This is not only the best piece of advice routinely given to clients, it’s also the simplest: as soon as you think you might need a lawyer, make the call.
For instance, recently a landlord client called with a potential tenant problem. Two tenants, paramours sharing an apartment, broke up and one moved out. The remaining tenant could not afford the property on his own for long and called the landlord us to work out a solution before he was in trouble. In turn, the Landlord called us for assistance. Reasonably working out a negotiated lease termination allowed the tenants to end their lease without an eviction and credit impairment, while allowing the landlord to get new tenants in the property. The key is everyone did exactly what they should have, and the outcome benefited all. The tenant talked to his landlord before the rent was late or missing and the landlord called his lawyer for advice, rather than making a similar call a few weeks later when an eviction was necessary.
This principle applies to business disputes as well. Unfortunately, most of the business breakups we see are long, dramatic, and expensive. But every now and then a business comes to us early, recognizing things are not working. It’s much easier to dissolve the business and wind things up before there is financial hardship and hurt feelings. Early intervention saves everyone time, money and lowers the stress in what can be a very stressful event.
If you have a real estate or business issue, not yet a problem – just a concern, give us a call and we can talk it through with you.
It takes a unique person to strike out on their own and no small amount of risk to dive head first into a new endeavour. Helping new business owners is one of the best parts of what we do here at Bergmann Law because starting your business out on the right foot is so important.
Thanks to the internet, it has never been easier or faster to get your business up and running. The IRS and many state governments have online portals allowing you can register your new company with the state and federal governments and eliminating eliminates many of the old delays in formation like long processing times, postage fees, and delays as old copy files were shuffled from desk to desk.
Unfortunately, these new electronic filing systems make it easier than ever to make a mistake. A mistake that can be costly to unwind and cost you precious lost time.
Since the registrations have come online, an increasing number of clients reach out after attempting to set up their new business online and instead are left with a partially formed company. Clients who believe the new entity is registered, when it is not or worse, not reserving the intended name only to find out it is not available after paying a web developer for a website. Clients who were once hesitant to spend the money for help with initial set up always spend much more to undo, redo, or fix incorrectly filed paperwork.
For example, a client came to us with a registered EIN, the federal employer identification number, but no business formation documents. It turned out the name was not available in New Jersey meaning the business formation could not be completed. Instead we started over with a new name and EIN as well as work with the IRS to retire the unusable EIN.
Another client created an LLC in New Jersey, but did not register for an EIN and did not register with the state for tax purposes. To complete the process, phone calls to the state to confirm what part of the process was complete and what wasn’t had to be made and the filed forms had to be updated to include proper information that the client missed.
Save yourself both time and money. Give us a call to help you set up your business quickly and painlessly- just as it should be!
Not sure if a business lawyer is the right move? Running a business is hard enough. Don’t make things even more difficult. Here are 5 reasons why hiring a business lawyer could pay off.
1) Not having a lawyer might cost you. You are a young business, cutting costs and pinching pennies to make things work. Your business is running smoothly until you get a notice from the state ordering you to comply with a regulation you’ve did not know existed. Now you have a problem that could get expensive quickly. Hiring a business lawyer BEFORE that notice arrives could prevent that notice from ever appearing in your mailbox. This leads to the second reason…
2) Avoiding problems is far less expensive than fixing them. A good business lawyer can spot potential pitfalls for a business before that problem even arises. The cost to avoid a problem is minimal compared to the alternative.
3) The law is complicated. What is a pleading? Why am I being sued? Why are there so many rules and regulations? The law can be very complicated – and time consuming. Having a business lawyer on your “team” and familiar with both you, your tolerance for risk and your industry can keep your business out of litigation in the first place. In the unfortunate instance a lawsuit does arrive, having a business lawyer on your “team” may allow you to quickly right the ship rather than be shopping for a lawyer, with a lawsuit in hand. You are good at running your business, let your business lawyer handle your legal issues.
4) Chances are, your competition has a business lawyer. Business lawyers don’t just cost you money – a good business lawyer will give you an edge in running your business as efficiently as possible. If your competition has a business lawyer, it is likely they are many steps ahead of you.
5) What Will a Consultation Cost Me? Good business lawyers do not charge for an initial consultation. After all, it should be a relationship you are developing. You would not work with service providers you do not like or respect. Your business lawyer is no different than the others. An initial consultation allows you both to meet each other and explore the possibility of a long-term relationship. Find someone willing to sit down and discuss you, your business and your goals and you may just learn that your business cannot afford to be without a business lawyer.