Posts Tagged "Corporation"

Business Litigation: Document Retention Policies

Posted by on Jun 1, 2014 in Litigation | 0 comments

Business Litigation: Document Retention Policies

We are frequently approached by company owners with the question of how long business records should be maintained.  While the answer to how long a business should keep its particular records is not an easy question, there are several considerations that should go into the decision. First and foremost the business process needs need to come first.  For example, if a business needs to reference its communications with clients or its previous designs for many years, those needs should outweigh the desire to reduce the records maintained by a business to clear out clutter. Many suggest that...

Read More

Buying a Business in Michigan

Posted by on Aug 5, 2011 in Business Planning | 0 comments

Buying a business in any state entails quite a bit of legal, financial and tax analysis.  Will you be buying the stock of the company (membership interest if an LLC) or the assets of the company?  Will your company be organized as a corporation, an LLC, or some other type of business entity?  What taxes and local licenses will be needed?  There are many other issues to sort through, but in Michigan, there are a few issues which are rather unique to purchasing a business within the state.  These local nuances are why an attorney with a great deal of familiarity with Michigan based...

Read More

Corporate Buy-Sell Agreements

Posted by on Jun 28, 2011 in Business General Counsel, Business Planning | 0 comments

Michigan law requires corporations to have certain basic governance documents.  Documents such as Articles of Incorporation and Bylaws dictate the relationships, rights, duties and responsibilities of the shareholders, officers and directors of the corporation.  But these standard corporate documents do not typically contain terms for the liquidation of one or more owner’s interest when circumstances call for such a liquidation. In the context of most publicly traded companies, shareholders have a fairly simple way to divorce themselves from the corporation when they are dissatisfied with...

Read More

Business Planning Issue – Do I need to Incorporate my business?

Posted by on Jun 12, 2010 in Business Planning | 0 comments

As a general rule we always advise new business clients that they should operate all business enterprises in some form of a corporation or limited liability company. In order to understand why, it is important to understand the concept of a corporation. Simply put, a corporation, or the more recently developed limited liability company, is a separate and distinct legal entity. It can own property, can be sued, and can sue in its own name. In other words it can almost be thought of as a legal “person” that can operate a business enterprise in its own name. Primarily a corporation,...

Read More