Effective August 1, 2013, the maximum limits for lawsuits in small claims court and district court will rise significantly. The small claims limit is doubling from $5,000 to $10,000 and the limit for district court cases is increasing from $10,000 to $25,000. Anything over that amount must be brought in Superior Court. The rise in the small claims limit will …
Many business owners today are looking for ways to decrease the cost of their workforce. The rising cost of payroll taxes, retirement plans and other benefits, along with the advent of Obamacare, have potential employers looking for ways to minimize overhead while still being able to attract and retain talented workers. One increasingly popular option is to hire independent contractors …
Attorneys are often accused of writing overly complex and confusing documents, and nowhere does this seem to occur more often than in contracts – whether leases, purchase agreements, settlement agreements, or non-compete agreements. This type of writing includes phrases that only seem to exist in old books and new contracts – for example, “hereinbefore” instead of “above.” There are a …
Whether you are starting a business, buying or selling a business, entering into a partnership or planning your exit strategy, you need a clear vision for what you want to accomplish. A vision in this sense is the end sum of your goals and overall purpose. Once you have defined your vision, the planning can begin. The vision you have …
Whether it’s buying a home, applying for credit or accepting a new job, people and businesses are drafting and executing contracts every day. Often, these contracts are not understood by the individuals signing them and perhaps not even read. Even lawyers such as this one have signed (or clicked) without reviewing all of the fine print. Nobody likes reading through …
The turn from one year to another is a good time to reflect both personally and professionally, even from a legal perspective. There are a number of areas for both where a little thought can make a big difference. On a personal level, the new year is a perfect time to examine your estate planning and to make any changes …
When starting any new business venture or establishing a new business entity, having appropriate documentation is important. The importance of having such documentation is increased substantially when more than one person is involved. We often help clients by drafting their corporate bylaws or LLC operating agreements, both of which set out how the organization will operate as well as the …
Most businesses and business people are all too familiar with the protracted exercise that is involved when attempting to collect on a judgment. Few, however, are as familiar with two potentially powerful methods that can be used before entry of a judgment and may alleviate the need for drawn out post-judgment execution proceedings.
If you turn on the news (or, as is more likely in today’s world, open up your favorite news website), chances are pretty good one of the first phrases you will notice is “the fiscal cliff.” Whether it’s a discussion of how it’s not really a cliff, or what our various political leaders’ plans for avoiding it may be, the …
If you attended Vann & Sheridan’s Hot Legal Topics this year, you hopefully gained some information regarding some new laws recently passed and currently under consideration that may impact businesses. Given the state of our economy, Congress is continuously searching for ways to turn things around. In that regard, there are some interesting new laws that could be voted on …
Obtaining a judgment in court is only the first step in pursuing delinquent accounts. While a judgment is a binding acknowledgement that money is owed, it does not actually force a debtor to pay. In light of that, and in order to combat a debtor’s avoidance efforts, there are some important things that need to be done after a judgment …
Most people are familiar with and use social media sites such as Facebook, LinkedIn and Twitter to communicate with friends, to network and connect with people, and for entertainment purposes. It is highly likely that many people use these sites while at work. In addition, many businesses are taking advantage of these social media tools to get information out to …
The end of the year is often a busy time for business owners and other individuals. It is easy to let some seemingly less pressing business and personal legal updates get pushed aside until the new year. Of course, when the new year starts, different challenges and time commitments can cause people to forget about those basic, yet important, legal …
Business planning is an important topic to business owners. Most business owners are focused on getting things done so that their businesses can make money. While it is this full steam ahead mentality and drive for success that makes entrepreneurs successful, going forward without a plan can cause problems. On occasion, we all need to slow down, write down some …
Over the past couple of years, there has been a substantial increase in foreclosures in North Carolina and around the nation. Certainly, the poor economy has been a major reason for the increase. However, according to the Greater Wilmington Business Journal, foreclosures in North Carolina declined in September. Many of our clients make use of Promissory Notes secured by Deeds …
Earlier this year, the United States Court of Appeals for the Fourth Circuit considered a case where a franchisor sought to recover lost profits from a franchisee it terminated for a breach of the franchise agreement. In Meineke Car Care Centers, Inc. v. RLB Holdings, LLC, the Court ruled that even though the franchise agreement did not specifically provide for …
As a successful business owner, you have likely spent the majority of your working life building a business. You have an emotional and financial attachment to the business. Succession planning is essential, whether you value making sure the business is in good hands when you retire or making sure you gain financial security when you exit the business. Some of …
Practically everyone knows what a will is, most know why it is important, and some have taken the steps necessary to have a will prepared and executed. However, many people are unfamiliar with the other estate planning tools that are available and that should be part of every estate plan. Trust: If you have minor children, it is important that …
Every limited liability company (LLC) needs to have an operating agreement- whether there is one member or twenty. Unlike the North Carolina Business Corporation Act (N.C.G.S. Chapter 55), the Limited Liability Company Act (N.C.G.S. Chapter 57C) is minimal and does not sufficiently address governance of the company. While Chapter 55 contains many default rules (i.e. rules that apply if the …
When buying a business, there are certain considerations that must be addressed in order to make sure the transaction is precisely what is contemplated by the parties. Some of the issues that often arise can have drastic effects on the value of the business being purchased, the success of the venture and the potential risk associated with not only the …
