Business Law FAQs

  • Business law describes a wide variety of legal services, including:

    • Forming new business entities like LLCs, corporations, professional service entities, and non-profits

    • Drafting contracts like employment agreements, non-compete agreements, customer agreements, and joint venture agreements

    • Working to buy or sell businesses through asset purchase agreements or stock purchase agreements

    • Advising on franchise agreements and the opening of franchises

    • Securing business intellectual property through trademark filings with the U.S. Patent & Trademark Office

  • In most instances, an LLC is the perfect entity for business owners. It provides the same asset protection as a corporation, and it’s much cheaper and easier to maintain. If you prefer to be taxed as a corporation, our firm can assist you with filling out a simple form with the IRS to have your LLC treated like a corporation, for tax purposes. LLCs can also be used for more complex business ownership arrangements, including the issuance of voting and non-voting units and profit sharing arrangements with key employees.

  • If you run a business without a formal business entity, then you’re risking your personal assets, including your bank accounts, house, cars, etc. By forming a business entity and following a few simple rules, you can protect all of your personal assets and prevent business creditors from collecting against you, personally.

  • A business partnership is just like a marriage—you need open and frank communication to ensure you’re relationship is successful. The first step in this process is writing an agreement between business owners that governs their relationship. This agreement is called an operating agreement, if you form an LLC, and a shareholders agreement, if you form a corporation. An operating agreement addresses who owns what percentage of the company, how you share profits and losses, what happens if you and your partner get into a dispute, and how to handle a buy-out if your relationship sours or one of you passes away.

  • Yes, if the non-compete clause is drafted correctly. Many people think that a “right to work state” means non-competes are unenforceable—this is incorrect. North Carolina requires non-compete agreements to be drafted in a very precise way to be enforceable in court. A skilled lawyer with knowledge of this area of the law can draft an agreement that will hold up in court and prevent employees from unfairly using their knowledge of your business to compete.

  • Buying or selling a business is an incredibly important step in the lifecycle of a company. Careful preparation of purchase documents ensures the sale goes off without a hitch. The sale is usually accomplished through either an asset purchase or a stock purchase. There are certain advantages and disadvantages to each arrangement, and a skilled lawyer will guide you though the process, from letter of intent to closing.

  • Securing a trademark with the U.S. Patent & Trademark office, or your state intellectual property registration authority, is the best way to protect your business’ intellectual property. After a brief conversation with a lawyer, you will understand your options and the timeline for approval of your intellectual property, including your logo, business name, tag line, etc.

  • The lawyers at Villmer Caudill typically charge a flat fee for business law services. A flat fee means that you get one simple price for completion of your legal work—there’s no guessing on what you’ll need to pay. Typically, the firm charges flat fees for our work—just call us and we’ll quote you a flat fee!