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) …
New Mexico Dram Shop Law
Dram Shop Laws are enforced in 43 states. New Mexico is one of them. Dram Shop Laws pertain to bars, taverns and other establishments that serve alcohol. The laws strive to achieve two main goals. First, to discourage the sale of alcohol to minors. Second, to hold accountable businesses who, by over serving a patron, have contributed to the injuries …
How To Be Pro-Active In Your Malpractice Defense.
Malpractice insurance will provide physicians with an attorney, but sometimes that’s not enough. According to a 2018 report by the American Medical Association, 34% of all practicing physicians have been sued. And, if a doctor is still practicing past age 55, that percentage goes up to nearly 50%. Since the prospect of a lawsuit is becoming almost inevitable, the need …
New Mexico Bans The Box
Along with many other states, New Mexico prohibits questions about felony convictions on job applications. Is your business complying with this new law? “Ban the box” refers to the box on an employment application that is checked if the applicant has ever been convicted of a felony. In recent years, the movement to “Ban the box” has gained momentum as …
