Practicing General Corporate Law Entail Business Organizations and Transactional Attorney MN | Business Law Lawyers Minneapolis Minnesota | http://www.reellawyers.com/minnesota/minneapolis-business-transactions-attorneys/stephen-yoch/practicing-general-corporate-law-entail/ | Felhaber Larson | (612) 373-8559 | [email protected]
General corporate law is going to involve – “We need to” – a client comes in – just a call I had the other day: “We want to restructure the business. We want to take our existing stockholders, and if someone dies, can their estate continue to own shares and retain a portion of the shares, and then, the majority be bought out by an insurance company?” – for example.
Or you take the stock, and “We’ve got a currently-earned – an LLC, but we want to be able to potentially do an initial public offering.” It’s probably better to be a C corp in that situation, so we restructure from an LLC to a C corp.
Or “We want to do an asset sale,” or “We want to restructure the businesses. We’ve got, basically, three divisions, but it’s all been one company. How do we break that up into the individual divisions from an accounting and operational standpoint that allows us, then, to spin off one of the businesses?” So, it’s those general issues about how you govern, run, and really progress the business as it matures.
And then, the last thing is trying to figure out structures that limit liabilities for the owners. You want to maximize profits and limit liabilities. And so, we’re always trying to figure out ways that – if we have another 2008, we’re not going to be in a position where the owners are exposed. And you want to create layers of defense to protect them from creditors. And so, that’s what I’m doing, sort of day in and day out, on the corporate stuff.
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