LLCs and Corporations – Buy/Sell Agreements – Business Litigation – Business Purchases
BUSINESS LAW encompasses many different aspects of commercial legalities. The most common part of Business Law in Louisiana is creating and organizing the business entity. Depending upon the Client’s choice of business entity, our attorneys have many years of experience in creating Louisiana Limited Liability Companies, Louisiana Corporations and Louisiana Partnerships.
The major difference between a Louisiana Corporation and a Louisiana Limited Liability Company is that the Corporation will have “shareholders” whereas the limited liability company will have “members.” Most Corporations will issue stock certificates in the corporation, and these stock certificates will serve as the owner’s title to his or her ownership in the corporation. While some Louisiana Limited Liability Companies issue membership certificates to their members, it is not common practice for LLCs to do so.
Another difference between Corporations and Limited Liability Companies is that the formalities for operating a Louisiana Corporation are more stringent than that of a Louisiana Limited Liability Company. It is common practice for many Louisiana Corporations to hold annual shareholder meetings and board of director meetings, and written records of these meeting “minutes” are kept with the Corporation.
If you would like to learn more about which choice of business entity would best serve your needs, we urge you to contact our Louisiana Business Law Attorneys.
The purchase and/or sale of a business is not a matter to be taken lightly. This is a serious investment, and you should have a qualified and knowledgeable attorney assist you to ensure that your rights are being protected and that the transaction is being conducted in a proper manner in order to drastically reduce the possibility of any later “surprises.”
The most common form of business sale is when one family member sells the business to another family member. This is usually done through a Buy-Sell agreement. A Buy-Sell agreement is a contract among the owners of a business describing how the ownership of that business is going to be transferred upon certain events occurring. Buy-Sell agreements are incredibly important to ensure the orderly transfer of a business’ ownership to another generation or another business partner.
If you have been considering purchasing a business, franchise or perhaps selling your business, our Louisiana Business Law Attorneys are ready to assist you with this exciting transaction.