Gainesville Business And Real Estate Law Blog

How can I ensure success when selling a business?

After investing in your business for many years, you may come to a point where you wish to sell it. This process is usually exceedingly complex, which is why it's crucial that business owners enter into it fully informed. To ensure you receive the best deal for your enterprise, The Balance offers the following recommendations. 

Pricing your business is often very challenging. You put a lot of work into it to make it what it is, so it stands to reason that you hold your business in very high regard. However, you must look at several factors when pricing your business. This includes the health of the economy, pricing for similar business sales, and the industry you're in. Pricing your business too high will turn off potential buyers and take some of the wind out of your sails when you have to reconfigure the numbers. In the same token, pricing your business too low means you miss out on some of the profit. 

Shared driveways: A recipe for disputes?

When you’re house hunting, finding the perfect home can be daunting. Perhaps a house has everything you want and need, but there’s a catch: the driveway is shared. The sellers claim they’ve had no issues with the driveway arrangement, but you haven’t met the neighbor and have no idea what problems might come up down the road. What should you do?

Of course, it’s a personal decision – one that depends on many factors – but you should still be aware of the headaches that shared driveways can cause.

How can I ensure a successful M&A process?

Gainesville business owners pursue mergers and acquisitions for all sorts of reasons, from reducing the impact of competition to expanding their enterprise into brand new markets. Despite your drive to do so, it's crucial that you enter into the process with a solid strategy in place to ensure you meet certain goals and remain financially viable. In this case, Entrepreneur offers the following tips to help you make the best possible decisions for your team and your business. 

You'll need a skilled team to lead the endeavor. When compiling your team, look to the best and brightest individual throughout several different departments, including operations and sales staff. While the abilities of each individual team member are important, you also want to make sure they can work together as a cohesive unit. You should also consider enlisting professional legal assistance to oversee the entire process.

Can a loan modification help me?

Financial hardship can quickly derail your dream of owning a home. In this case, a loan modification might be a good option for you. Modifying your current mortgage can help you keep up with payments while also preventing the foreclosure process from occurring. If you're concerned about your ability to continue making payments on time, PennyMacUSA.com offers the following information. 

A loan modification entails tweaking your existing loan to make it easier to keep up with mortgage payments, which involves a few different methods. For instance, your lender might agree to reduce the principal you owe. You might also be privy to lower interest payments, which means a decreased monthly obligation. In some cases, lenders will also extend the period which you have to pay back the loan. 

What should I know when installing a fence?

Maybe you want to install a fence on a Gainesville property to increase privacy or address security concerns. While it's your right as a property owner to do just that, you should take steps to address property disputes and head off arguments with neighbors before they begin. HouseLogic.com offers advice on how to remain neighborly when installing a fence around your home. 

Read up on HOA guidelines

Should you hire employees or contractors?

You just formed your business in Georgia, and you are ready to hire people to work for you. It is time for you to decide who is best for your company, an employee or an independent contractor. Both have pros and cons, and one may fit your needs now better than the other. However, make sure you classify them correctly or you can face costly legal implications.

According to Entrepreneur, hiring an independent contractor may be best if any of the following apply:

  • You need someone with a specific skill that you or any current employees are not able to provide
  • There is not a consistent demand for a service or product
  • You do not have employees and you need someone to perform a task on a temporary basis 

PC or LLC: Which is better?

When you start your new Georgia professional practice, the business form you choose will have long-lasting effects on your taxes and how much, if any, personal asset protection you will have if and when someone sues you for malpractice. Most professionals choose to establish a professional corporation, a/k/a a PC, or a limited liability company, a/k/a LLC.

TaxSlayer.com explains that both a PC and an LLC give you limited liability with regard to your personal assets. Both also limit the amount of corporate income tax your professional practice will pay to a maximum of 21%. Despite these commonalities, however, PCs and LLCs represent two distinctly different business entities, each with its own advantages and disadvantages.

Do not overlook employees when purchasing a business

Searching for the right business to buy can be a time-consuming process, and when you think you have finally found the right opportunity, it can be easy to overlook important details. However, it is valuable to take your time conducting a thorough due diligence before finalizing your purchase.

Due diligence is the process of carefully evaluating a business before deciding to purchase it. The due diligence process usually occurs after you sign intent-to-purchase documents but before you sign the final purchase agreement.

What is a deed lieu of foreclosure agreement?

If you are behind on your mortgage payments, you may wonder if you have any options to improve your financial situation. Defaulting on your mortgage may lead to a foreclosure, forcing you to leave your home and adding negative information to your credit history. While you may be able to avoid foreclosure through mortgage modification or bankruptcy, sometimes those options are not possible. Another thing you may want to consider is a deed in lieu of foreclosure agreement. This option is legal in Georgia, but you must get your lender to approve it.

According to Georgia's Office of Attorney General, a deed in lieu of foreclosure agreement (also called voluntary conveyance) basically involves you returning the deed to the property to your lender. If you cannot afford to make your mortgage payments any longer, you may ask your lender to agree to this exchange. You would transfer ownership back to the lender and your loan would end. Choosing this option may not allow you to stay in your home, but it may limit the negative impact to your credit history. If you have a loan through Fannie Mae, you may have the option to lease your home after signing over the deed. Some other lenders may offer a similar arrangement.

What you should know about starting a joint venture

Whether you are starting a small business, run an established company or are a self-contracted worker, you may be thinking of ways in which you can make yourself or your company more profitable. In some cases, the answer may involve joining forces with an entity who shares common business goals or other individuals who engage in the same type of business practices.

Joint ventures occur when two or more small businesses or independent contractors join together in hopes of reaching a wider market and accumulating more revenue. By sharing resources, such as knowledge, intellectual property and assets, small entities can stand strong beside larger companies that have more revenue and financial backing. Unlike a merger, there is no transfer of ownership in a joint venture.

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