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You will often hear a lot about personal bankruptcy and how it can affect your home and family, but what if you are an owner of a small business? The bankruptcy attorneys at Robinson, Seiler & Anderson in Provo can help you with all over your bankruptcies needs as a business owner. Below are just some of the things that could happen when you file for bankruptcy and the different types of bankruptcy to consider filing with a small business.
Filing Chapter 7 Bankruptcy
This type of bankruptcy is referred to as liquidation. Chapter 7 bankruptcy filing is suitable for a business that does not plan on staying open. This is because this type of filing does not include any type of repayment plan. This is the suitable choice for sole proprietors and small businesses. However, the bankruptcy code allows for the debtors to keep some “exempt property.” But with this type of filing, it is expected that there will be some sort of loss of property. Consulting with your attorney at Robinson, Seiler & Anderson in Provo before filing for a Chapter 7 bankruptcy is always recommended.
Filing Chapter 11 Bankruptcy
This type of bankruptcy allows your business to recover. So Chapter 11 is referred to as repayment and sometimes reorganization. The filing of a Chapter 11 bankruptcy is suitable for corporations and limited liability companies although some sole proprietorships have chosen to file Chapter 11. Because it allows an organization to recover and restructuring is included, Chapter 11 does involve additional scrutiny by the bankruptcy courts. Small businesses that file for Chapter 11 bankruptcy are treated differently than regular bankruptcy cases and are called a “small business case.” A small business case is referred to by the bankruptcy code as a case with a “small debtor.”
The Impact of Filing for Bankruptcy
In the case of a sole proprietor, if you as the business owner choose to file for Chapter 7 bankruptcy, the business automatically files, as well. This is the case because you are a sole proprietor. There is nothing that separates you, the owner, from the business. Because there is no separation when a sole proprietor files for bankruptcy, their personal credit standing is a risk. Chapter 11 bankruptcy is considered to be the choice for businesses with a large amount of assets. Although Chapter 11 bankruptcy affords your business the chance for reorganization and restructuring, it often is a complicated and costly process. You will need to retain an accountant and a bankruptcy attorney from Robinson, Seiler & Anderson in Provo to assist you with these matters although the bankruptcy code makes it possible for small businesses to file.
Whether you are just looking into bankruptcy or have experienced it firsthand there are some interesting statistics regarding bankruptcy that we find to be very interesting listed below. Before going through with a bankruptcy we at Robinson, Seiler & Anderson can provide you with a bankruptcy attorney to help you through the process.
1. Most of 2009 had over 100K bankruptcy filings per month
The American Bankruptcy Institute released data that shows ten months in 2009 had bankruptcy filings top 100,000—January and February were the only two months in 2009 where consumer bankruptcy filings didn’t eclipse 100,000 for the month. In the remaining ten months, bankruptcy filings exceeded this six digit threshold each time.
2. Bankruptcy filings shot up over 30% in 2009
According to statistics released by the Administrative Office of the U.S. Courts, bankruptcy filings increased nearly 32% in 2009, from 1,117,641 in 2008 to 1,473,675 in 2009. This includes both business and non-business filings.
3. People with Degrees were also hit hard
With so many households filing for bankruptcy, one thing we’ve learned is that no one is immune to these tough economic times. Although those with no college education file bankruptcy at the highest rates, people with college and even graduate degrees commonly file for bankruptcy as well. According to the Institute of Financial Literacy, more than 12% of filers have bachelor’s degrees, and more than 5% have graduate degrees.
4. 1 in every 70 US households files for bankruptcy
About one in every 70 American households files for bankruptcy. Considering the average size of U.S. communities, this means that there’s a good chance you or someone you know has recently filed for bankruptcy.
5. 43% of American families spend more than they earn each year
Even though (or perhaps because) the economy continues to worsen, consumer debt continues to increase. And the sharp increase in bankruptcy filings is proof that too many Americans get buried in debt they simply can’t afford to pay off. The average family has about $16,000 in credit card debt alone.
To help you in the process bankruptcy or to learn more about the effects bankruptcy can have on your finances make sure you schedule a consultation with one of the bankruptcy attorneys at Robinson, Seiler & Anderson in Provo.
When starting out as a small business owner you will have the opportunity to create an LLC or Limited Liability Company. You may be wondering how an LLC could benefit you. Consulting with the attorneys at Robinson, Seiler & Anderson will help you in deciding which path is right for you and your business. Listed below are just some of the reasons as to why you should be creating an LLC for your small business or business ventures.
To Give your Business Customization
LLCs are great for small businesses because they’re adaptable to all situations. No matter whether you have 100 silent investors or are a two-person small-business operation, the LLC is so flexible that you can pretty much write the operating agreement to suit your needs. Your operating agreement gives you the legality you need when it comes to running your business.
Protection of Assets
If you’re in the business of renting out homes you will have a few properties under your care. An LLC can give you and your real estate assets the protection it needs. If someone tries to sue you they can’t go after your assets that are under or “purchased” by your LLC.
Planning your Estate
This could also fall under the category of protecting your assets. As you sit down and prepare your Estate Plan you can also have this fall under the protection of your LLC. LLCs protect you not only from creditors, but also from probate lawyers and court costs. They allow you to avoid probate altogether, which means that your estate isn’t subject to the nickel-and-diming that probate attorneys siphon from estates as the court divvies up assets.
Minimize Tax Burdens
Building up a business takes time, and in the first year or two, you probably will incur thousands of dollars in losses. A lot of entrepreneurs, eager to soften the financial blow of the startup phase, decide to form an LLC. With an LLC and its default partnership taxation, the losses of the business flow through to the members so that they can use them as deductions for other income.
There are a lot of aspects when it comes to creating an LLC and how it can benefit you and your business. To get more insight on the set up of an LLC make sure you schedule a consultation with one of the experienced attorneys at Robinson, Seiler & Anderson in Provo.
Have you always had the dream of creating a nonprofit organization for a cause you feel very passionate about? In order to achieve your dreams successfully we recommend you first talk to an attorney at Robinson, Seiler & Anderson in Utah County. We can put you on the path to success and get your nonprofit organization set up correctly. Listed below are the first steps you need to take in order to create a nonprofit organization.
Step 1: Do your Research
Before you start a nonprofit you will need to do some extensive research in relation to the type of nonprofit you are wanting to set up. You should ask yourself the following questions;
· Is there a demonstrated need in the community for a new nonprofit with the mission we envision?
· Do we have a solid plan for financing the organization during start-up and in the future? What are the costs to start the organization?
· Where will I get not only start-up funding, but also operational funding to continue thereafter?
· How will this newly formed nonprofit demonstrate its impact?
· Is this the right solution for our community?
These questions need to be answered and researched thoroughly before you can go forward in creating a successful nonprofit organization.
Step 2: Build a Strong Foundation
After you have completed the research you will want to make sure you are building a strong foundation for your nonprofit to start from. You can do this by sitting down and making sure you have every aspect of the business taken care of. When creating your to-do list you need to determine who will be involved, what you need to do, when you need to file paperwork, where you can get assistance, why this nonprofit is the only way to accomplish your goal, and how you are going to sustain this organization.
Step 3: Meet with your Attorney
The next step to creating your nonprofit is where the help of an attorney from Robinson, Seiler & Anderson in Utah County comes in. The steps we can help you with are as follows:
· Reserve/register intended name of the nonprofit corporation to make sure that no one else has created a nonprofit of the same name.
· File Articles of Incorporation (called a "certificate of incorporation" in some states.) Some states require supplemental information, such as:
· Create a Certificate of Disclosure
· Proof of Corporate Name
· In many states you must publish your of articles of incorporation a certain number of times in a local newspaper, then file proof of publication with a state agency.
· Prepare and adopt bylaws
· Prepare and adopt a conflict of interests policy
Call or stop by our office today to get the process of starting your nonprofit organization going. Check out our website for more information.
If you have found yourself to be the victim of an accident resulting in a personal injury lawsuit you will need some help in order to win your case. The personal injury attorneys at Robinson, Seiler & Anderson in Provo can help you with any aspect of your case that you may need. With our expertise and experience you will have a better outcome when it comes to your case. To help you further we have gathered some types of evidence you need in order to present your personal injury case to the court.
Physical evidence can help give you that added proof you need when it comes to describing the accident. Examples include a worn or broken stair that caused a fall, the dent in a car showing where it was hit, or an overhanging branch that blocked visibility on a bike path. Physical evidence can also help prove the extent of an injury. For example, damage to the car can demonstrate how hard a collision was, and torn or bloodied clothing can show your physical injuries very dramatically. You need to make sure you collect any and all physical evidence as soon as possible. If you wait too long the physical evidence helping your case could be lost.
Police Reports (if applicable)
If your personal injuries were due to a car accident it is always a good idea to get a police report of what happened. The police report will usually be the go-to piece of evidence determining liability for causing the accident.
If you can’t obtain physical evidence or a police report to support your case the next best thing you can do is collect photographs. Take a number of photos from different angles so that you can later pick out the ones that show most clearly whatever it is you want to highlight to the insurance company and the court. You may also want to take a video. Take the photos as soon as possible so that they will accurately represent the condition of the evidence immediately after the accident.
Evidence of Injuries
You will also want to make sure you get as much detail and accurate reports of the injuries you obtained from the accident. Take photographs of your injuries and see a doctor immediately. Without question though, medical records are the key to establishing the extent of your injuries - and subsequently, the amount of compensation you should demand. Even the type of medical treatment you get is important.
With the costs of living steadily rising throughout the nation you are probably like most and have decided to rent a house rather than own one. This can help you in staying on budget while providing you with a place to live. As a renter there are some legalities you should be aware of if you are having issues with finding a place to rent or even with your landlord. Consulting with an attorney at Robinson, Seiler & Anderson in Provo is the best way to learn about your rights as a tenant in your unique situation. Listed below are some of your basic legal rights as a tenant.
Anti-Discrimination laws are set in place at a federal level to make sure you can’t be denied the opportunity of living in a particular rental due to the following:
· National origin
· Familial status (including not allowing children, discrimination against pregnant women)
· Physical disability
· Mental disability (including alcoholism and past drug addiction)
If you feel that you have been denied housing or evicted from your rental because of the above reasons then you should obtain legal advice from your attorney as to your rights and what steps you can take.
Right to a Habitable Home
When renting your home you have the reassurance in knowing that the home has to be habitable or in other words, your home needs to be livable. Unsafe conditions, such as holes in the floor, plaster coming down from the ceiling, bad wiring, gross infestation of vermin such as cockroaches or mice, no water, heating, or power for an extended amount of time all count as uninhabitable. Your landlord will need to fix the problem or pay for your stay in a hotel.
You as a tenant have the right to your privacy. Your landlord cannot come into your apartment or house without prior permission unless there is a true emergency like a fire or a flood in the bathroom. The landlord must give you advance notice before coming into your apartment for other reasons, like making repairs or showing the unit to a potential tenant.
If you have any questions or concerns regarding your rights as a renter you should make sure you contact your attorney at Robinson, Seiler & Anderson in Provo for additional legal advice. Call or stop by our office today.
As your bills pile up and the amount of your debt increases you may be faced with a tough decision. Bankruptcy is always an option for those who just can’t seem to find a way to make ends meet and pay their debts on time. The bankruptcy attorneys at Robinson, Seiler & Anderson in Provo can help you in deciding if filing for bankruptcy is right for you and your situation. There are some basics about bankruptcy you should familiarize yourself with before you go ahead with the filing. They are listed below.
Not Everything is Discharged
When filing for Chapter 7 bankruptcy you need to be aware that not all of your debts will be discharged or forgiven. Some of these include most student loans, real estate liens (on things like your mortgage debt), alimony, child support, and most taxes. Furthermore, creditors can object to the discharge of the debt they are owed. If they win, you’ll still owe the money.
Bankruptcy Ruins your Credit
Most people know that filing bankruptcy can ruin your credit. What you don’t realize is that it can stay on your credit report up to ten years. During that time, buying a house, getting a credit card, or even landing certain jobs could be difficult. Additionally, the filing becomes public record.
Your Income Matters
When you file for bankruptcy, the amount of money you make matters. Although anybody can file for bankruptcy, your income may disqualify you from filing for certain types of bankruptcy. You may not qualify to file for a Chapter 7 Bankruptcy and will have to file for a Chapter 13 bankruptcy instead. Talking with your bankruptcy attorney at Robinson, Seiler & Anderson in Provo will help you to decide which is better for your situation and why you may qualify for one and not the other.
Bankruptcy Doesn’t Solve all of your Problems
Just because you have filed for bankruptcy doesn’t mean you are out of trouble yet. The reason you got into this situation in the first place is due to bad budgeting and spending. If you continue this cycle you will find yourself in the same situation a few years after filing for bankruptcy. The only way to heal is to attack the root cause of your bankruptcy and change your behaviors. Learning to use a budget, tracking your spending, and avoiding debt are just a few things that can lead you toward financial health.
When you are beginning the process of starting your own business there are several aspects you will need to educate yourself on. One of those aspects is how you will be financing your business. Getting your business started can take a lot of time, effort, and money. Speaking with an attorney at Robinson, Seiler & Anderson Law Firm in Provo, Utah can help you get started off on the right foot. Below we have provided some of the various ways you could finance your business in the startup process.
While you may have not heard of this type of financing by this term, you actually have used this type of financing before if you have a mortgage or a car loan. Debt financing comes from a bank or other lending institution. When you decide that you need a loan, you head to the bank and complete an application. If your business is in the earliest stages of development, the bank will check your personal credit. For businesses that have a more complicated corporate structure, or have been in existence for an extended period time, banks will check other sources.
Equity financing comes from investors, often called venture capitalists or angel investors. A venture capitalist is often a firm, rather than an individual. The biggest advantage is that you do not have to pay back the money. If your business enters bankruptcy, your investor or investors are not creditors. They are part-owners in your company, and because of that, their money is lost along with your company.
Mezzanine capital often combines the best features of equity and debt financing. This type of loan is appropriate for a new company that is already showing growth. Banks are reluctant to lend to a company that does not have financial data, lenders are often looking for at least three years of financial data to show the growth and stability of your business.
Deciding which route to take when it comes to financing your business can highly depend on your situation and what the best outcome would be for you and your business in the future. Talking to an attorney at Robinson, Seiler & Anderson Law Firm in Provo, Utah can help you in making the right decision when it comes to the financing of your business. Call us today to schedule a consultation.
As a business owner you will need to make sure your assets are covered and protected. If you assets are tied into your business and your business falls on hard times, your assets could be at risk. Talking with the lawyers at Robinson, Seiler & Anderson in Provo can help you in making a plan to protect your assets. Listed below are some strategies you may want to consider when it comes to making sure your assets are protected.
Choose the Right Kind of Entity
Most are often tempted to go with a sole proprietorship when setting up their business. This isn’t the best option when it comes to protecting your assets. With a sole proprietorship, your personal assets are completely exposed to a potential lawsuit. Setting up an entity, such as an S corporation or limited liability company (LLC), is an important step in the development of your business and protection of your assets.
Follow the Proper Procedures
Your assets could be at risk if you don’t follow the proper procedures in setting up your business or if you act negligently or fraudulently. This can be avoided by having good lease agreements for your rentals, placing property and equipment titles in the company name, not relying on emails for terms in an important relationship, and never hiring people to work under the table. Only use licensed, bonded, and/or insured professionals to help you in your business.
Insurance is an important part of your business and should be included in your startup plan and budgeting. Insurance gives you the ability to take care of an incident in your business and gives plaintiffs another target. You also have the option of purchasing an Umbrella Insurance Policy. This type of insurance can be personal or business, and it functions as an “umbrella” over any other type of insurance you may carry. It costs an average of $300 to $500 a year for $1 million to $2 million in coverage.
Consult with your Lawyer
The best way to make sure your assets are protected is by speaking with your lawyer at Robinson, Seiler & Anderson in Provo. They can guide you through the process of setting up your entity and making sure your assets are covered in all aspects. Allowing us to draft your documents and making sure you are making all of the necessary preparations is the best way to know that you and your assets are protected.
Understanding the different types of securities fraud can help you in detecting it. Securities fraud occurs when someone makes a false statement about a company or the value of its stock, and others makes financial decisions based on the false information. Talking to one of the attorneys at Robinson, Seiler & Anderson in Utah County can inform you on what to do when you encounter securities fraud. Listed below are some of the types of securities fraud you should be on the lookout for.
Fraud by the Company
The first type of securities fraud occurs when an officer or director of a corporation doesn’t accurately report the company's financial information to its shareholders. This can raise the worth of the company’s stock and encourage investors to buy shares of an unhealthy company. If the company goes bankrupt the people who bought shares based on false information lose their investment completely.
False Information from a Third Party
When a third party gives out false information about the stock market or a particular company or industry is a common type of securities fraud. Also known as “pump and dump” in this scheme, a person will find a small, unknown company with cheap stock and buy large amounts of its shares. The perpetrator will then send out false information about the company to encourage others to buy the stock, driving up the price. Once the price of the stock is high enough, the perpetrator sells his or her shares for a profit.
Insider trading occurs when someone with confidential information about a company's financial state uses that information to make decisions about whether to buy or sell the stock before that information is disclosed to the public. Buying or selling stock before disclosing information to the board is known as insider trading.
Securities fraud can be easy to avoid and detect with the help of one of the experienced attorneys at Robinson, Seiler & Anderson in Utah County. For more information about our firm and how we can help you in your business give us a call today.