Renewing a Judgment for Money in North Carolina By James R. VannAttorney at Law Suppose your business was awarded a substantial money judgment eight years ago and it has never been collected or only a portion was collected. You know that your judgment is valid for ten years from the date it was awarded by the Court, and you do …
While talking with business clients about customer payments, there is a common thread beginning to appear. Customers are taking longer to pay their accounts. These are not the financially risky or new customers. These are the financially strong long term customers. Many companies are starting to stretch out their payment terms with their suppliers. Many times, the customers are adding …
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 …
Tuesday, April 16, 2013 from 10:00 to 10:45 a.m. Vann & Sheridan Webinar: Non Compete & Non Disclosure Agreements in North Carolina Presenters: James Vann Complimentary for Clients & Guests Webinar ID: 145-953-539
There was a recent story in the News & Observer entitled “When a business owner wants out” detailing the exit plan of the current owner of Great Outdoor Provision Co. The current owner, Tom Valone, is fortunate to have created and thought through an exit strategy for the business which he created. Like many business owners, Mr. Valone has owned …
Creating your new business, formalizing a new business idea, or simply marketing your existing business can become even more complex given the use of the internet, blogs and social marketing. Prior to the internet, what name to use for your company was not as complex. Today, many business owners must consider the name of the business, whether the domain name …
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 …
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 …
Starting a new business is always exciting and often times nerve racking. Most entrepreneurs ask themselves the question, is this the time to start a new business? Many experienced business owners and consultants agree that starting a business in a weak or emerging economy can be a benefit for numerous reasons. Thus, now might be a great time to start …
Serving on a corporation’s Board of Directors can be rewarding to both the company and the individual serving. It often provides an opportunity for the individual Director to provide wisdom, knowledge and valuable experience to the company in which it serves. Serving on a corporation’s Board also brings responsibilities and duties. Authority of a Board of Director In North Carolina, …
In a recent article entitled “When Mark Met Don” from the Wall Street Journal, the author discusses the benefits of a friendship between Washington Post’s Don Graham and Mark Zuckerberg of Facebook. This article brought to mind how many of our business clients (and ourselves) learn from others. Often times, our business clients derive valuable knowledge and wisdom from others …
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 …
In previous years, serving as a board member for non-profit and/or charitable organizations was perceived as prestigious and a great way to give back to the community. Sure, you were expected to attend a few galas and a board meeting every now and then, but it was all doable, feasible, and most of all – monetarily sensible. Now however, in …
Our lives have been irrevocably changed by technology. We use technology every day and rely upon the usefulness of it. The technology which businesses utilize is normally designed to make work easier, more effective and efficient. As technology advances, so do the minds of those who want to use technology dishonestly or for the wrong purpose. An article in the …
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 …
Planning ahead in business generally creates success. Finding the time to plan and think about your business much less be creative in your thinking and planning can be difficult. But this type of planning is normally profitable in the long run. I recently had the opportunity to speak to a group of business owners about planning for success and protecting …
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 …
The North Carolina Business Court tugged on the reins of the Department of Revenue (“DOR”) in its recent case, Delhaize America, Inc. v. Lay. In this case, the Court deemed the DOR’s $1 million tax penalty it attempted to impose on Plaintiff Delhaize (“Plaintiff”) unconstitutional since it ran afoul of both Plaintiff’s due process rights as well as the North …
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 …
