Business Formation Attorney in Overland Park

Moreover, the GroverLawKC can provide access to a vast network of contacts covering all your business needs, including banking, bookkeeping, accounting, marketing, advertising, and insurance.

Incorporation

Incorporation is the forming of a new corporation (a corporation is a legal entity that is effectively recognized as a person under the law). The corporation may be a business, a non-profit organization, a sports club, or the government of a new city or town.

S-Corp Election for IRS Purposes

S corporations elect to pass corporate income, losses, deductions, and credits to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on corporate income. S corporations are responsible for tax on certain built-in gains and passive income.

Contracts

A lawyer can help you craft a contract specific to your situation, and we have experience predicting potential problem areas and drafting contracts to avoid such problems. We draft many different types of business contracts, including contracts relating to the buying and selling of businesses, non-compete agreements, non-disclosure agreements, and contracts for the sale of goods. We also review commercial leases and assist with general contracts and business advice.

Non-Disclosure Agreements

It is a legal contract between at least two parties that outlines confidential material, knowledge, or information that the parties wish to share for specific purposes but wish to restrict access to or by third parties.

Non-Compete Clauses

It is a term used in contract law under which one party (usually an employee) agrees not to pursue a similar profession or trade in competition against another party (usually the employer)

Liquidated Damages Clauses

These are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance.

Partnership Agreement

In the event of either the Managing Partner’s death, physical or mental incapacity, or withdrawal from the Partnership, the surviving Partners shall have equal rights in its management and shall appoint successor Managing Partners.

Buy-Sell Clause

A buy-sell, or buyout agreement, protects business owners when a co-owner wants to leave the company (and protects the owner who is leaving)

Operating Agreement

An operating agreement is an agreement among limited liability company (“LLC”) Members governing the LLC’s business and the Members’ financial and managerial rights and duties.

Asset Purchase Agreement

An asset purchase agreement is a written agreement by which one company buys another company. Asset purchase agreements define the assets and liabilities to be sold.

Stock Transfer Agreement

A formal document that lays down the terms and conditions under which shareholders can transfer, sell, gift, or assign their stock to others, according to the rules of the company’s shareholder agreement.

Disputes

While many businesses never think about hiring a lawyer until they have a legal problem, the time to hire your business lawyer is before your business runs into trouble. Preventing a lawsuit is much easier and more cost-effective than litigating it.