New Business Considerations

 When setting up a new business, there are many considerations that one must consider.  Here are a couple:

 

1. Have a business plan (likely needed for financing applications);

2. Understand operational model and determine whether there are any licensing requirements;

3. Speak with insurance agent to determine coverage needed;

4. Have a preliminary idea when meeting with your lawyer about type of business entity;  speaking with an accountant may be of value in addressing tax implications;

5.  Determine who will have management authority;

6.  Company bank account(s);

7.  IRS/DRS registration numbers;

8.  Maintenance of sound corporate records;

9.  Operating/Shareholder/Partnership Agreement to define relationship/rights/responsibilities of participants;

10. Do not commingle assets; and,

11. Understand proper execution of business-related documents.

 

Of course, every matter is different and speaking with knowledgeable and experienced professionals is advised.

 

www.ferrarahayden.com

 

 

2013 Legislative Real Estate Updates

FYI:

http://www.cga.ct.gov/2013/rpt/2013-R-0303.htm

Multiple Promissory Notes

A client, at the last minute, asked me sit in on a refinance yesterday where her lender sent its own notary to execute the closing package, and I'm happy she asked me to assist.

In my experience with these types of closings where borrowers do not engage their own lawyer for the refinance and the lender sends a notary, the notary is not permitted to give legal advice, and the explanation of the closing documents is very cursory.

Making things worse, this particular notary insisted that my client execute two promissory notes.  There is entirely unnecessary, and risky.  An original promissory note is a negotiable instrument (as is a check) which can be enforced.  Executing two originals potentially creates two enforceable obligations.  After quite a bit of "discussion," the notary and lender accepted my refusal to permit my client to execute two notes.

Be wary.  Consider hiring an attorney to assist you with the entire refinance and protect you for basically the same cost that the lender will charge to send the notary.

Bad luck!

Had residential sale last wk - due to local power outage, unexpected water infiltrated into my client's basement immediately prior to walkthrough through no fault of either buyers or seller. Just strangely unlucky.


That's what closings are all about every once in a while - important to keep calm, gather facts, and propose reasonable solution. Usually we're all working towards common goal in RE transaction.

Commercial Lease

Please be sure to consult with an attorney. They're much more complicated, and you can be locked in generally for much longer than residential obligation. The effort and due diligence performed now will be worth it when all said and done.

Monroe Inland Wetlands Commission Update

Article from recent Monroe Inland Wetlands Commission meeting:

http://monroe.patch.com/articles/wetlands-commission-denies-permit-for-shopping-center-on-main#photo-13505533

Prejudgment Remedy in Personal Injury Actions

Connecticut allows a Plaintiff to file an application for prejudgment remedy - I do it occasionally in personal injury matters where a carrier is not negotiating in good faith, and where damages will be in excess of policy limits.  Assets of the insured can be attached in the event judgment is obtained and insurance is not available to satisfy Plaintiff for his/her injuries.