I am working personally on an P&S with sellers attorney. I
I am working personally on an P&S with sellers attorney.I have a few questions about typical or standard practices: if the buyer loses his 5% deposit if he defaults, what does the buyer loose. Is there consideration to both parties in case of default.
I am starting an LLC with a 50/50 partner. We will choose a
I am starting an LLC with a 50/50 partner. We will choose a Limited Partnership and will form an LLC to act as the General Partner. We both will own the GP LLC in a 50/50 ownership as well.If for some reason one of us wants to get out of the business in the future, what options do we need to consider in arranging a separation that doesn't kill the business? Do you have any template approaches for when partner leaves and starts up a similar company that we have in 50/50 partnership?Please advise.Thanks!
I am a shareholder in a small business which turns over
I am a shareholder in a small business which turns over about £250,000 per year. One of the directors has agreed to sell his shares of 25% in the company for £10,000. This is a very low sum even taking into consideration that the company is not doing as well as it has in the past. He will be leaving the company as part of corporate restructuring and general agreement of all parties.The remaining majority shareholder will have just over 50% of the company once this restructuring has taken place and will be keen to buy out other shareholders while the value of the shares are low, in an effort to seek investment at a later stage with him owning a larger shareholding.My question is are the other shareholders legally obliged to sell at a value similar to the £10,000 at any point or can we hold onto our shares until there's investment and growth in the company some years down the line? As I understand it there are standard drag along and tag along rights.
Law Educator, I have a client who has contracted work from
Law Educator,I have a client who has contracted work from me.I was to develop software for an online product/service. He was to pay money, put forth best efforts to commercialize, establish an operating entity.He is in default on these clauses of the contract. He is no longer communicating. The contract does not define what happens when there is a default or remedies and time to cure. The product/service is complete....each have a non-exclusive right to 100% of the System and all intellectual property developed by the Venture.By the client stonewalling they are enjoying all the benefit of the product/service in their market for free while preventing us from earning any money or other benefit.I do not want to do anything unethical or against business law.The product or service MAY have a large potential. So I want to create a paper trail of facts to deter either their suing us or winning if they do sue. I do not want to sue. I do not want them to cure, I do not believe they will cure, if they do I accept that and will fulfill my responsibilities under the contract.For example;Letter 1; notifying them of the default, setting out the facts and demanding compliance by a reasonable date, or we will be forced to default them out of the contract.Letter 2; You have not responded to the demand letter... you are now in default... you have until (a reasonable time, date) to cure the default... to cure the default you must...Letter 3; The reasonable time has passed, you have not responded, you are beyond the reasonable time to cure... Both parties are free from any and all obligations under the Contract. We will be incurring substantial costs moving forward commercializing the product/service. You have no claims to any future income.I believe something, (maybe more creative than I have shown above) should be a deterrent for them to commence any action against us, and if they did this correspondence should be persuasive to any court.continued...
I own a small in Ga and at times I have people who write or
I own a small biz in Ga and at times I have people who write or threaten to write ugly reviews recently I had a lady who gave be a 10% non refundable deposit and not even 24 hours before beginning work at her home she ask if we can re-schedule for Weds I respond via text unfortunately not she then said I want my deposit back I said the contract you signed states it is nonrefundable she says okay then I will write you a bad review saying how I talk bad about other companies she says this please I questioned the credibility of another company or individual that she was trying to strong arm me on the price. What can I do???
I am very interested to go in to buying and selling real
Good afternoon,I am very interested to go in to buying and selling real estate properties in a short term. I believe the term for that is flipping. I read some information about the legal aspect of these transactions by googling the word. Most comments indicate that there is no legal issue with it. However, I noticed a comment by a person that said that in Washington, there is a legal issue with it. I live in California and I went be rest assured that this is completely legal here. Please advise.
I just typed out a question and went forward with the
Hey! I just typed out a question and went forward with the process, than I backed up to add a little more detail and it seems to be gone! I am wondering if you got it or if I need to retype it!JA: Because laws vary from state to state, could you tell me what state is this in?Customer: Colorado!JA: Have you talked to a lawyer yet?Customer: Briefly a few weeks ago, but there is some detail I wish I had covered that I didn't get to at the time.JA: Anything else you think the lawyer should know?Customer: There are a few other factors at play involving existing debt and royalties, but I am fairly confident about how those will play out. As far as the division of the equipment goes: Mike, the member who is leaving has receipts proving that he bought much of this equipment in question. I can show that I paid for a similar amount of other things like gas, insurance, etcetera out of my own pocket that cannot be just pulled back out of the company. We also sold and got rid of the old lights and sound equipment in our fixtures, which I can prove we owned before he was part of the organization, and he upgraded these fixtures with the equipment I am speaking of.