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Can You Simply Transfer Your Ownership in A Business to Someone Else?

In Business Transactions, Contracts, Partnerships by Carrie CookLeave a Comment

You have ownership in a business, but you don’t want to be involved in the business anymore.  Or, maybe you want to assign the distributions you receive from an LLC to payoff a debt.  Can’t you simply just transfer your ownership to someone else without having to go through a lengthy, legal process? Time to check your Operating Agreement As …

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Do I Really Need to Buy “Extra” Title Insurance for Commercial Real Estate Purchases?

In Business Transactions, Startups by Ross PerkalLeave a Comment

The four most popular “Extra Coverage” options in Title Insurance are: Rights of parties in possession (this exception would include, for example, the rights of a tenant with an unexpired lease term) Encroachments, boundary issues, and other matters that an accurate survey would disclose any easements not shown by the public records, and Construction and worker’s compensation liens If you …

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What To Do When “Equal Participation” Equals Deadlock

In Contracts by Joseph TurnerLeave a Comment

Absent language to the contrary in an Operating Agreement, “equal participation” means all partners have equal rights and authority to participate in the management of the business. This means each partner has one equal vote when it comes to decision making. Obviously, this can get tricky when you have an equal number of partners. So, what do you do when …

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PTO in New Mexico

In Business Tips, Employment Law by Vanesa LewingerLeave a Comment

Do you think that because your employee handbook specifically states that if your employee quits, they forfeit unused vacation time?  Well, in New Mexico, depending on how you award your employees their time off, you could be wrong. What is an Administrative Code? The New Mexico Administrative Code states that vacation pay and other forms of pay for time that …

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“Garden Clause” vs. a Non-Compete

In Contracts, Non-Compete Agreements by Jake GoldsmithLeave a Comment

A garden clause and a non-compete clause can both be valuable tools for a company, and they are somewhat similar, so they are sometimes confused. Both clauses concern an employee who is leaving the company, but there are some fundamental differences between the two. What is a Garden Clause? A garden clause typically provides for a notice period for termination …

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Welcome to the team, Carrie Cook!

In Break-ups & Partnership Disputes, Contract Disputes, Contracts, Dispute Resolution, Litigation & Lawsuits, Partnerships by Sean FriendLeave a Comment

We are pleased to announce the newest member of the Slingshot Team, Carrie Cook! Carrie grew up in New Mexico but moved to the United Kingdom at 18 to pursue her undergraduate degree. She graduated from the University of Wales, Aberystwyth, with an LL.B. in law before attending law school at the University of New Mexico School of Law. She received …

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New Expungement Law Now in Effect in New Mexico

In Expungement of a Criminal Record by Sean FriendLeave a Comment

Recently a new Expungement law has gone into effect in New Mexico. Potentially thousands of people could qualify for having their record erased or expunged. KOB 4 in Albuquerque reached out to us regarding Expungement in New Mexico and our top Expungement Attorney, David Richter sat down with them to discuss what has changed. What is Expungement? Expungement in the …

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What is the Right Tax Status for Your Company?

In Corporate Formation, LLC Formation, Startups by Larry DonahueLeave a Comment

When confronted with this question, I usually respond with, “Please ask that question to your CPA or Accountant.” After all, a good CPA or Accountant, who understands the needs of your business, is going to be able to make a good recommendation and help you minimize your tax exposure (legally). Read more in this article, Accountants vs. Lawyers: Using the …