Business Planning, Structuring, and Formation

The ability to build higher begins with a strong foundation.

If you are starting a new business in New Jersey or New York, or buying or selling an existing business, you will need to determine how best to plan and structure your venture. Witt Law, LLC can advise you on what form of organization would be best for your business. We will counsel you on the various important relationships required for a successful business, including those between partners or shareholders, customers, suppliers, banks, employees and government regulators.

Existing businesses can benefit from the professional counsel of an experienced attorney with respect to the structure and organization of a business. Many businesses were formed, and are functioning without, any formalized structure or plan for succession. During times when all partners are healthy and in agreement, all is fine. When that situation changes, however, the lack of formalized structure and delineation of responsibilities often leads to uncertainty, expense and a loss of value of the business.

When starting a new business, you must decide on a legal structure for your business. Possible business structures include the following:

• Sole Proprietorships
• Partnerships
• Limited Liability Companies (LLCs)
• Limited Liability Partnerships (LLPs)
• Subchapter S Corporations
• Corporations
• Joint Ventures

Witt Law can advise you on what structure would be best for your business and draft all the documents necessary to maintain a business in good standing, such as by-laws, corporate resolutions, minutes of directors' meetings, and notices. For publicly traded clients, we can manage shareholder and director meetings and handle required annual filings.

When forming and organizing a business, it is beneficial to have a shareholders’ agreement (for a corporation), an operating agreement (for a limited liability company) or a partnership agreement to describe the rights and obligations of each of the partners. The importance of a shareholders’, operating or partnership agreement cannot be overlooked. Among many other important provisions, which can protect you and your company, these agreements include terms governing:

• Responsibilities and obligations of the shareholders
• Rules for when and to whom shareholders can sell shares (Buy-Sell provisions)
• Rules protecting the company in the event a shareholder dies, becomes disabled or files for bankruptcy
• Rules to govern how money will be spent
• Non-competition with the company

Witt Law, LLC can help you organize and structure your business so that you, and your partners, know where you stand, and how to move forward.