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Mark B. Goddard

Shareholder | Columbia, SC |

mgoddard@turnerpadget.com   |   vcard   |   803-227-4334

Blog Posts

Turner Padget Celebrates One Year of Investment in “Palmetto Propeller”, Helping S.C. Businesses

Turner Padget Graham & Laney, P.A. is pleased to celebrate the conclusion of the first year of the Palmetto Propeller initiative.  Palmetto Propeller is designed to help South Carolina start-up and small businesses achieve success by providing needed legal services at no cost. For nearly 90 years, Turner Padget has been serving small businesses in South Carolina, and has been a small business itself. Their lawyers know South Carolina business, and, as a full service law firm, they know how to meet small business needs with practical, straightforward advice and strategies to propel businesses forward.

“At Turner Padget, we are strong supporters of the small business community,” said R. Wayne Byrd, Chief Executive Officer of Turner Padget. “The Palmetto Propeller project is our way of helping start-ups and small businesses and thanking them for all they do for our state, our firm, and our communities. Turner Padget committed $1,000,000 in free legal services over five years for this project to help companies capitalize on their entrepreneurial spirit and expand.  The first year has well-surpassed our expectations.”

In the first year, over 40 applying businesses have been accepted into the program – more than two-thirds of all who applied.  These businesses are located in all regions of the state, including the Upstate, Grand Strand, Lowcountry and the Pee Dee.  More than 15 different referral partners, such as business incubators and small business development centers, have successfully encouraged their clients to apply and be accepted.

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Business Start-up Legal Checklist

Anyone who has started a business can tell you that they were surprised at how many legal and regulatory hoops they had to jump through just to open their doors. My husband and I experienced this first-hand when we opened a coffee shop and retail business in Greenville. We’re both lawyers, and we still found the process daunting. 

When you start a business, be sure you have the right people in place to help you. A lawyer will be one of them, and here’s a checklist that will help new entrepreneurs stay out of trouble and increase the chances of getting their business off to a trouble-free start. 

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How to Collect Business-to-Business Bad Debts

Uncollected business-to-business debt is a huge problem for most small companies, and unlike consumer debt, there are no laws in South Carolina that directly address either the rights of creditors or debtors. Hardly a day goes by that we don’t hear from a client seeking advice on how to collect on a long-overdue commercial debt. Here is a list of best practices to help collect bad commercial debts, and to avoid ending up with these tough-to-collect liabilities in the first place.

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LLC or Corporation? Which Is Right for Your New Business?

For most entrepreneurs, the choice of business entity comes down to an LLC or corporation, since both insulate personal assets from liability claims. LLCs, S corporations and C corporations all have advantages, depending on your business goals. 

Generally, the comparisons among the three will center on taxes, operating flexibility and treatment of investors and shareholders. 

Here’s a quick overview of these three alternatives that will give you a starting point for considering your options before you talk to your attorney. 

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