As anyone can tell by the explosive real estate development in the area, Charleston is an up and coming destination for people looking to relocate to a warmer part of the United States.
With this growth will come plenty of economic opportunity both for new businesses and for those firms which already have an established presence in the area.
However, to take advantage of this opportunity, businesses in the South Carolina Low Country need to make sure their legal affairs are in order.
Poor legal planning or execution can lead to serious problems down the road that, in the worst case, can ruin a perfectly good business opportunity.
Organizing a business is just the first step
Setting up a business is just the first of many steps in developing a legal strategy for one’s enterprise.
After an owner chooses the best form of business to use, the owner also need to draft bylaws and take other steps to lay the legal groundwork under which the business will operate.
Well-thought contracts are a key to success
A new or growing business will also likely have to deal with lots of contracts. Contracts will play an important role in agreements between business partners, vendors, employees, customers and creditors.
It is of course important that these contracts get negotiated with the business best interest in mind and are drafted thoroughly and correctly. Otherwise, the business can wind up in a compromised financial position or embroiled in costly litigation.
Businesses also have to manage government affairs
Businesses will also have frequent encounters with the federal, state and local governments. At a minimum, businesses are going to have handle payroll and income tax issues, and they may have to hold sales taxes and pay other taxes as well.
They will also have to work regulatory authorities if they want to build a new facility or do other activities.