Non-signatories to Franchise Documents can be Bound to the Terms therein. Most franchisees likely recall the volumes of pre-signing paperwork, comprised of countless pages of information. Despite the size of the task, the documents are critically important and contain the terms of governance, in...
For all of those that are thinking about starting a business, you will do well to not over plan. Launch your business and forgo the superfluous planning. One cannot forecast market response with complete accuracy. Thus, a startup must be prepared to make changes to the product or service and res...
So you just moved to North Carolina, you've brought you out of state business with you, and you're ready to set up shop. You're all set, right? Wrong! The questions remain: did you get a Certificate of Authority from the North Carolina Secretary of State to operate here? And if you didn't, what a...
“EXCITEMENT!” was my feeling upon buying my first franchise. Ignorance was bliss, and I blissfully became bound to a franchise. Devoid of legal support, choosing instead to rely upon the expertise of the franchisor, I willingly entered into a contract binding me for over a decade. I was ready to...
Startup Strategy As a business attorney and entrepreneur, I've seen many startups make the same mistakes. Before your startup sees life, consider The Top 9 Issues Startups Do Not Consider. 1. The End Game: When starting a business consider the end. Buy-Sell Agreements are a must! Rarely do st...
What are Benefit Corporations? Benefit Corporations are for-profit companies specifically designed for philanthropy. Becoming a “Benefit Corporation” means being certified by the nonprofit organization “B Lab” to meet rigorous standards in specific areas such as civil, social, and ecological. ...
Has your business ever received a negative online review? This is commonplace, but have you ever received a negative online review when you did nothing wrong? The public has many opportunities to provide online reviews. Most would agree that online customer reviews provide convenience and ease ...
Franchise Vetting As a franchise-attorney and former franchisee, I know the significance of buying a franchise. For most, it is the single biggest investment of a lifetime. Considering the magnitude of the investment, the amount of pre-purchase due diligence should equal the financial investme...
Franchisees can find strength in numbers. Combining the strengths of multiple franchisees can offer greater leverage and negotiating capacity. Two of the most common forms of franchisee organizations are a franchisor-appointed advisory counsel and an Independent Franchisee Association. The purp...
Negotiating a transaction always ends smoothly. Issues never arise. And, you are still dreaming! In truth, transactions frequently experience hiccups. Differences in opinion usually arise. A savvy negotiator knows to expect conflict, whether negotiating the purchase of a car, installing a bathro...
The Franchise Agreement is the contract to which the franchisee is bound. It governs the relationship, supplies the terms, and acts to bind the franchisor and franchisee. Breaking the Agreement Franchise law is unique and different from other bodies of law. Therefore, terminating the Franchise...
With the popularity of Limited Liability Companies (LLCs) corporations are not as common as they once were. Yet, today corporations are still advisable for many. Often business owners choose to utilize the tax savings realized through S Corps. Additionally, rollovers as business start-ups (ROB...
The Two Most Important Documents to a Startup This is part of Providence Law's ongoing series of legal articles devoted to startup businesses. This series will also serve as a reference for those businesses already operational, so as to ensure all proper formalities have been met. Every business...
Foreclosure victims are frequently entitled to money after a foreclosure sale. The funds remaining after satisfying all lienholder obligations belong to the homeowner (mortgagor). These funds are called Surplus Funds. Sadly, they are often left unclaimed. The process for recovery is multistep. It...
Forming a general partnership is incredibly easy and incredibly risky. A general partnership is an association of two or more people caring on as co-owners of a business for profit – regardless of intent. It is easy to form because there are no papers that need to be filed. Nothing needs to be o...
The 80/20 Rule guides our actions. The eponymous Pareto principle states that 80% of our results come from only 20% of our efforts. The 80/20 rule supplants the long-established “work more” mindset. If our greatest efforts come from but a few of our investments, then we should stop the wasted ...
Pre-contract review is the key to saving money and limiting risk. Pre-contract review means having an attorney review the contract before you agree and are bound. Attorneys are trained to spot issues and red flags. By having an attorney analyze your contract before it is entered into and mutua...
A lot like people, franchises come in all shapes and sizes. Some have a large presence and a correspondingly expensive buy-in, while others have few locations and can be reasonable to acquire. This article provides guidance for preliminary due diligence and learned discovery. Recently I was a...
Independent Contractors or Employees? I'll bet a dollar to a donut that you know someone working as an independent contractor. Recently made famous in the Uber class action lawsuit, this is an increasingly common practice. Independent contractors reflect a change in business practic...
Everybody works from home. It is convenient and can save lots of money. And, we all know that controlling expenses are critical to a small business. This article by Hunter Widener, tells how you can deduct expenses attributable to your home-based office. "Entrepreneurs, small business ow...
What are Personal Guarantees and Why On Earth would anybody sign one? Personal Guarantees are a promise to pay the corporate debt if the corporation is unable to do so. A personal guarantee can eliminate the primary benefit of a corporation, in that the individual owner can be exposed to full p...
One of the most important factors to consider when investing in real estate is the Return on Investment (ROI). Projected ROI is crucial today as investors are evaluating whether to continue investing in real estate (a bull market at present) versus traditional mediums, such as the stock market ro...
What is a Pour-Over Will? How does it affect my Trust? The Revocable Living Trust is a powerful tool used to avoid probate. Probate is the process in which the terms of your Will are administered. Probate occurs through the court and is a matter of public record. The Revocable Living Trust saves...
What will happen to my assets after I'm gone? If you are asking yourself this question, you may also be asking yourself: Should I create a Last Will and Testament (a “Will”) or a “Living Trust”? What is the difference? These are the two most common forms of estate plans and hopefully, this nutshe...
The Top 3 Things Investors do to Kill Their Deals, as Seen by an Attorney As a real estate Attorney and Investor, I frequent many transactions… successful and unsuccessful. The failures I observe commonly result from the same factors- the “Big 3 Deal Killers!” 1) The “PARTNERSHIP”: Investing wi...
At Providence Law, we focus on Business Law and we are here to listen to you and help you navigate the legal system.
This practice exists to serve You in Accomplishing your Goals.
Our Mission: To Provide Guidance and Care for You and Your Business.