Showing posts from June, 2015

Business Entities - Part 1

Thinking about starting your own business at the Lake of the Ozarks? You have a lot of important decisions to make! As an entrepreneur, you will likely have to dedicate more time to your up-and-coming company than anything else in your life (possibly even more than your family). With so much of your precious time at stake, it is imperative that you take proper steps to ensure that your business is established and run correctly. 

For those of you considering establishing your own company in the near (or distant) future, it is never too soon to start evaluating your options. One of the biggest decisions you will face will be deciding how to incorporate your business. Here is a quick overview of some of the different types of business entities you can choose from, courtesy of our business attorneys at the Lake of the Ozarks.

General Partnership & Sole ProprietorshipSole proprietorship and general partnership are two common options new entrepreneurs have available to them as they determ…

Mediation vs. Litigation: Understanding The Difference

If you've ever spent time with an attorney at the Lake of the Ozarks or visited a law firm's website, you've probably heard or seen the words "mitigation" and "litigation" tossed around. Both are used in a legal cases, but what exactly do they mean? How are they different? The team at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. is here to help clear up this common point of confusion.

LITIGATIONLitigation refers to the scene most people imagine when they picture battling court cases. Litigation refers to the trial process - two parties and their attorneys vying for their unique positions in a courtroom, tried by either a judge or jury. Litigation is often extremely convoluted, time consuming, expensive, and - worst of all - unpredictable. Until the judge or the jury makes a decision about your case, neither party knows what the outcome will be.
For these reasons, many people understandably attempt to avoid litigation at the Lake of t…

5 Habits of a Successful Plaintiff

Have you or someone you know had the experience of being a party to a trial recently? People take cases to court for various reasons - when one has been injured at the the hands of another, when one has been stolen from, or when one feels he has been legally wronged by another. If the plaintiff (the party filing the lawsuit) take his case to court and wins, he may receive financial compensation for his injustices or injuries - sometimes to the tune of hundreds of thousands of dollars. Of course, there is always the risk that he will not actually win his case. If he loses, not only will he not get financial compensation - he will be out hundreds or thousands of dollars in legal fees with nothing to show for it. 

It should come as no surprise, that plaintiffs are highly motivated to win their cases. Defendants (the parties the action is filed against) also have a great deal of motivation, however, so it is important to approach your case strategically and with the help of an experienced …

Buy-Sell Agreements - The Basics

Starting your own business is exciting, overwhelming, and consuming. Entrepreneurs live and breathe their businesses every minute of every day, and for good reason. No matter what your new business is, it will demand all of your time - and then some.

In spite of all the time and attention entrepreneurs dedicate to their businesses, there are two major considerations that new business owners frequently fail to recognize:
How will you get out of your business when you wish to retire?What will happen to your business if you or one of the other owners pass away or become disabled?It is absolutely inevitable that both you and your co-owners (if any) will separate from the businesses eventually, whether by retirement, disability, or death. It is important that you plan ahead for these occurrences.

Buy-Sell Agreements -- The BasicsA buy-sell agreement, in simple terms, is a document that can help you plan for the eventual separation of a business owner from the company. The buy-sell agreement o…