Legal Articles

BUSINESS ACHIEVEMENT CENTER BLOG: Pointers for Negotiating a Buy-Sell Agreement

BUSINESS ACHIEVEMENT CENTER BLOG: Pointers for Negotiating a Buy-Sell Agreement: Contributed by Cassandra Jones, Esq. Houghton Jones, A.P.C. A Buy-Sell Agreement is the contract for sale of a business. It is vital th… Find out more about American Corporate Enterprises by visiting our website at https://americancorpenterprises.com.At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us Toll free (888) 274-1130 or (775) 884-9380 today.

At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us

Toll free (888) 274-1130 or (775)884-9380 today and visit our website at www.americancorpenterprises.com.

BUSINESS ACHIEVEMENT CENTER BLOG: What’s Your Business Exit Strategy?

BUSINESS ACHIEVEMENT CENTER BLOG: What’s Your Business Exit Strategy?:
Contributed by Cassandra Jones, Esq. Houghton Jones, A.P.C.

You have worked hard to build your business. As you approach retirement, or the need to leave your business for other reasons, you should have a plan in place to wind up your business. There are several different types of exit strategies. Which one is right for you depends on factors like your customers, finances, your family, and your employees.

The most obvious strategy is simply to close down the business. When you close down the business you must be certain to properly wind down the business’ affairs. Just because you have decided to leave the business does not mean that the business’ responsibilities and obligations immediately cease. Final taxes must be filed and paid. Outstanding vendors must be paid. There should be a filing with the Secretary of State indicating that the business has been closed. Failure to properly wind down the business may expose you individually. For example, if the business has any unpaid debts, its assets should be used to satisfy those debts. If you take the assets without paying the debts, you may be risking future creditor’s efforts against you personally to recoup those assets. Continue reading…

Find out more about American Corporate Enterprises by visiting our website at https://americancorpenterprises.com.At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us Toll free (888) 274-1130 or (775) 884-9380 today.

At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us

Toll free (888) 274-1130 or (775)884-9380 today and visit our website at www.americancorpenterprises.com.

Warning- Business Identity Theft On The Rise

We frequently hear stories about people who were victims of identity theft. Less often in the media – but unfortunately on the rise – is business identity theft. The thieves look for businesses that have not kept up their annual filings that are either in default or revoked status. They submit annual filings or reinstatement documents and change key company information in order to take control of the business.

As with individual identity theft, these thieves then get credit cards in the company name or establish lines of credit with banks or other vendors- all if which can be devastating to a business.

This is one of the reasons that we suggest that companies file a formal dissolution with the state, file a final tax return and close all open lines of credit for their business.

The National Association of Secretaries of State (NASS) has been working closely with The Identity Theft Protection Association (ITPA), which recently launched the website www.BusinessIDTheft.org to combat this growing threat.

The website has information about ways that theft can occur, prevention information, resources, victim assistance and more.

Find out more about American Corporate Enterprises by visiting our website at https://americancorpenterprises.com. At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us Toll free (888) 274-1130 or (775) 884-9380 today.

At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us

Toll free (888) 274-1130 or (775)884-9380 today and visit our website at www.americancorpenterprises.com.

Common Fraud Schemes (Provided by the FBI)

Find out more about American Corporate Enterprises by visiting our website at https://americancorpenterprises.com. At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us Toll free (888) 274-1130 or (775) 884-9380 today.

At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us

Toll free (888) 274-1130 or (775)884-9380 today and visit our website at www.americancorpenterprises.com.

Are Clients Squeezing Big Law into Small Law?

Partners leaving big firms to go out on their own isn’t new, but it seems to be picking up. A growing reason is that clients have become more careful about spending. And lawyers can lower their rates after leaving BigLaw.

Clients have clamored in recent years for reduced rates, fewer associates assigned to cases and alternative billing arrangements.

“Some make a point of objecting to junior associates on the bill,” Joshua Stein, a former real estate partner at Latham & Watkins, who left last month to start his own practice, told Slate for a story headlined “Leaving big law behind.”

“In the context of [my practice], those issues won’t exist and, so far, what I’ve seen is that it’s appealing to clients.”

And in a recent Crain’s New York Business story along the same lines, headlined “Partners flee big law firms to go their own way,” there was this: “Clients no longer feel their day-to-day needs justify paying the $800- or $900-per-hour rates of a partner at a large firm,” says Joseph Gioconda, who left a partnership at DLA Piper last December to found the Gioconda Law Group, an intellectual property boutique that specializes in protecting corporate brands and trademarks.

Giocanda’s new firm gets a third of its income from billable hours, at $450 to $550 per hour, another third from flat-rate fees and a third from contingency arrangements.

In the past. lawyers have left BigLaw to make bigger money, because they can then eat more of what they kill; for pride of ownership in a practice that is more closely their own; for more tailored selection of clients and issues; for less bother with extra duties such as cross-selling for other lawyers in far-flung offices whom they hardly know; and for lifestyle matters.

But now, the external economics—what clients want and demand—might be holding as much or more sway.

Crain’s New York reports that more than half of 231 corporations polled last fall by Hildebrandt International—many of them Fortune 500 companies—negotiated with outside counsel on nonhourly billing arrangements, and nearly two-thirds of the companies said they were implementing a rate freeze on outside legal fees.
This, according to Crain’s, leads to lawyers leaving big firms to open boutiques. The article lists some recent moves in New York City:
• White-collar defense partner Daniel Horwitz, who was co-counsel last year for fraudster Bernard Madoff and defended David Letterman against an extortion attempt by a CBS producer, left Dickstein Shapiro in June to join the 11-lawyer firm Lankler & Carragher.

• Patent attorney John Desmarais, a top partner at Kirkland & Ellis for 15 years, left in June to start his own firm, Desmarais.

• Six partners from LeClairRyan’s Securities and Exchange Commission enforcement group bolted, taking 10 lawyers with them, to form specialty boutique Murphy & McGonigle this summer.

• The chair and vice chair of Sonnenschein Nath & Rosenthal’s Internet practice, Marc Zwillinger and Christian Genetski, left the firm in February to form boutique Zwillinger Genetski.

• Andrew Sandler, former head of the consumer financial services practice at Skadden Arps Slate Meagher & Flom, left last spring with 14 colleagues to form BuckleySandler.

Find out more about American Corporate Enterprises by visiting our website at https://americancorpenterprises.com. At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us Toll free (888) 274-1130 or (775) 884-9380 today.

At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us

Toll free (888) 274-1130 or (775)884-9380 today and visit our website at www.americancorpenterprises.com.