Heritage Law Group
Why Your Business Needs An Attorney
Business owners often say that they can’t afford to have an attorney and as to the accounting end of the business all they need is a bookkeeper since they don’t need to have a CPA until taxes are due.
The problem with that train of thought is that the law and, in particular, federal and state tax law is a minefield for the unweary. For example, do you know the answers to these questions:
- Should I form an LLC or a corporation to conduct my business?
- If I choose to operate as a corporation, should I choose a Subchapter-S Election or C Election for tax purposes?
- What are the rules regarding employee benefits and am I familiar with those rules before I hire employees?
- What is the difference between an employee and an independent contractor and where does the state of California stand on this issue?
- Should I personally guarantee a real estate lease or other financial obligations? Why or why not?
At The Heritage Law Group we like to grow our business along with our clients. We offer our services to the start up business owner, as well as the established business. We also assist in the sale or purchase of businesses and have the relationships with business brokers who can assist with this process with our assistance.
We understand that each business is unique and that one size does not fit each business model.
We have had numerous experiences with business owners who have made crucial decisions about their business without a business lawyer or input from tax advisors resulting in lawsuits or other adverse consequences which could have been avoided with better planning and consultation with legal and tax professionals.
Give us a call to discuss issues with your business and how we can assist you.
What are your options if the seller failed to disclose something to you and you just discovered this non-disclosure?
The analysis in most cases is to determine if the non-disclosure of the seller results in a monetary loss to the buyer. The first step is to try and quantify the cost to fix the non-disclosed issue. Granted some non-disclosed issues cannot be fixed. For example, the failure to disclose something that cannot be repaired or fixed could result in a buyer electing to try and undue the purchase; a topic that will be discussed in another writing.
If the buyer elects to move forward on a non-disclosure matter that can be remedied by repair or payment of money, the process to move forward is relatively simple. In most instances, the process to move forward is relatively simple. In most instances, the purchase and sale agreement will provide that any dispute has to be submitted to mediation.
Mediation is a non-binding process where a mediator, usually a retired superior court judge or an attorney with at least 5-years of experience, will work toward a resolution of the dispute. Most matters will be resolved in mediation.
If the dispute is not resolved in mediation the parties can submit the matter to binding arbitration.
The attorneys at The Heritage Law Group have been involved in the hundreds of mediations representing sellers and buyers.