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Frequently Asked Questions

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Frequently Asked Questions

Answers from Our Business Law Attorney in Raleigh, NC

Q: I am planning on starting a business with a business associate, but I am not sure how to set it up. What is the best way to do it?

A: It depends on the circumstances and the type of business you are starting. It actually is quite important that your business is set up correctly from the beginning. You should contact a Raleigh business law attorney to help you determine the right legal set-up for your business. It could be a sole proprietorship, a partnership or a corporation. Call Hopper, Hopper & Mulligan, PLLC so we can help you decide what the best type of business set-up for your company.

Q: My partner and I do not agree on how to run our business. I am considering buying him out. I am not sure what to offer him. How do I buy out my partner without losing everything?

A: Each case is different. There are several factors involved when buying out a partner. There is how much equity is in the company currently, how much inventory, and what the predicted future income of the company is. It is best when considering ending a partnership to contact Hopper, Hopper & Mulligan, PLLC to assist you. One can get into real problems with partnerships if the dissolution of the partnership is not done properly with legal counsel. The legal filings must be done correctly. Negotiations on the buy-out are vital. This is the right time for legal advice from our firm. The attorney will work to protect you and increase the chances of a reasonable buy-out price from your partner.

Q: I think that our best move is to declare bankruptcy. If I do this, does it mean that I won't owe any more to my vendors?

A: There is more than one type of bankruptcy. It would be best if you are considering bankruptcy to discuss it with an attorney at Hopper, Hopper & Mulligan, PLLC. The situation you are facing with your company is individual. Not all kinds of bankruptcy mean that you will not owe your vendors. The bankruptcy court determines what is done to handle all outstanding liabilities of the company. Call our Raleigh attorneys so we can assist you to figure out which bankruptcy type is the correct one for your situation.

Q: I want to set up a Limited Liability Corporation (LLC). Will this protect me more than a sole proprietorship?

A: An LLC is similar to a corporation. You are protected by it legally in certain ways. However, the LLC is still liable, and needs to have the standard protections such as insurances. It is important that if you set up an LLC it is done properly. You may be taxed either as a corporation or as a partnership, depending on how it is set up. It is recommended that you meet with an attorney from Hopper, Hopper & Mulligan, PLLC and get legal advice so that your LLC is set up as you envision it and the legal protection you are seeking is maximized.

Q: My ex-partner is suing me. Even though his claims are not true, I am worried that I may lose thousands of dollars. What should I do?

A: Business litigation is a specific area of the law. In business disputes it is crucial that you have an attorney that is familiar with business law. It is vital that you immediately contact a business law attorney from a reputable firm to discuss your case. The attorney will work to increase the chances of a good outcome in your dispute and will protect your rights.

Contact a business law attorney in Raleigh, North Carolina from Hopper, Hopper & Mulligan, PLLC when you have questions about setting up a business, or need legal protection in a business dispute.

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Friendly and professional staff provides a pleasant experience during a very stressful event. Staff also instills a feeling of confidence while working with your case. Definitely a recommended firm.
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