Update: May 19, 2021 is seeing cryptocurrency values plummet, reacting to China banning financial and payment institutions from using cryptocurrencies. While individuals are not currently prohibited from holding crypto, China has effectively decimated crypto’s utility in the country. China has also officially warned investors against speculation. As of the time of this writing, Bitcoin value…
Tag: business law
What Should You Know Before Buying Into a Business? 5 Key Considerations for the Informed Investor.
Buying into a business can be an exciting next step in your career and present uncapped opportunities for growth. It can be especially lucrative from a financial perspective, as well as the professional allure of working for yourself. For example, if you are a doctor working for a clinic, you may be given an opportunity…
The Essential Guide to Setting Up a Nonprofit Corporation In Michigan
Nonprofits are big business. According to recent IRS statistics, Michigan has over 50,000 nonprofit entities, holding more than $268 billion in assets, and employing over 470,000 people. Public charities, homeowners’ associations, private foundations, endowments, networking groups, chambers of commerce, are just some examples of nonprofit organizations. Regardless of whether you have $5,000 local school bake…
Is Your Lawsuit Stuck Due to COVID? Stipulated Mediation May Be the Answer.
You may wish to give mediation a second look. If you are business owner involved in pending business litigation, you are likely frustrated with the progress – or rather the lack of progress – in your case. Whether as a plaintiff looking for a resolution of your grievance or a defendant eager for vindication, it…
Are you expecting payments under a lease, land contract, or promissory note? It may be time to dust off those documents and call a lawyer.
The economy is still uncertain, especially for business owners who rely on lease payments, land contract payments, promissory notes, or other installment-type payments for their income are in for tough month. Payees may very well be unable to make payments on time or at all. What are your options to protect your rights? It is…
5 Legal Tips for Business Owners Weathering the Coronavirus Disruption
There is no doubt you are distracted by this coronavirus outbreak. Constant news alerts, supply shortages, government-mandated closures and cancellations make it all but impossible to also run your business. However, remember that your lawyers are available to assist you. For example, if you have questions about obligations to your employees, insurance coverage questions, contract…
What Every Business Owner Must Know About PFAS Contamination
Remember when everyone was worried about PFAS contamination? Believe it or not, it was a serious concern that dominated headlines in late 2019 and early 2020 before COVID-19. It remains a serious environmental issue. But what is PFAS, and more importantly, how does it impact your business? PFAS stands for per- and polyfluoroalkyl substances, which…
3 Common Mistakes that Compromise a Business’s Corporate Protection and Expose Your Personal Assets.
Businesses that commingle assets, forgo record keeping, official minutes, and fail to keep their registration with the State of Michigan up to date risk losing their corporate protections. In most cases, the corporate form limits your personal liability and insulates your personal assets from business debt – unless a creditor successfully argues that the corporate…
Does Your Business Have a Pre-Nup? The Importance of Planning for Life’s Unexpectancies.
Nobody likes to plan for life’s unpleasantries, including divorce. While divorce remains an unfortunate fact of life, proper planning with your business attorney can help protect your business from the unexpected. This is particularly critical where a business has multiple owners, members, or partners. In a recent case out of New York, a company’s three…
Into the Fire: Effective Strategies for Litigation Management Before Going to Court
Are you a litigious business owner? Do you copy your attorney on correspondence to a non-paying client or a vendor? Have you ever threatened another business owner with “I’m going to sue you”? Is this something you do as part of your day-to-day business routine? Does your county’s local business judge know you by name?…
Don’t Spin Out: 5 Lessons for Every Business Owner From the Peloton Copyright Lawsuit.
Those of you who follow me on Instagram know that I am the #Trilawyer (basically, a lawyer whose hobby is doing triathlons). The cycling leg just happens to be my favorite, I love going to spin class at the gym, and I am also a big fan of watching pro cycling on TV. So obviously…
4 Must Have Legal Documents for New Business Owners
Whether you are a one-man computer whiz coding the next blockbuster iPhone app, or a five-employee manufacturer making parts for a Tier 1 auto supplier, you need basic corporate forms to protect your assets and investments. A limited liability company (or LLC) is the preferred way to organize and obtain this protection. Plus, if you…