HELLO I AM PLANING TO SELL MY BUSINESS ,IN THIS PROCESS I WOULD LIKE TO FINANCE CERTAIN AMMOUNT OF MY SELLING PRICE SAY OUT OF 175 K I WOULD BE FINANCING 50% OF MY SELLING PRICE.SO WHAT DOCUMENTS WOULD I NEED TO BE MADE TO SAFEGUARD MY SELF I...
I agree with my colleagues, particularly Mr. Schneider. You will want to check the background and credit on the buyer, ensure that they qualify to lease the space you are in and that they have been approved by the landlord, if applicable, ensure that they have sufficient net post-sale assets to operate the business successfully, obtain a note and security agreement (and deed of trust if there is real property involved), file a UCC-1 lien on the assets of the business, cross-collateralize the buyers' other assets, if possible or agreeable, and hope for the best. Know however that ANY TIME you offer owner financing, there is significant risk of loss. If you NEED as opposed to WANT the remainder of the purchase price, consider selling to a buyer with third-party financing. Your title company and hopefully YOUR ATTORNEY should be able to assist you with the documents needed to secure the collateral.See question
We co-own a home with someone & it went badly. If he files for partition, can we just ignore it and let the court do what it does? We don't want to be involved with the cost and stress of dealing with this person anymore. We don't really care, at ...
Don't default! There are other options. We typically want to see informal negotiation through correspondence regarding accounting or mediation if necessary. It's possible that with a default judgment the plaintiff will be able to ensure favorable accounting, cost and attorney fee reimbursements. Hire an attorney to negotiate a voluntary sale of the property - you'll be better off than defaulting.See question
i need help with an unlawful detainer - eviction from a mobile home park. i own the home and pay space rent. the park wants me out house and all.....
Generally, you will be looking for a real estate attorney with experience dealing with MHP laws. There is an entire section in Civil Code that deals with these laws. Moreover, UD's in the MHP is far more complex than a traditional eviction action. You will want to find an attorney experience in such matters. Best of luck to you.See question
I signed power of attorney with middle initial on California POA. Is this ok
Generally, the notary will want you to print/sign your name so that it matches the form of identification you provided. There is nothing wrong with using your middle initial but the document needs to be notarized in most cases.See question
I will have a startup incorporated in Deleware for an llc. I want to open about 5 different DBAs in San Francisco. Does the Franchise tax of $800 applies to all the different DBAs or just the original llc filed from Deleware?
I agree with my colleagues. So long as the LLC is qualified (registered) to do business in the state of California, it may have as many fictitious business names as you wish to register. Only the LLC itself will be subject to the franchise tax.See question
We had an email exchange between 4 Board members, 2 of whom were copied (recipients in the "cc" line rather than "to" line). Our Board consists of 7 Board members. The subject of discussion was an important item of business previously on the age...
Generally speaking, action cannot be formally taken by a BOD via e-mail. The exceptions are a) if and when emergency action need be taken and all directors agree to take action by written consent, or b) if and when the action taken by the BOD via e-mail is later ratified by the BOD in a valid meeting or by unanimous written consent. Without either advance written consent or subsequent ratification, any BOD action is void. In situations like this, I would suggest memorializing the action item in a BOD unanimous written consent (also known as "action by written consent"), unless specifically prohibited in the company's bylaws, and obtain signatures from each of the board members.See question
I am starting a company in the health care field.
To register a B-corp in California you will need unique articles of incorporation and bylaws. Most B-corps also get independent certification from companies like B Lab. That's the tricky part. Independent certification is not typically granted immediately. The corporation must mature and adopt several policies and codes of business conduct before it will be granted certification. A business attorney should be able to assist you by explaining your options and the pros and cons of a B-corp.See question
To Franchise Tax
December 17th. See link below for clarification.See question
Hi Can a landlord make an agreement with his renter so that if the renter is late on the rent, the rent amount becomes a loan or line of credit instead of just a late rent? If yes, do loan laws apply or do the landlord/tenant laws still apply? ...
When dealing with late rent the landlord may accept it late or serve the tenant with a notice to pay or quit. The landlord may not charge unlawful late fees, which in essence are liquidated damages. Interest charged on the unpaid rent would likely be considered an unlawful late fee. More importantly, the landlord would be foolish to enter into such an arrangement. By treating the unpaid rent as a "loan" the landlord will not be able to evict based on non-payment of that loan amount. So for instance, let's say the tenant was 6 months behind on rent and the landlord agreed to treat the unpaid rent as a "loan". Now, when serving a 3-day notice to pay or quit, the landlord cannot demand repayment of that loan amount, as its become a separate legal matter, the remedy for which is not unlawful detainer (eviction). The tenant will only need to cure the unpaid rent that accumulated after the "loan". A contrary 3-day notice will likely be tossed out by the court.
This sounds like a great idea for the tenant and a bad idea for the landlord.See question
My parents bought my husband and I a car that is worth about $17,000.00 and we had an agreement two pay them $250 a month for car, and they paid it off at the dealership, and so my husband lost his job and we had to move two hrs away, and so my pa...
Verbal contracts in cases such as this are enforceable. The issue will be whether a verbal contract was formed and whether it was breached by your nonpayment. If your parents sue I highly recommend retaining legal counsel.See question