As a business owner, it is important to understand creditor’s rights. This includes the rights of creditors when it comes to collecting debt from borrowers, and how this affects the obligations that borrowers have for paying back loans. Let’s dive into what you need to know about creditor’s rights. What Are Creditor’s Rights? Creditor’s rights are laws that govern how …
What is an Anonymous LLC?
An Anonymous LLC is a limited liability company (or LLC) that does not disclose ownership information at the Secretary of State’s Office where the LLC is filed. Such an entity provides the standard benefits that all LLC’s provide, but also provides additional security in the form of anonymity. Anonymity is important to land owners / landlords, abuse victims, politically active …
Not Happy With How Your Lawsuit is Progressing?
Every week, I talk to at least one new client lead who wants to switch attorneys. They call us, explaining they are not happy with the progress of their lawsuit, and want to hire a new attorney or law firm to get involved. Does this sound like you, or afraid this could happen to you? Most of the time, after …
LLC’s: What Are They and What Are Their Pros and Cons?
Limited liability companies (LLCs) are popular due to their basic benefits of liability protection and are typically used by a company with two or more owners. LLCs protect the owners’ personal assets from losses, company debts, or court rulings against the company as long as the owners keep their debts and assets separate from the LLC. LLCs may also provide …
Why “Doing Nothing” is the Worst Option.
A closer look at Default Judgements. If you are involved in a lawsuit, one of the things that you do not want to occur is to be defaulted out as a party in the case. When a party is defaulted by the clerk or the court, that party cannot defend itself in the case until the default is set aside …
What You Need To Know About Business in 2021
Attorney Stephanie Schaeffer advises against “lazy” financial practices among managing members of multiple companies. Since joining BLSW earlier this year, I have worked several matters regarding business member disputes. Some of these disputes could have easily been resolved if the parties had documented their financial action or if they had documented the “deal” they had regarding purchasing membership interest. Still …
What To Consider When You Are Given Equity In A Company.
Does “free equity” have the potential to be a gift you will regret accepting? Hey, who would not want to be given some equity in a company? Especially if there does not seem to be any strings attached? If the company is successful, you benefit. If it fails, it cost you nothing. So why not accept an equity arrangement? Technically, …
How To Avoid A Commercial Real Estate Disaster.
Common mistakes inexperienced business owners make when signing leases. There are no laws on the books to protect a business owner from a bad commercial lease. Now, pause and re-read that sentence. Pause again and let that sink in. There are laws to protect you from unfair loan practices, defective merchandise and breaches of contract. But, if you willingly signed …
How Subchapter V Bankruptcy Can Help Save New Mexico Small Businesses
The Small Business Reorganization Act of 2020 may be the silver lining in an otherwise stormy year for small businesses. The Bankruptcy Abuse and Prevention Act of 2005 was created with the intention to curb the miss use of bankruptcy laws. As such, the Act required new paperwork and reporting requirements of businesses wanting to file for Chapter 11. The …
Understanding Business Bankruptcy
Business bankruptcies can be an excellent tool to help businesses deal with unsustainable levels of debt Depending on the severity of your debt, filing for bankruptcy could be the most sensible solution for keeping your business alive. It might allow your company to recover without the same burdens that nearly led to its demise or allow you as the owner(s) …
