considerations prior to taking on a major investor or investors.
Securities law considerations are essential—it may be unlawful to solicit investment in your business without registration, or if you are eligible for an exemption, you may be required to report that exemption to the appropriate authority. Do not risk penalties, unnecessary liability, or potential criminal liability in extreme situations, from failing to comply with securities laws. For many small businesses, a brief form is all that is necessary. Contact a Loftin Firm LLP attorney about corporate securities laws today.
Buying and Selling a Business
Our experienced business transaction attorneys help prepare your entity for sale, and participate in the negotiation and drafting of sale agreements. While “handshake” deals are a hallmark of skillful negotiators, complete documentation is essential to ensure legal enforceability, indemnity and risk allocation, and predictable tax treatment. Loftin Firm LLP business attorneys are also skilled in due diligence for a wide range of businesses—evaluating exposure and liability from a multitude of sources to assist and inform a client’s valuation calculation. Good documentation is crucial in business acquisitions, particularly to guard against undisclosed or seemingly innocuous exposures from former customers, employees, or partners of the selling company.
Also, many businesses require state and/or local licensure—and certain licenses may not be transferred. Loftin Firm LLP administrative law attorneys can help ensure your licenses or permits are properly and lawfully escrowed, if they are so eligible. Alternatively, if a new permit is required, our attorneys can assist should there be an unreasonable delay or condition placed on your business.