Personal Guarantees in Business Loans: What Business Owners Need to Know

Quite often, the greatest advantage of forming a corporation or LLC is the clear separation between business liabilities and personal liabilities, which is often referred to by lawyers as the “corporate veil.” That legal shield or ‘veil’ is what protects your home, savings, and other personal assets from business debts. But personal guarantees, which frequently accompany business financing agreements, can pierce that shield.

Webinar: Business Documents That Carry Legal Weight

Vann Attorneys recently hosted an essential webinar focused on Documents that have Legal Impact in Your Business: Promissory Notes, Promises to Pay, and the Impact of Electronic Communications. The webinar is intended to help businesses recognize which documents create binding obligations and how to properly use them to protect their interests.

Domesticating a Foreign Judgment in North Carolina

Domesticating a Foreign Judgment in North Carolina By Caitlin S. TrueloveAttorney at Law Domestication is the legal process by which a judgment from one state (or “foreign” court) is recognized and enforced in another state. Under the Full Faith and Credit Clause of the U.S. Constitution, North Carolina courts are generally required to honor judgments from courts in other U.S. …

Writing Bad Checks in North Carolina: What You Need to Know

In today’s increasingly digital world, writing checks may seem old-fashioned—but it still happens more often than many think. Unfortunately, sometimes checks are written without sufficient funds to cover them. In North Carolina, doing so isn’t just a mistake—it can carry serious legal consequences, both criminal and civil.

Corporate Transparency Act Reporting Update

Whether a business is required to report ownership information pursuant to the Corporate Transparency Act has been back and forth over the last few months.  There has been an abundance of activity involving all three branches of the federal government regarding the Corporate Transparency Act (“CTA”). As you may be aware, there was a case in Texas that temporarily stayed the filings with the Corporate Transparency Act.  The Texas Court recently finalized a decision in the U.S. District Court for the Eastern District of Texas in Smith v. U.S. Department of the Treasury.

Forum Selection Clause: Is It Enforceable?

I have seen construction contracts which contain a forum selection clause requiring any dispute to be subject to arbitration in a particular location. The reason for such a clause is quite simple, it limits how and where to litigate any dispute arising out of that agreement. Most contracts we see with out-of-state general contractor’s state that arbitration will occur in the state where their principal office is located. Sometimes, they will say arbitration shall occur in the state where their principal office is located or in the county where the project is located. Let us say that you as a subcontractor signed a subcontractor agreement with an out-of-state general contractor, which stated that arbitration shall occur in the state where the general contractor’s principal office is located. Let us say the project is in Wake County, North Carolina. Let us further speculate that you wish to file suit against the general contractor in the Superior Court Division of Wake County.

Requests for Admission

The Discovery stage of a lawsuit is important because it is when you can determine what information the opposing party is in possession of to support their claims or defenses. These discovery tools include interrogatories, requests for production of documents, requests for admission, and depositions.

Navigating the Financial Impact of Customer Bankruptcy

How should you respond when a customer files bankruptcy? How will the bankruptcy impact your accounts receivable? We will discuss the intricate workings of the Automatic Stay, delve into the essentials of Claim Preparation, and dissect the nuances of Preference Claims. Attorney James Vann will discuss the following topics:

Looking at Your Invoices What Does Your Fine Print Say?

Have you ever looked at the payment terms on your invoices and quotation documents? What does the fine print say? Does it reflect what is in your signed contract with the other party? Do you have provisions for interest, attorneys’ fees, and restocking fees? Let’s look at some of the language to include in an invoice

It May Not Be Too Late to Enforce Your Out of state Judgment in North Carolina

We assist people with the post-judgment collection process on a judgment that was rendered by another state. We do this by domesticating that out of state judgment in the State of North Carolina. Some reasons to consider domesticating a judgment in the State of North Carolina include that the judgment debtor(s) reside or are located in North Carolina, and/or the judgment debtor(s) owns property in North Carolina. This process is typically straightforward and relatively routine. Once this process is complete, North Carolina recognizes that judgment as if it were rendered in this state. This means the creditor may use any means allowed by North Carolina statutes to pursue judgment debtor(s) in post-judgment collections. However, if a significant amount of time has passed since the judgment was issued, the creditor’s ability to enforce its judgment may be affected.

Webinar: New Laws for Businesses in 2024

Vann Attorneys presented the webinar ‘New Laws for Businesses in 2024’, hosted by James Vann and J.D. Hensarling. In this session, we reviewed some of the more important new laws coming into effect for 2024 for businesses in North Carolina. We looked at North Carolina law and a few Federal laws that could impact businesses and/or the business owners. Watch and listen as we review these important new laws and updates.

Webinar: Negotiation Wisdom in Business & Litigation

In this session, we delve into the art and science of negotiation, a crucial skill in both business and legal contexts. We explore effective strategies for negotiation, examining how they can be applied to achieve desirable outcomes in various scenarios. From the boardroom to the courtroom, understanding negotiation dynamics can profoundly impact your success.

Vann Attorneys Webinar: How To Protect Your Business In a Tightening Economy

We will discuss how to protect your business cash flow, accounts receivable and contracts during a tightening economy. We will look at options and suggestions for businesses as the economy appears to be getting tighter with cash flow and bank lending. We will review what you need to look for as cash flow tightens with your customer.

Not So Fast: Alleging Unfair & Deceptive Trade Practices Claims in Investor Disputes

A recent North Carolina Supreme Court decision clarifies when an Unfair and Deceptive Trade Practices claim is available in investor disputes. The key upshot from the Court’s decision in Nobel v. Foxmoor Group, LLC is, “if an alleged unfair or deceptive action remains confined within a single business, the Act is inapplicable.”

I Trusted Them… Doesn’t That Mean They Are My Fiduciary?

A look at when a fiduciary duty likely arises amongst shareholders. The term “fiduciary” is a legal term which is often thrown around by non-lawyers. People tend to have a general understanding of what a fiduciary is; however, the term is often improperly used and even more often too broadly applied.

Disagreements Between Business Owners

Often we are contacted by people who are owners of businesses when they are having a dispute with another owner. People reach out to us in order to attempt to better understand their options to either force a change in their co-owner’s conduct, or end the business relationship. If ever there is a time when we are forced to give the classic lawyer answer of “it depends,” it is in these types of disputes.

Business Planning Creates Business Success

Planning ahead in business generally creates success and clarity of purpose. Finding the time to plan and think about your business much less be creative in your thinking and planning can be difficult. As many people agree, our time is our most precious asset. Planning is normally profitable in the long run. Frequently, I have the opportunity to speak with groups of business owners about planning for success and protecting themselves and their business. The following are a few recent tips and conversations we discussed.

Webinar: Business Credit in Today’s Economy

We discussed the formation of business contracts, how to increase profitability for the company, key terms and conditions for businesses today and how to protect yourself in a fast paced economy. We discussed these topics and more during this fast-paced webinar.