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Archive for for July, 2017

Setting Objectives and Saving Costs with your Attorney

July 31, 2017

Early in the process, how can you have a conversation with your attorney in order to keep your future costs down? In my experience, one of the keys is setting objectives with your attorney. Get to know your attorney, and talk about what you are trying to accomplish, and why.

Next, work together, making sure that those objectives are met in a way that meets your needs. This means having an upfront conversation with your attorney. It is smart money to spend time in the beginning to lay the foundation.Read the rest

Work with Your Attorney by Creating Good Files

July 28, 2017

My law firm is primarily a transactional law firm. We work with clients on putting together deals or transactions and documenting them. What do good records look like? In this post, we will discuss points related to a transactional matter.

#1 Start by looking at your historical records. What shape are they in?  Have you gone through and made sure that everything is correct?  Are all pieces there? All relevant documents? Much attorney time is spent cleaning up historical records. Make sure, for any prior transactions, you have the records for them complete and organized.Read the rest

Keep Your Costs Down While Working with your Attorney

July 27, 2017

I spent my career in large law firms, and I’ve seen big bills. One of the reasons I started my own firm was to be able to work with clients to minimize costs. It’s an issue near and dear to my heart. Here are some tips about how to minimize costs when working with your attorney.

#1 Have a clear understanding of what the transaction is. What are you attempting to accomplish? Transactions are often a negotiation. It is key to understand what your goals are.… Read the rest

Attorney-Client Relationship, Business, and Divorce

July 26, 2017

In our previous blog post titled “Is My Company’s Lawyer Also My Lawyer?” we talked about an attorney-client relationship in the context of an LLC business divorce case.  In that case, Yun, one of the two business partners, refused to produce certain documents in her possession during discovery, claiming attorney-client privilege.  For a party to assert this privilege, however, there must be an attorney-client relationship, which arises when someone contacts an attorney for the purpose of obtaining legal advice.  The court found that Yun’s use of her personal email address to communicate with the attorney about the legal work to be done for the company, and the attorney’s belief that he represented Yun as an individual, were not sufficient to establish an attorney-client relationship.… Read the rest

What is an LLC Agreement?

July 25, 2017

As we discussed earlier, even a single-owner company needs a well-written LLC agreement. Make sure your LLC agreement has certain key things in it. Make sure, by using an experienced attorney, that it is protecting you.

We’ve seen cases where people have fought over the ownership of the LLC. We’ve seen times where liability has not been kept, and we’ve seen people build agreements that don’t give them the flexibility needed to run the business. There are correct provisions that must be in your LLC agreement.Read the rest

What to Do About the Unexpected

July 24, 2017

Unexpected things are going to happen. Read that again and think about it. There is a lot of random stuff that is possible in this world, and things that we are not anticipating are going to happen. We must have systems and procedures in place to get us through those times.

By definition, unexpected things are things that we are not planning on, but are things that could happen. We want to have contingencies in place, but we will never know exactly what is going to happen and when.… Read the rest

Should you form an Entity for your Business?

July 21, 2017

An entity is legally recognized as being separate and distinct from its owners.  For example: Limited liability companies (LLC), limited partnerships (LP) or corporations–as opposed to general partnerships or undocumented sole proprietorships. (Each legal entity is referred to as an “entity” for this post.) I am often confronted with the question of why business owners should form an entity for their business, and whether it is worth the trouble and cost.  In almost all cases, it is clearly advisable to form an entity for a variety of reasons.… Read the rest

Five Critical Things to Think About When Forming a Partnership

July 20, 2017

We work with a lot of business owners on setting up business partnerships, establishing them, and making sure they function correctly. We are helping them by trying to align the partners, to make sure the economic interest works, and to maximize everyone’s wealth and value creation. What are some things you need to think about in creating a partnership? What are the pitfalls? What are you on the lookout for when you are negotiating and setting up your partnership? What are the things that you must cover to make sure that you don’t end up in litigation or in an unexpected place?… Read the rest

All postings are intended to be planning tools to familiarize readers with some of the high-level issues discussed therein. No posting is intended to be a comprehensive discussion and additional details should be discussed with your transaction planners including attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity.