Whether a situation is serious enough to contact an attorney can be difficult to judge, especially if it is a dispute between you and your business partners. One of the many clear situations where you should turn to an attorney is if you and your partners want to make “special allocations.” Making special allocations is when you want to split up profits and losses of your business in a way that does not correspond to each owner’s percentage interests. This can be a complicated task, and hiring an attorney to help mediate and organize the process can prevent future issues in your business.
Another common situation is if you or your business partners want to add appreciated property to a partnership. An experienced tax attorney is necessary to properly add this to a partnership or LLC.
If you are in the process of buying a business and an environmental issue comes up, a business and commercial law attorney can help navigate that complication, as environmental issues can be a serious problem for a landowner.