Corporation / LLC / Business entity formation
Choosing the right form of business organization is one of the most important choices a new business can make. Sole practitioners have their personal assets at risk, as do partners in a partnership. Given the various issues that can arise, an experienced attorney should be consulted if a business or professional has any questions about any issues concerning the proper incorporation of a business.
One of the advantages of acquiring a business through an asset purchase is that the assets are transferred to the purchaser free and clear except for enforceable liens and security interests. However, individuals must be wary of claims of successor liability. Successor liability is an “equitable” doctrine that a court can apply when a strict application of the law would result in an injustice under the circumstances of a particular case. When a court imposes successor liability, the purchaser is liable for the seller’s actions. Experienced counsel should be consulted to avoid these potential issues.
Non-Competition Agreements are handy tools to prevent valuable employees from taking clients from your business. However, there are limitations on what a non-competition agreement can cover. Non-competition agreements must be reasonable as to the distance they cover, the time period they cover, and the types of conduct prevented.
Primarily serving the cities of Ypsilanti, Ann Arbor, and the counties of Wayne and Washtenaw, although we extend our legal services throughout the State of Michigan.
Call Wolverine Law today at 734.481.8911 or contact us to set up an appointment for a free consultation.