Looking to setup a royalty agreement for $10 per unit on all units sold wholesale and retail. What would this cost? Is there a standard form?
This really depends on the complexity of the deal. There might be a form agreement you can track down on the internet but I wouldn't recommend that. You probably want to understand the agreement, not just have one. But typically an agreement of this nature is about 3-5 hours of work depending on the complexity and the back and forth.See question
We ordered a house and it's almost ready. 3 weeks ago we met with builder and point on some things we don't like, such as broken glass on windows and etc. He promised to fix it. If they don't fix it before closing my husband don't want to sign a c...
This is a contract driven resolution. if you are building a home, then there are already provisions in place about the closing date and the obligations of the builder in the event there are defects in the construction. I suspect there are provisions in the original contract for purchase that give the grounds for you to back out of the deal. I doubt a broken window is one of them. Check the original contract to see what grounds the contract can be terminated. At this juncture, you are likely not going to be able to back out. Good luck!See question
My grandfather passed away. Mom had me make a contract with her. We got it noterized in front of a banker. She drafted it saying that when he dies she'll give me a payout out of her inheritance so that I'd have enough to buy a duplex in grand junc...
I concurrence with my colleague, a promise to make a gift, which is what your mother did, is not enforceable. Call it a gratuitous promise, or a contract for a gift, it's not going to be enforced by a judge. Every contract has three elements which must be met in order to be enforceable: offer, acceptance and consideration. It sounds like you have the first two pieces met. But consideration means both parties to a contract must give something up. If you get something for free, that's a gift and you can't uphold a contract or promise to make one.
There is another variation to the rule of consideration, however. And that entails whether you changed your position in reliance on her promise to make that $300k gift to you. That is called estoppel, and it is a form of consideration because you are giving up your right to do something. For example, if you lived in Denver, and your mother agreed to give you money for a home in GJ if you agreed to move there, leave a job in Denver and bring your family there. In that instance, a court could decide that you've given consideration, thus making the contract enforceable.
Hope this helps. Good luck!See question
She has a referral agency for independent home aide. She wants out. What all do I need to do to ensure everything is done correctly and is going according to law. I have heard that when people hire out independently for their care or help in their...
You've actually addressed two separate questions. One deals with the purchase of the business and the other deals with managing it.
The purchase of the business can be done in a couple of different ways. You can buy the assets of the company, or you can buy the stock of the business. Typically when you buy the assets of the property that's what you get. You don't take on the liabilities, unless the liabilities are part of what you're purchasing. And, if you buy the stock of the company then you're getting all the assets and liabilities. If you are already in owner of the property, along with the friend you described, then the buyout will be in accordance with whatever agreements are already in place.
As for management, it's very common to have a former owner stay on as a consultant to help the business transition. You can even place in the buyout certain milestones to be met as the transition takes place.
The bottom line here is make sure you do your due diligence, find out everything about the business and make sure it's been maintained properly and there are no 'loose ends' that could trip you after the purchase.
Good luck!See question
My company/organization will only consist of myself. I will not have any overhead or assets besides myself and my computer. I am an independent consultant at hospital. I was not sure what the pros vs cons would be to select to be a PLLC vs Profess...
Overall great advice from my colleagues here. However, I will respectfully disagree about Colorado not recognizing the "PLLC" designation. I will further admit that I had to research this briefly to confirm my original thought.
But Persons licensed to practice medicine by the board may form professional service corporations for such persons' practice of medicine under the “Colorado Business Corporation Act”, articles 101 to 117 of title 7, C.R.S., if such corporations are organized and operated in accordance with the provisions of Colorado law. In those circumstances, the articles of incorporation of such corporations shall contain provisions requiring the name of the corporation to contain the words “professional company” or “professional corporation” or other abbreviations thereof.
Under the statute, "Corporation" includes a limited liability company organized under the “Colorado Limited Liability Company Act”, article 80 of title 7, C.R.S., and a limited liability partnership registered under section 7-60-144 or 7-64-1002, C.R.S.
C.R.S.A. § 12-36-134 is what dictates the corporate formation of a medical practice using a "professional" designation. There are a substantial number of additional requirements to take into consideration with the formation of your company.
I am a firm believer in the concept of not being a penny wise and pound foolish. Especially when it comes to your business. Get a good lawyer on your team at the beginning who can help you navigate these difficulties, help you organize the business and counsel you through all aspects of your business organization.
Good luck!See question
The LLC lists itself as the registered agent, and with an address which is a UPS Store.
Service of process upon a corporation is controlled by Colorado rule of civil procedure Rule 4 in District Court and 304 in County court. generally, to serve an LLC you deliver a copy of the Summons to the registered agent for service as set forth in the most recently filed document in the records of the secretary of state of this state or of any other jurisdiction, or that agent's secretary or assistant, or one of the following:
An officer of the company
The manager of a limited liability company in which management is vested in managers rather than members, or that manager's secretary or assistant;
A member of a limited liability company or in which management is vested in the members or in which management is vested in managers and there are no managers, or that member's secretary or assistant;
Or anyone who serves those functional equivalents.
If you can't find any of these people you can ask permission from the court for substituted or other service to serve the business in another form. Court might allow you to mail a copy, or serve by publication. In some instances you can serve the Secretary of State's office on behalf of the LLC.
So, to answer your question, no, The UPS store will not cut it in this instance. You will have to find one of the listed individuals above. You could check the LLC filing and see who is listed as the incorporator of the LLC. You might get lucky. Also, check their website for any other physical location.
Just keep track of all the efforts you've made to get this entity served. It'll be necessary if you pursue any alternative service options. The court will want to know how much effort you've put into it.
Good luck!See question
We had sold a used vehicle the other day and now the gal wants to come back and get all her money back. From what I have looked into it does not apply to used vehicles in the state of Colorado but I would like to be sure legally.
There is no lemon law, or "buyer's remorse" law in Colorado. There is a common misconception about this. So, the fact that the deal is done, she really cannot back out of it at this point. Most used car sales are completed on an "as is" basis. This means that you are not making any promises or warranties about the quality or condition of the vehicle. But here's the catch: this buyer could have walked away from this deal with an expectation of the quality of the vehicle. So, if you had any knowledge about the vehicle having any certain defects, or damage, and you didn't disclose that to the buyer, there could be a claim for non-disclosure or fraud in the making of the contract for sale. If she was successful in proving something like that, then you would have to give her money back and retake possession of the car. Alternatively, you might have to reimburse her part of the purchase price if the car wasn't worth the price she paid for it.
Hope this helps!! Good luck!See question
My husband and I have gotten into financial problems and need to know whether we should hire a lawyer or not
There's an old saying: you don't do surgery on yourself. Bankruptcy is a court proceeding just like any other. You don't get a break just because you do it yourself. You will be expected to know the law, follow the procedure and know the rules of evidence just like any lawyer. The courts, clerks and trustees are going to expect this crime you. There are hearings and legal issues that could detrimentally effect you if you don't handle them correctly. Lawyer up. Spend the extra time and money, it'll save you significant time and anxiety down the line.
Good luck!See question
A vendor has committed fraud against my company. The terms of service that we agreed to originally stipulates that any disputes must be handled in Canada and in arbitration. Is there a way to sue the vendor in Colorado and set aside the terms o...
You have some good advice from my colleagues here. So, I won't bore you with repeating what they've already told you. But I will add that a "forum selection clause" identifying Canada as the proper forum for an arbitration or lawsuit might be unenforceable even though it's stated in the contract. Many courts look to the convenience of the parties and the location of witnesses and such before enforcing the provision.
But this leads to another question: where is the other party located? If it is in Canada, then you might be stuck litigating in Canada. If its in Colorado, you have a better argument to keep the case in Colorado. Forum selection clause or not, the court will go through a jurisdictional analysis to decide if the other party can even be sued in Colorado. That is typically based on whether the other party has minimum contacts to Colorado. The idea of "minimum contacts" carries its own legal analysis.
Don't think you can do this on your own. Forum selection and jurisdictional issues are very complication. As all the lawyers on here can attest, we spent a solid month on these concepts in our Civil Litigation classes in law school. It's one of the most complicated aspects of multi-state party litigation. Get a consult. Talk it out. See if its worth challenging. Because, I hear Canada is beautiful this time of year.
Good luck!See question