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Phoenix, Arizona, Business Law Blog

What exactly are material defects?

When many people think of home inspectors, they think of the person who comes out to check out their home before the bank agrees to extend a loan for them to purchase the property. Some individuals have them come out and check out the work on their homes before they make a final payment to their contractor though.

Home inspectors are often called upon to look at homes to see if they have any material defects. If they do, then this may pave the way for homeowners to sue contractors for not performing the work that they promised to carry out. A prospective homeowner may rescind on their offer to buy a home if it has defects.

Entrepreneurs should consider life insurance and estate plans

As a small business owner, you likely know that you need to have a will and a succession plan as part of your estate plan. What you might not realize is that you also need to have suitable insurance policies in place so that those left behind have a source of income.

You might already know that you need to have a life insurance policy for your family. You will list a family member as the beneficiary, and they will receive the funds from the policy when you pass away. This doesn't have to be covered in your estate plan because you name the beneficiary when you establish the policy.

Watch for signs of contamination on commercial real estate

If you are looking to build or expand your business, you may be considering purchasing commercial real estate. This is an enormous and often expensive step to take, and you are right to be cautious as you begin the process. However, you know that any delay means a delay in growing your business, so you may be tempted to jump at the first reasonably priced property you see.

What you may not realize is that commercial properties are notorious for environmental contamination. While you would hope the seller would be upfront with disclosures about potential contamination, you cannot guarantee this will happen. After all, disclosing a serious environmental or health concern may mean the loss of the sale. Therefore, it is wise to be alert and proactive when examining properties you are considering purchasing.

Think about your steps when your company is sued

As a small business owner, you have probably tried to grow your business by developing a strong reputation in the community. Having a lawsuit against your company is one thing that can damage this. If you do find out that your company is being sued, you have specific steps to take as you work toward addressing the problem.

First, you shouldn't communicate directly with the plaintiff once they file a lawsuit. Instead, let your attorney handle the matter for you so that you can focus on preserving your business. You also need to remember that everything you say regarding the legal matter can be used as part of the case. This is one reason why companies often release neutral statements about legal matters or simply state that they won't comment on a pending legal matter.

Signs of a bad contractor that you need to know

Trying to hire a contractor to do a construction project is a big undertaking. You have to be on the lookout for signs that you have someone who is going to do the job as you intend. One of the most important things to remember is that you might have to spend a little more to get a contractor who is going to do a good job.

Some contractors don't charge anything close to their competitors because they do subpar work, and they might not carry the necessary insurance. These individuals might not get the proper permits that are necessary for the job.

Things you should know before you start a partnership

When you and your partner started your Arizona business, you were probably full of excitement for the future and the success of your company. Over time, this working relationship you have with your business partner may change, eventually ending up at a place where neither of you are happy. While a partnership is often a smart business entity choice for many entrepreneurs, there are some risks involved with this selection. 

Before you choose to move forward with a partnership, it is in your interests to look closely at all of your options. It is prudent to understand all of the potential drawbacks associated with a partnership, allowing you to make the best possible choice for your individual situation. Taking the time to do your research will help you avoid complications and lay the foundation for the long-term success of your company.

Your business may be the best asset to leave to your family

If you're a business owner who is doing their estate planning, consider that your business may be the best and most valuable asset you leave to them. With that in mind, it is very clear why this process requires such careful planning.

The key, financial experts note, is to shed some ideas about assets that many people hold. From a strict ownership and estate planning perspective, for instance, a home is an asset. It's something you own. You can pass it on to the kids.

General contractor versus subcontractors for your project

When you have a construction project on your home that needs to be done, one of the first decisions you have to make is whether to hire a general contractor to oversee the project or hire subcontractors to handle each facet of the job. For many people, hiring the general contractor is the easiest option, but it might not be the most budget-friendly choice.

One of the first things that you need to know is that general contractors must be licensed before they can represent themselves as such in this state. You can check the Arizona Registrar of Contractor search to verify a general contractor's license. If someone is claiming to be a general contractor but isn't listed on the search, that should be a red flag that stops you from working with them.

At what age should children take over your business?

You started your business from nothing. You have been grooming your children to get them ready to take it over when you decide to retire. Maybe you have one specific heir that you think is the right pick for the job. Now, you're just wondering how old they should be when you give it to them.

Interestingly, experts largely think that age makes no difference. Don't wait for your heir to hit some magical point in their life when they can run the company well. Instead, look for the signs that they are ready to do it. That comes at different times for different people.

What can you do if a landlord reduces your parking access?

While there are certainly people in Arizona who commute by foot or on bikes, the average person gets around in their own motor vehicle. As a business owner who welcomes customers into your space, providing adequate parking is critical to ensuring a steady flow of visitors to your business.

Unfortunately, if you lease your facility, access to parking may rely entirely on the goodwill of your landlord. Whether the issue is asphalt resurfacing that leads to the parking lot being closed for weeks or your landlord allocating too much parking to another tenant and leaving you without enough space, parking issues can quickly impact your staff and your business' bottom line.

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