Business Law
A business and corporate law firm includes incorporation, business creations and ownership, commercial collections, investments, trademarks, copyrights, and intellectual property areas of law. A business attorney will ensure regulations, zoning, and environmental issues are addressed. There is personal, business, and tax requirements and consequences involved with business and corporate law transactions. Additionally, securities fraud investigations by the SEC are typically handled by a business and corporate lawyer.
Understanding Commercial Debt Collection
Extending credit to businesses is essential to promoting healthy commerce. Most businesses cannot afford to make large purchases, such as equipment or real estate, without the help of financing or payment plans.
When all goes well, the debtor repays the commercial debt as agreed and the creditor earns interest. But when debtors default on their repayment obligations, commercial lenders find themselves in a very tough position. They must choose between investing huge amounts of time and money trying to collect that debt, and writing it off as a loss or bad debt.
Understanding your rights under collection law
Whether you are a financial institution or a company that extends credit to its customers, you must understand your rights as creditors and how to protect your interests in the event that scheduled payments slow or stop.
After attempting to collect this debt on your own by sending out overdue notices and making collection calls, it may be worthwhile to enlist the help of an experienced attorney. Professional debt collectors can take aggressive measures like the following:
- Conduct negotiations and set up payment plans
- Enter into binding alternative dispute resolution with the debtor
- Foreclose on business assets
- Repossess secured property, such as a vehicle
- Obtain a court-ordered judgment against the debtor
- Place a lien on secured real estate
- Initiate a lawsuit
Most judicial and non-judicial debt collection procedures involve taking a series of actions by specified deadlines. For this reason, it is important to move quickly to stake your claim on assets and money you are owed.
If you work at a business or financial institution in need of debt collections in Texas, Arkansas or Tennessee, Hosto, Buchan, Prater & Lawrence, PLLC can help. From our offices in Dallas, Texas and Little Rock, Arkansas, our Texas commercial collection attorneys and Arkansas debt collection lawyers have an impressive track record of effective debt collection. We are located at 701 West Seventh St, Little Rock, AR & 13612 Midway Road, Suite 408, Dallas, TX and 4525 Harding Road, Suite 218, Nashville, TN.
Director and Officer Liability under ERISA Law
Under ERISA, ''employers'' must make all necessary contributions to multi-employer pension plans pursuant to the plans' terms or the terms of a collective bargaining agreement. Every employee benefit plan must have a funding procedure and fully explain how and under what circumstances payments are to be made to the plan. If these responsibilities are not carried out or carried out in an untimely manner, a civil enforcement action can be brought against the plan or the employer with the help of a Detroit business law attorney. An "employer" is defined as "any person acting directly as an employer, or indirectly in the interest of an employer, in relation to an employee benefit plan.
Generally, a corporate director or officer will not be held personally liable for the company's failure to make the required contributions because they are not usually considered as falling within the statutory definition of "employer." There are notable exceptions. Personal liability has attached to an officer or director in the following circumstances: (1) the evidence showed that the officer or director defrauded the plan or conspired to defraud the plan of the required contributions and (2) the corporate veil was pierced because the officer or director acted as the company's "alter ego." Piercing of the corporate veil may be warranted when corporate formalities are not observed. Sloppy or inadequate record keeping may also justify piercing of the corporate veil. Use of corporate funds and assets for a director's or officer's personal benefit or to further a fraud or other wrongful activity may also expose the officer or director to personal liability.
ERISA did not totally preempt the field in the area of employee benefit plans. Thus, state laws may be another basis for imposing personal liability upon an officer or director for failing to make the required plan contributions.
Contact the Detroit business law firm of Campbell, O'Brien & Mistele, P.C. for more information or help with ERISA and other business law matters.
Step-by-step with business lawyers in Tucson
Every business transaction is different, and you should be prepared to adapt to the unique qualities of your purchase. However, there are certain steps that must be taken before a sale goes through, and your small business lawyer can help make sure those steps are completed correctly and avoid any Tucson business disputes.
It is a good idea to involve your business lawyer from the very beginning, but for certain steps an attorney is especially imperative:
- Letter of Intent—Though not a binding contract, an attorney can help you with the strategic points you need throughout the process.
- Due Diligence—This is the time for you to evaluate the company you plan to buy. If not done effectively, you may end up buying a business with financial, legal, and other problems you did not know existed.
- Contract—You definitely need an experienced business lawyer in Tucson to create your contract for you. You should not let the seller’s lawyer write your contract!
Contact us today
It is extremely important that you find a Tucson business lawyer experienced with business law, real estate, and contracts before you negotiate the purchase of a business. At Heurlin Sherlock Panahi, our attorneys specialize in the areas of law that most often trouble prospective buyers. Contact us today for your first consultation.
How to Evaluate a Business Lawyer
Evaluating a business attorney goes hand in hand with your purpose for legal counsel. One factor to consider is that most business attorneys have legal strengths and hard-won experience in certain industries. Another factor that plays a vital role in your evaluation of attorneys is the nature of your legal concern.
Evaluation of your project, transaction, or litigation concerns
Before beginning your search and evaluation of an Orange County business lawyer, ask yourself the following questions:
- Do you want the attorney primarily for business transactions?
- Or do you want the attorney primarily for business litigation?
- Do you lean more toward alternative dispute resolution or favor taking your matter to court?
- Are you looking for a business lawyer that can meet both your transactional and litigation needs?
- Is your legal need for a one-time project or an ongoing service?
- Will an attorney with general industry experience suffice, or is your business niche-oriented, such as the entertainment industry?
- What is your business budget for legal representation?
- Is your legal concern a vital issue that can make or break your business—or is it more oriented toward ensuring legally sound, routine operations?Once you have defined the parameters of your legal needs, you have a basis for comparison that you can use when considering various business lawyers.
Tips and tools for evaluating business law attorneys
- The American Bar Association (ABA) provides a Consumer’s Guide to Legal Help in California which includes lawyer referral, a link for other ways to find a lawyer, and free legal help sources (legal aid for low income and specialized help based on qualification).
- Networking. Word-of-mouth is a time proven way to gather information. Family, friends, business associates, and business services such as bankers, accountants, and other professionals often provide valuable information about lawyers that can help you to evaluate and choose a business attorney.
- Attorney consultation. Many attorneys offer a free consultation to discuss your legal issues and determine whether an attorney-client relationship could serve your needs. Use the consultation to determine whether the lawyer’s skills and legal approach can help you meet your business objectives. Also consider whether the attorney’s personality lends to the kind of working relationship you desire to have.
Business conflicts make seeking legal counsel crucial. Consult a lawyer about Orange County business disputes and protect your interests.
Contact an Orange County business attorney
Call a business lawyer at Mosher & Skorina today for a free consultation toll-free at 1-888-323-0402.
