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Sooner vs. Later: Is There a Better Time to Hire a Lawyer?

June 22, 2017

Many of our clients struggle and wonder when to call in a lawyer. I don’t believe there’s one correct answer.

Each client needs to make a cost-benefit decision. We know lawyers cost money, and if you’re doing a transaction with a lawyer’s help, you will get a bill for the time. If the deal falls apart, in most cases you still will have to pay for the legal work done. That’s appropriate, of course, because the time the lawyer spent on your deal could have been spent on other billable projects.… Read the rest

Why Settling is Smart in Many Cases

June 21, 2017

R. Shawn McBride recently spoke about settling cases early is smart in some instances.

Hey, folks, Shawn here with you and I want to talk to you about an important topic. It’s about why settling a lawsuit is a good option in many cases. I get clients that come to me and many of my clients are right. They’ve done the right things. I tend to work with very conscientious, forward-thinking people, and many of them have documented what they’ve agreed to, they’ve followed the letter of the agreement, and they’ve done the right things.… Read the rest

Setting Up an LLC: Distinctively Easy, But Surprisingly Difficult

June 20, 2017

Many people set up their own limited liability companies. You’ll find it’s easy to set up an LLC, but hard to do it correctly. You can call upon a service such as “LegalZoom.com” to get forms for a very low price. However, those forms don’t come with custom-tailored advice, and that’s often where the problem arises. Here are the basic steps to form an LLC and what can go wrong along the way.

Step 1. Set up a company and give notice to the state.Read the rest

Things to Know About Copyright Law

June 19, 2017

No doubt you the entrepreneur have worked a long time to pull the ideas and pieces together to build your business. You want to protect it. In this context, I often hear entrepreneurs talk about getting a copyright on their businesses.

That sounds great – copyright your business so no one can copy you. Except it doesn’t work that way. Copyright and intellectual property laws are designed to protect very specific things, not broad categories. For example, the copyright on a book protects its specific language and expressions but doesn’t keep someone else from expressing the same ideas.… Read the rest

What is a Series LLC?

June 16, 2017

Sometimes you see the term “series LLC” floating around. Recently a lawyer asked me what a series LLC is, so the uncertainty pervades even among experts. The answer isn’t easy; it’s a nebulous concept.

The idea of a series is that you have separate groupings of assets and liabilities within a limited liability company, almost like mini-cells of a company within the LLC. A series can also be applied to trusts or other legal entities. But they’re challenging because it’s hard to conceptualize how you have a legal entity with separate groupings of assets and liabilities within it.… Read the rest

When To Set Up Entities

June 15, 2017

It’s often a common question that clients ask us when do we need to set up legal entities? When are we okay going without a legal entity and when should we set up an entity? Here’s a few rules and red flags to look for that might indicate that it’s time for you to set up an entity.

# 1 You have multiple people involved. If you have more than one person involved in your business, you’re probably going to want to set up an entity.… Read the rest

Blow Off the Dust, It’s Time to Look at Your Partnership Agreement

June 14, 2017

You know there’s an interesting thing about partnership agreements. They’re formed when companies start and then usually they sit in a file drawer for a long period of time. In modern times they often sit on floppy disks, but the file drawer is still the most prevalent for many of the older companies. When I have companies come to me with a partnership problem, they literally have to scan a copy of their LLC partnership, corporation, or limited partnership documents to me so that we can start the analysis.… Read the rest

Escrow Accounts: What They Are and Why They Matter

June 13, 2017

In many transactions, you’re required to have an escrow account. Escrow accounts are used in a lot of different ways. Probably the most common usage of the term escrow account applies to people’s mortgages. There’s an account set up called an escrow account often to cover property taxes, insurance, and other recurring expenses that happen annually or semi-annual. The owner of the house puts money into the escrow account, and then that escrow account is used to pay these taxes. This makes sure the money’s there, when needed.… 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.


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