Category: Business Law

When a business partnership ends in North Carolina, the process involves reviewing the controlling agreement, settling debts and liabilities, identifying who receives which assets, and completing required filings. Clear steps help reduce disputes and protect everyone’s financial interests. Understanding how state law handles partnership dissolution, especially when no written agreement exists, allows...

Many businesses in North Carolina begin as partnerships because they are simple to form and manage. But as your company grows, so do your risks and responsibilities. You and your partners may find that you need more structure, stronger liability protection, or a way to prepare for long-term growth. Converting a partnership...

When one business partner decides to move on, the ripple effects can be felt throughout the company. Whether it’s the result of retirement, illness, or a career shift, a partner’s departure doesn’t have to create instability. A clear, well-thought-out buyout strategy can keep operations on track and relationships intact. At Patrick, Harper...

Commercial disputes are common in business, but going to court isn’t the only way to resolve them. Alternative dispute resolution (ADR) provides more flexible and efficient paths to resolve conflicts without the need for a lengthy trial. Whether you're facing a contract issue, a vendor dispute, or a disagreement with a business...

The owners of a limited liability company in North Carolina can create an operating agreement to establish formal rules and procedures for governing and operating their business. An operating agreement serves the same role for an LLC as the shareholders agreement and bylaws do for a corporation. Even single-member LLCs can benefit...

Do you suspect you’ve become the victim of fraud perpetrated by your employees? If so, here are some steps you can take to identify and respond to internal fraud. 

Recognizing the Signs of Fraud

Some of the most common signs of fraudulent activity occurring in...

Just days after previously extending the Beneficial Ownership Information (BOI) reporting deadline, FinCEN announced on February 27th that all reporting and enforcement of the Corporate Transparency Act (CTA) would be suspended until a new reporting rule was finalized. 

On March 2nd, the US Treasury Department issued a press release in...

The Corporate Transparency Act is a federal law that was enacted in 2021. It is aimed at combating illicit activity like tax fraud and money laundering. This legislation places new obligations on businesses that meet certain criteria. 

If your business meets any of these criteria, you should consult with...