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Business Formation FAQs

Frequently Asked Questions

Q:

What is business law?

A:

Business Law encompasses everything from businesses that want to sell to collecting for goods/services rendered. In other words, it can be so complex that we’re talking about collateralizing and UCC-1 financing statements, but it can be as simple as going to small claims for collections purposes. At Treasure State Attorneys we’ve handled partnership disputes, the sale of a business gone bad, violations of non-compete agreements, breaches of contract, LLC formations, corporation formations, partnership agreements, buying and selling of businesses, collections, and insurance claims just to name a few.

Q:

Do I need a business attorney?

A:

Outside of small claims, a corporation or other entity cannot represent itself. If your corporation, LLC, or other entity needs to sue someone or is being sued you will need an attorney. Not sure if you need an attorney? Call for a free consultation.

Q:

What is liability minimization?

A:

As your business ages and grows, it will be exposed to ever-increasing liability. Simple math tells us that the more times you roll the dice, the more likely it is that your number will come up. Most of the time there are ways to minimize the risk to you and your business. Depending on the situation, an aggressive trial attorney can pierce right through your company and get to your personal assets. Likewise, most folks have no knowledge of the concepts of joint and several liabilities, vicarious liability, defacto partnerships, defacto corporations, apparent authority, joint venture liability, and several others that can get businesses in trouble. Liability minimization is the way you protect yourself should the unthinkable happen.

Q:

Do I need corporate bylaws?

A:

If you’re incorporating as a C-Corp or S-Corp, Montana requires you to memorialize your bylaws, an important part of corporate compliance.