Whether you’re considering opening a new business or are a veteran business owner, rely on Dingeman & Dancer, PLC to assist you as you navigate your organization’s launch, purchase, sale, or management.
Below, we’ve compiled some of the top business law-related questions and answers. Read on, and of course, reach out should you have further questions.
It’s common to have questions about the law. Dingeman & Dancer’s team has the answers.
What is the difference between a joint venture and partnership?
Joint ventures and partnerships are groups formed to launch or purchase a business.
A partnership has no limit on the number of partners forming the business entity together and is always composed of individuals, not business entities. A joint venture is similar to a partnership but may be formed with individuals, business entities, or, in some cases, even government agencies.
A business attorney may help a new business with licensing documentation, drafting contracts and employment manuals, and enacting policies protecting sensitive materials or intellectual property.
What does a business lawyer do?
A business lawyer assists you and your company with all legal matters. For example, a business attorney may help a new business with licensing documentation, drafting contracts and employment manuals, and enacting policies protecting sensitive materials or intellectual property. Business attorneys may be hired on a retainer basis to serve as ongoing counsel or contracted to complete specific projects.
Are there specific legal questions to ask when starting a business?
Yes, there are questions you should ask your business lawyer as you’re starting a business. A few key things to ask about are:
- the correct type of business entity for your goals
- how to choose a name for your business entity
- how to protect yourself from risks as an employer
- what types of contracts (with employees, other businesses, etc.) need to be created
- intellectual property rights
Every business will be different, so it’s important to talk to your lawyer before starting your business.
What are the different types of business entities?
The are six common types of business entities:
- sole proprietorship
- general partnership
- limited partnership
- limited liability corporation (LLC)
- C corporation
- S corporation
Your venture will better thrive as a specific business entity, so it’s essential to talk to an attorney to make sure you file for the best fit for you. A qualified business attorney can help you to identify the correct entity and file the associated paperwork.
Is there a difference between a merger and an acquistion?
Yes, mergers and acquisitions differ in deal structure. A merger results in a new business entity that combines two or more existing entities. This can benefit smaller companies looking to strengthen themselves by joining another company.
An acquisition involves a company assuming control of (purchasing) another business and usually involves the acquired entity being absorbed and/or renamed.
Find Qualified Business Lawyers in Michigan
For more than 30 years, Michiganders have trusted our attorneys to answer their business law questions and guide them through their most important moments of growth. Rely on our team to help your business navigate everything from leases and contracts to mergers or acquisitions.
When you call us, you get us. Request an appointment online or call 800-626-0050 to connect with a member of our team.