Transactional Law FAQ
1. What is transactional law?
Transactional law is the body of law that governs transactions between individuals or corporations.
2. Does my business need to be a corporation?
All businesses should be limited liability entities: either corporations or limited liability companies (“LLC’s”). A Corporation or LLC shields its owners from personal liability for debts of the business. There are also different tax rules that apply to corporations and LLC’s, which may be beneficial to the business owners.
3. I own the building from which my business is run. Can I keep it if I sell the business?
It may be possible to keep the building and lease it to the new business. The new business may not be interested in buying the building as this would involve a large capital outlay. The idea of leasing the building from you might be attractive to the buyer of the business. This would also have the benefit to you of providing an income over a period of years and reducing a capital receipt and the potential tax liability on that capital receipt.
4. My company is obtaining a loan to buy our premises – will a bank or other lender deal with all the paperwork?
Not necessarily. Often the Bank will appoint attorneys to act on its behalf (they may ask you to retain your own lawyer). A Bank may want the loan to be secured on the property, thereby, requiring a company to mortgage the property. If so, the Bank will want to check the legal title and obtain a survey of the property. It is best to consult a Coover Law Firm, LLC experienced transactional law attorney before acquiring a bank loan.
5. How does a Coover Law Firm, LLC lawyer assist with transactional law?
An experienced Coover Law Firm, LLC transactional law attorney assists clients in finding and developing opportunities, preparing proposals, and addressing legal issues that arise during contract performance. Our lawyers negotiate and draft contracts and leases, help prepare business formation, and provide corporate counseling.