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Helping Businesses Manage the COVID-19 Crisis


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Helping Businesses Manage the COVID-19 Crisis

 
 
May 4, 2020
 
 
As the United States deals with the terrible human cost associated with COVID-19, businesses must also formulate an effective response to the pandemic. Every industry has been affected by the coronavirus in one way or another. Many operations that had been running smoothly have come to a complete halt. Business owners who were considering a new venture or expansion may need to revise their plans completely. Whatever your business environment, there are steps you can take to manage the situation and put your firm in the best possible position going forward.
 
Limits on work, travel and in-person interaction have made us identify new ways to take care of everyday responsibilities, but even while under lockdown, you can work with a qualified attorney on key matters such as:
 
  • Business formation
Though many businesses are suffering and closing in response to COVID-19, the crisis has also created opportunities in some fields. A few changes have been made to  the North Carolina business formation process to accommodate the fact that government employees are teleworking, but you can still register a new company on an expedited basis if need be.
  • Contractual relationships
The unexpected and overwhelming nature of the pandemic has wreaked havoc on countless contractual relationships. In order to minimize the risk of exposure and to comply with social distancing directives, many parties have not complied with their contractual obligations. Whether a contract has an “Act of God” provision or not, it’s best to gain an informed perspective on the exact terms, each side’s rights, and potential remedies. From there, you can seek necessary adjustments and solutions.
  • Business divorces
Situations where fellow owners of a business choose to go their separate ways can be trying even under normal circumstances. The tremendous economic uncertainty triggered by the pandemic complicates things even more. Partners and shareholders who believed that a buy-sell agreement would smooth the transfer of ownership might now have significant differences regarding valuation. Retaining an attorney who can protect your rights and find creative solutions during a business divorce is critically important.
 
No one can be sure what to expect as the COVID-19 threat continues through the next several months, but as circumstances change, an experienced business lawyer will help you keep up with the latest changes and provide counsel on how your operation can meet each challenge.
 
Taibi Law Group, PLLC in Durham handles business law concerns and other civil matters for clients in the Triangle and throughout North Carolina. For a consultation regarding your issue, please call (919) 916-6000 or contact us online.