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Phoenix, Arizona, Business Law Blog

Durable financial power of attorney can help entrepreneurs

Business owners have a lot to think about when it comes to the financial state of their company. One thing that they might not consider is who is going to make their financial decisions for them if they can't do it themselves. This is important since it can mean the difference between the family thriving, as well as whether the business continues on.

For some small business owners, the finances of the business are tied up in their own accounts. This puts both at risk since they are together. Some of these entrepreneurs choose to set up a durable financial power of attorney so that someone else can manage their financial affairs if that person is unable to do so due to being incapacitated.

Business planning: What happens if you pass away?

Small business owners have a lot to think about, so having an estate plan set up might not be one of the top priorities. If you are in this position, you need to remember that you do have a duty to make sure that you are protecting the business' interests. One way that you can do this is to have a clear plan set for the company in the event you pass away. We are here to work with you to find a way to get everything in place.

When you think about what you want for the company, make sure that you explore all options. It might not be pleasant to think about the company dissolving or being sold, but this might be what is best for it. Another option is for you to train someone to take over the business. If you choose to hand it over, you need to make sure that you have a succession plan.

Various types of construction defects can occur

Construction litigation is hard for people who are counting on their project to be done on time. Unfortunately, being done on time doesn't mean that it is done correctly. You have to be aware of some of the common construction defects that can impact these cases. Because of the seriousness of some of these issues, anyone who has a construction project in progress or planned should know some of the more common ones.

There are two categories that most defects will fall into – latent and patent. A latent defect is one that is concealed and can't be seen easily. A patent defect is one that is easily seen upon inspection.

Are you ready to expand your business?

When you started your venture into business ownership, your goal was certainly to be successful. However, if your success has overwhelmed you, you may have some serious questions to consider abou whether the time is right for expanding your business.

It is exciting and more than a little intimidating. You may already be feeling that you no longer have as much control over certain aspects of the business, and expanding your interests may require you to let go of even more of the day-to-day operations. Are you ready for this? To be certain, it is smart to gain as much information as possible about what you can expect if you move forward.

Business owners need to include the company in estate planning

All adults must ensure they have a suitable estate plan that outlines what their wishes are when they pass away. There is more to think about for people who own businesses. On top of the basic estate plan components like a will, trusts, powers of attorney and living wills, there is also the need to take care of the company.

The way that you will handle your business' needs depends on the type of structure of the company. If you have co-owners, you might have a buy-sell agreement or some other arrangement that will go into effect. You have to think about each way that the arrangement can impact the company, the co-owners and your family members.

Business transactions must be executed carefully

Business transactions happen every day in a growing company. You might be acquiring a new company or adding more vendors to your supply list. No matter what type of transactions you are handling, you should make sure that they are in your company's best interests. You must also ensure that they are executed in the proper manner.

There might be times when transactions don't go as intended. At this point, you have to be prepared to do damage control for your company. You haven't put all this work into your business just to have a botched transaction take away your progress. We are here to help you handle a multitude of business situations that can have serious repercussions for your company if they should go awry.

Proper worker classification can prevent costly litigation

As an employer, it is your duty to classify people who work for you correctly. The two primary classifications are employees and independent contractors. Your business can suffer greatly if you don't place workers in the correct category. One of the reasons for this is that misclassification is illegal.

Some employers opt to try to classify all workers as independent contractors because they think that it will save them employment costs. While this is true to an extent, it can be much costlier if you are caught.

Trusts: 5 by 5 power inclusion

One of the biggest considerations when you are trying to determine how to handle your estate plan as a small business owner is determining how assets should be divided. This isn't always easy, but having a solid plan in place can help you feel more peace as you live your life. Many company owners choose to set up trusts to care for their loved ones.

Sometimes, trusts include a term for "5 by 5 power," which is a special set of instructions. It requires that the beneficiary receives whichever is greater of these two annually:

  • 5 percent of the fair market values of the trust
  • $5,000

Has the relationship with your business partner turned sour?

When you started your business, you knew that you did not want to go at it alone. Possibly from the very beginning, you knew that a business partnership would work best for your ideas and your company. You may even have had the perfect business partner in mind, or at least you thought he or she was the perfect partner.

Your business relationship may have seemed strong and on point for years after your company got off the ground. However, you may have started noticing the appearance of serious issues between you and your business partner. Though squabbles are common in any type of relationship, the current disputes do not seem easily resolvable.

Commercial real estate property management tips

Investing in commercial real estate can be a profitable venture, but it comes with a lot of responsibilities to the tenants that lease space from you. Trying to meet these responsibilities on your own can be a harrowing undertaking. Many people opt to turn to a property manager to keep things running smoothly. Still, it is up to you to make sure that things are being handled lawfully and properly.

One of the best things that you can do when you are hiring a property manager is to check their experience. You need to ensure that they are familiar with the type of property that they will be running. Once you find one that meets your needs, review the contract to ensure that it outlines the expectations and requirements clearly.

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