If you choose to sell your business There are certainly options available to you. For example, there are business brokers who specialize in finding buyers for viable businesses. They typically take a percentage of the sale price as a fee or commission and help negotiate the terms of the sale between the buyer and seller. Typically, brokers who want to …
Important Things to Look for in Commercial Leases
When looking at commercial leases either as a prospective tenant or as someone who wants to make sure they know their lease terms, it’s always a good idea to read the entire agreement yourself and have a lawyer review it, if possible. If you’re saving money by reviewing your own lease, there are certain clauses to be aware of that …
What Counts as “Essential Business” in Today’s COVID-19 Environment?
Recently the Governor of New Mexico issued a stay at home instruction for New Mexicans. https://cv.nmhealth.org/2020/03/23/state-enacts-further-restrictions-to-stop-spread-including-stay-at-home-instruction/ The order lists what types of businesses have been deemed “essential business” but falls short of offering much detail other than that. The fact of the matter is many businesses provide products and services that their owners/managers certainly believe to be essential in today’s …
Can You Simply Transfer Your Ownership in A Business to Someone Else?
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 …
Do I Really Need to Buy “Extra” Title Insurance for Commercial Real Estate Purchases?
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 …
What is the Right Tax Status for Your Company?
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 …
Moving your business to a different state
When moving to a different state, the process involved in moving your business along with you can be stressful if not completely confusing. There are many reasons to not merely shut down the existing company and start a new one. You typically have two options, or possibly three options, depending on the state your company is organized in and the …
Lease to Own Agreements
When it comes to real estate, lease to own agreements sound like a great idea when you may not have a large down payment available, or you are unable to secure a mortgage. Oftentimes, you anticipate the ability to come up with a large down payment down the line, but you want to purchase a property now. If that’s the …
Business Tips: Building Your Business and Avoiding Halting Debt (Pt. 1)
The saying, “It takes money to make money” generally is true. It might be safer to say that it takes some risk to earn some reward. Most who want to start a business in New Mexico are looking to create financial stability, not to acquire insurmountable debt. Therefore, it is crucial not to fall to into the trap of spending …
The Law and Alcohol Based Businesses
Mark Johnston, a California businessman, racked up half a million dollars in gambling debt over the course of two days. That news would likely be upsetting to anyone; however, Mr. Johnston is taking a different approach to dealing with his sky-high debts. His argument is that he should not be held accountable for the debt, and he is suing the …
