North Myrtle Beach Business Law Attorney

North Myrtle Beach is an expanding community known for its beautiful coastline and affordable cost of living. As such, it has become a lively and optimal business setting for startups and established enterprises.

Local emerging companies and established practices alike gain advantages from making well-considered business formation decisions. Choosing the ideal business structure encourages growth and profitability while minimizing liability risks and protecting equity holders. Set your business up for success with professional contract drafting, intellectual property protection, and other business law services from Bespoke Estate Law.

Choosing the Right Business Structure

Setting up a business entity in North Myrtle Beach involves careful preparation and research. Businesses must have a sound understanding of the pertinent laws and regulations to avoid potential liability. It is advisable to consult with an experienced North Myrtle Beach business lawyer to learn about the advantages of each business structure and the related tax implications.

In North Myrtle Beach, the formation of businesses is governed by the South Carolina Code of Laws. Each business structure has its advantages and disadvantages. The following are the most common forms of business.

Sole Proprietorship

This is the simplest form of business owned by a single person, called the proprietor. Due to its simplicity, a sole proprietorship is easy to form with straightforward tax preparation. Since the business is owned by one person, the decision-making and risk of loss are left to one individual.

Partnership

In a partnership, two or more persons contribute resources to carry on an undertaking for profit (SC Code § 33-41-210). Aside from sharing assets in the formation of the partnership, the partners also share the profits and losses of the business. There are two (2) main types of partnership: general partnership and limited partnership. In a general partnership, the partners share the losses of the business. In a limited partnership, the limited partner may not share in the company's losses.

Limited Liability Company (LLC)

An LLC is a business entity that shields its owners from personal liability for the company's debts and losses (SC Code § 33-44-101). If the company incurs financial losses or liabilities, the responsibility falls on the company rather than the individual owners.

Corporation

A corporation is a legal entity with a separate personhood from its owners. As such, the law has granted rights and powers for the administration of its business. Because of its fictional personality, a corporation may sue or be sued. It also has the power to buy, lend, and rent properties under its name.

Help With Contracts

Contract law is essential to business formation and is the primary means of conducting business transactions. Most business activities necessitate the use of contracts. When establishing a business, especially partnerships, LLCs, and corporations, contracts must outline the terms of the relationships between partners or owners.

A business regularly enters into contracts in its daily operations. The contracts may either be oral or written. However, for practical purposes, we recommend that they be written to avoid difficulties in proving their existence. Moreover, the law requires certain contracts to be in writing to be enforceable (SC Code § 32-3-10). Call us for help drafting or reviewing contracts - we've helped hundreds of businesses like yours.

Employment Lawyer Services

Business owners must be very knowledgeable about labor laws to avoid needless litigation that may cause stress and financial strain on the company. Arguably, the most fundamental and frequently violated law pertains to wages and working hours. The Fair Labor Standards Act (FLSA) and Title 41 of the South Carolina Code of Laws establish regulations for minimum wage and working hours that must be strictly followed.

Upon hiring employees, it is vital to have written employment contracts enumerating their salaries and benefits according to pertinent laws. The contracts must also contain the employees' duties and responsibilities, termination clauses, and confidentiality clauses to ensure employers have the proper recourse in potential labor disputes.

To ensure a safe and healthy work environment, companies must also establish and enforce anti-discrimination initiatives and harassment prevention policies. These measures include creating clear guidelines and procedures to address and report discrimination and harassment, providing regular training for employees and management on preventing discriminatory behaviors, and fostering an inclusive workplace culture. Additionally, businesses should implement strict disciplinary sanctions for violations of these policies.

Intellectual Property Protection

It is increasingly common for companies to safeguard their products, services, trade secrets, and creative works from potential infringement, especially with so many digital assets available to businesses. This protection is accomplished through several legal mechanisms, such as non-disclosure agreements, licensing agreements, trademark registration, patent registration, copyright registration, and trade secret agreements.

Starting or managing a new business can be daunting due to the many governing laws. Hiring a lawyer is advisable to understand the advantages and disadvantages of different business structures. A lawyer can also help develop strategies and implement measures to protect your business. With legal guidance, you can concentrate on growing and improving your business.

How Our Business Lawyers in North Myrtle Beach Can Help

The skilled attorneys at Bespoke Estate Law can help your startup, small family-owned business, or enterprise handle your legal needs. Our strong reputation among local businesses is built upon our industry knowledge, experience, and the relationships we have with past clients. We aim to make it easier for you to focus on business growth while leaving the legal matters to the professionals. Contact us today for a free consultation. We also provide business law services in Wilmington, Myrtle Beach, Surfside Beach, and all of the surrounding areas.