ARKANSAS BUSINESS LAWYERS

At Hyden, Miron & Foster, PLLC, our charitable organization clients range from small private family foundations to public charitable organizations. Our attorneys assist clients in the organization of non-profit and charitable entity activities, including incorporation, the preparation and filing with appropriate governmental authorities, application for tax-exempt status, ongoing administration issues of the charities, and termination of the charitable organization.

Some common areas addressed by our firm in this area include:

• Private Foundations
• Public Charities
• Supporting Organizations
• Endowments
• Qualification for 501(c)(3) Status
• Charitable Organization Mergers

No company can survive without an able owner or manager at the helm.  In the event of a key person’s sudden death, illness, or retirement, businesses are often left scrambling to find a suitable replacement. Large corporations and small businesses alike can avoid a tumultuous transition by establishing a succession plan with a knowledgeable attorney.

Without a Plan

If an owner or shareholder does not have a succession plan in place, his or her stake in the company is either passed on to relatives as part of the estate, absorbed by other shareholders, or a combination of the two.  In family-owned businesses, this often leads to disputes between owners, siblings, children and other relatives.  Likewise, those owners more active in the day-to-day operations of the business may feel entitled to a larger share of the business than those owners who are not involved.

In larger corporations, employees and clients may leave the company for fear of instability.  Additionally, without prior planning, the remaining shareholders may not have sufficient resources needed to purchase the interests of the exiting or deceased shareholder.  This can result in disputes, business interruptions and possibly the dissolution of the business. 

With a Plan

An attorney with expertise in business and estate planning can help owners and shareholders put together a plan that facilitates a smooth transition.  Plans are customarily created after employees, coworkers, shareholders and family members have been consulted and goals for the future of the company have been outlined.

Succession planning can be tailor-made to fit any business model and should address the following issues:

• Maintain Family Control. With a retention plan, a spouse, children, or other relatives may retain control of assets.
• Offer shareholders or vital employees a larger stake in the company. Interested parties stipulated in the plan will be granted the right of first refusal, or the ability to accept or reject the shares of the exiting or deceased owner before they are offered to individuals outside of the company. The price of the shares can be determined by a valuation mechanism agreed upon during succession plan negotiations. For example, a valuation mechanism may require that shares be offered at their prevailing market value, or require multiple professional business valuation appraisals
• Address estate plan and minimize tax liability.
• Preserve “institutional memory” when you or other current managers are no longer running the business.  For example, you can empower advisors to aid the transition team and ensure continuity, oversee day-to-day operations, provide provisions for heirs who are not directly involved in the business, and provide education and training to family members and key employees who will take over the business.
• Establish measures to ensure the business has enough cash flow to pay taxes or buy out a deceased owner’s share of the company.
• Implement a family employment plan with policies and procedures regarding when and how family members will be hired, who will supervise them, and how compensation will be determined.
• Other arrangements can be made that would transfer the owner or executive’s interest into trusts to be paid out to family members. Assets may also be divided among employees or in other cases, it may be best to sell the company.

With so many factors to consider, it is important that you consult an experienced business planning attorney who can understand all of the interests at stake and work with you to protect them.

Business owners create pension, profit-sharing, 401(k) and other types of retirement plans to provide substantive benefits for themselves and their eligible employees.  We use state-of-the-art software to aid us with advising the appropriate type of retirement plan and implementing a plan(s) to meet a particular clients' objectives.

In addition, since tax regulations and laws change regularly, we stay abreast of these developments and constantly analyze their impact on our clients and their existing plans.  In this way, we enable them to take advantage of favorable changes and, at the same time, ensure their continued regulatory compliance.

Finally, we also represent clients in litigation involving retirement plan issues.  And, depending on the client, we have served as counsel for employer/plan sponsors in Internal Revenue Service and Department of Labor audits and in legal controversies between employers and employees.

Examples of Employer-Sponsored Retirement Plans

• 401(k) Profit-Sharing Plans
• Profit Sharing Plans
• Money Purchase Pension Plans
• Employee Stock Ownership Plans (ESOP)
• Defined Benefit Pension Plans
• Cash Balance Plans
• Age Weighted Retirement Plans

Helping Business Owners Resolve Corporate Disputes

When starting a business, entrepreneurs must consider countless issues; how should the business be structured?  Where should it be located?  Who should be hired?  Rarely, however, is the prospect of litigious conflict with clients or colleagues considered and addressed until it is too late.  Having an experienced business dispute attorney on your side in the face of conflict may, however, significantly reduce your company’s exposure to liability, thereby decreasing the probability of dissolution or an unwanted merger.  Whether you are just starting your business or are a decades-old owner of a family business, our firm can provide knowledgeable legal counsel to assist you with the gamut of corporate conflicts that can, and often do, arise on a regular basis.

There are a number of business disputes, both foreseen and unexpected, that give rise to the need for legal counsel.  Our primary objective in resolving conflict on behalf of our clients is to arrive at a solution benefiting all sides while avoiding the need to engage in costly discovery and an eventual trial.  Our corporate dispute lawyers are adept at handling the sensitive and fact-intensive negotiations process and will work tirelessly to settle your dispute without judicial intervention.  Of course, when the possibility of a negotiated settlement proves impossible or unworkable in light of the facts of the dispute, our attorneys will use their knowledge of civil procedure and entity law to zealously advocate your position in a court of law.

Corporate disputes can vary from simple breach of contract claims to multi-million dollar allegations of fraud and misconduct.  Our experienced business dispute attorneys routinely handle many of the following areas of commercial disagreement:

• Contract Disputes: If you are in a disagreement with an employee, customer or colleague about a provision of a contract, our firm can help negotiate a mutual agreement to benefit both sides. Disputes commonly arise in contracts for the sale and delivery of goods, employment or partnership agreements, insurance policies, non-compete clauses or commercial leases.
• Shareholder or Partnership Disputes: Conflict between corporate governance and shareholders is not uncommon. As well, partners often face disagreement over governing policies or corporate direction. Our legal team can help resolve shareholder and partnership issues to give your company the opportunity to move forward in a positive direction.
• Disputes with Other Companies: Litigation often arises when a customer or client is dissatisfied with a company’s product or services, including disputes with suppliers, vendors or manufacturers. Working with our firm can significantly reduce your exposure to liability and help both parties maintain their corporate relationship and mutual trust.
• Government Compliance: At one time or another, every company is faced with questions or issues stemming from regulations imposed by a governmental entity. Whether you have non-complex IRS compliance concerns or are unsure of how SEC regulations affect your company, our attorneys can help you understand the statutes and adhere to state and federal corporate rules.
• Sales, Mergers or Acquisitions: Corporate restructuring can involve multiple areas of law from government compliance to shareholder liability. If your company is considering a sale, merger or acquisition, contact one of our knowledgeable corporate attorneys to discuss the proposed transaction and avoid a dispute before one arises.

Contact an Experienced and Reputable Business Dispute Attorney Today

As you navigate the facets of business ownership, our business dispute attorneys can work alongside you to help avoid potential conflict or devise a workable solution once conflict occurs. For more information or to arrange for a consultation, contact our offices today.