What Fees Can You Recover for a Returned Check?

What Fees Can You Recover for a Returned Check? By James R. VannAttorney at Law   If you accept a check from your customer that is later returned for insufficient funds, North Carolina law provides a variety of fees and charges which you may recover. The North Carolina General Statutes provides that a creditor who receives a check which is …

Buying or Selling a Closely Held Business – A Few Steps to Consider

Agreeing to a sales price is hardly the final step in the negotiation process in the sale of a business. Even once the discussions have led a preliminary agreement to transfer ownership of a business at a particular price, the parties to the transaction still might not be on the same page as to what exactly entails “the business” that …

Business and Succession Planning

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 …

Independent Contractors/Employees Latest News from the Internal Revenue Service

As a business owner, how do you classify the people who work for you? Are they independent contractors or employees? The classification is important and can be scrutinized by the Internal Revenue Service (IRS) and others. The distinction between an employee and an independent contractor is important for several reasons. The following are a few areas of importance: Impacts tax …

Preferential Transfers in Bankruptcy: How to Minimize the Preference Risk

Preferential Transfers in Bankruptcy: How to Minimize the Preference Risk By James R. VannAttorney at Law   For suppliers of goods and services, nothing may be more unsettling than discovering that a customer has filed for bankruptcy. To add insult to injury, there is a risk that any recently received payment or settlement might be recaptured by the bankruptcy trustee …

Business Planning: Establishing and Maintaining An Effective Corporate Entity

Setting up a new business venture seems simple enough, particularly with all of the information available online. Many believe once they file their LLC or corporation with the Secretary of State, their business is established and they are protected from personal liability. Unfortunately, that belief is not accurate. While technically the corporation or LLC exists upon filing, there are several …

Looking For Assets to Collect a Judgment

In the movie Urban Cowboy, Johnny Lee sang “looking for love in all the wrong places”. The North Carolina Supreme Court in Kinlaw vs. Harris recently heard a case which could be summarized “looking for assets in all the wrong places”. The issue before the Court was whether a debtor’s property was free from execution and thereby allowing the debtor …

How Can We Help You? by Vann & Sheridan Attorneys at Law

We all hear from others and may say to our customers from time to time, “how can we help you?” Well, when we ask you that question, we really mean it. We enjoy helping our clients with legal challenges, developing options for you and designing creative solutions for the particular question or issue you may be facing. So often people …

Managing Your Company’s Financial Strength in a Slower Economy

Every company encounters challenging economic times due to the economy. Managing the receivables, payables and cash flow of your business are key components to the overall financial health of your business. It can be difficult but it is possible to manage the unexpected issues which arise from time to time as well as the impact from our economy. Stay Focused …

Collecting a Judgment: The Sheriff/Deputy Is Of Vital Importance

A vital benefit the legal process of obtaining a judgment affords you is the ability to utilize the services of the local Sheriff’s Office in an effort to collect the debt. Once a judgment is recorded, the appeal period has passed, and, if required, Notice of Right to Claim Exempt Property has been served, your attorney can obtain a Writ …

Supreme Court’s Recent NFL Ruling a Good Reminder for Trade Associations

The Supreme Court recently  ruled that the National Football  League’s apparel contract with  Reebok is subject to the Sherman  Antitrust Act. Believe it or not, this ruling may affect your business. The Plaintiff, an apparel company, sued the NFL alleging that the league’s apparel contract with Reebok violates the Sherman Antitrust  Act. The Act provides that “[e]very  contract… in restraint …

How To Collect Judgments: Examination Of The Debtor

As almost any credit manager knows, sometimes you may as well frame a judgment and hang it in your office if you can’t collect it. Oftentimes obtaining the judgment can be a relatively simple task; it is the collection of the judgment that requires finesse, after all, if the debtor wanted to pay the money owed, the debtor would have already paid …

Discovery- A Necessary Tool

In the course of a lawsuit, the Plaintiff and Defendant have the opportunity to request information from each other regarding the case. The purpose of discovery is to encourage and allow each party to find out what evidence the other  party has in support of its case. This process allows the parties to determine the strengths and weaknesses of their case and their opponent’s …

Electronic Signatures Gain Official Approval From North Carolina Court

Digital signatures have finally  been officially approved by the North Carolina Court of Appeals. In a recent decision by the North Carolina  Court of Appeals in Powell vs. City  of Newton, the Court enforced a settlement agreement even though no settlement  agreement had actually been  signed. As far as we know, this is the first reference to this statute by …

Have You or Your Business Encountered Customers Filing for Bankruptcy?

Bankruptcy filings by customers continue to be an issue which business owners must deal with. According to reports recently released, third quarter 2009 bankruptcy filings increased by 33% compared to 2008. However, the third quarter 2009 business bankruptcy filings were slightly lower than the second quarter for 2009. If you or your business encounter customers and/or vendors filing for bankruptcy, …

Employment Policy Needed To Address Mobile Phone Usage While Driving

The Law In North Carolina, effective December 1, 2009, it will be unlawful to drive a motor vehicle and use a mobile telephone or other similar digital technology for email, texting, access to the internet or games. The law sets forth limitations as to what type of electronic information is or is not allowed while driving. The law makes it unlawful to …