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Posts from February 2016

Understanding How To Write Or Respond To A Demand Letter

Understanding How To Write Or Respond To A Demand Letter published on

What is a Demand letter? A letter of demand is sent to a person or organization who owes you money (a debtor) following your sale to them of goods or services. The letter advises the debtor of the amount outstanding and threatens court action to recover the debt if it is not paid within a certain time.

Why send a Demand Letter? A letter of demand serves two primary purposes. First, it warns the debtor of your intention to commence legal proceedings unless payment is made and gives the debtor one more opportunity to pay. Secondly, the letter is a document which may be tendered in evidence during court proceedings as written proof of your claim of the debt owed and your attempt to settle the matter. Other reasons include:

  • It can be legally required prior to litigation.
  • It best preserves your remedies for charging interest. It may qualify you for extra. remedies such as statutory penalties and attorney fees.

 Copies of any relevant documents such as contracts, letters of agreement, invoices, etc, should be listed and attached to the letter of demand to assist the debtor to identify the transaction and his liability to pay. It is advisable to send the letter of demand by registered post or fax to confirm receipt. You’d be surprised how often a demand letter from a lawyer can work without you having to go to court.

How do you Respond to a Demand Letter?

  • Do not ignore a letter of demand from a creditor or debt collection agency for monies owing.
  • Carefully check the letter for any matters that are unclear.
  • Seek legal advice from one of our attorneys if the claim is disputed.
  • If you do not dispute the claim, contact one of our attorneys to contact the creditor and attempt to negotiate settlement of the matter.

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have questions about Writing or Responding to a Demand Letter, call (800) 734-9900 or clubassist@amerilawyer.com for assistance. Remember, as a member of the  General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

Spiegel & Utrera, P.A. is a corporate law firm with its main offices located in Miami, Florida with offices throughout the United States. As a law firm, we do more than just help you form your business entity. We stand ready to help with the maintenance of your legal business entity! We will assist you with Incorporation Service, Trademarks, Copyrights, Estate Planning, Legal Counsel, Wills, Trusts, Agreements & Leases, Corporate & Company Changes.

Has YOUR Attorney Reviewed The Commercial Lease Agreement?

Has YOUR Attorney Reviewed The Commercial Lease Agreement? published on

Before you enter into a Commercial Lease Agreement there are important considerations to be made as to why it should be reviewed by your Attorney.

Lease Agreement21. The Landlord: Leases are usually drafted by the Landlord or their attorney and , therefore, typically the terms are favorable to and beneficial for the Landlord.

2. Lease Size: Leases tend to be so voluminous and dense from the tenant’s point of view. The Landlord is unlikely to take a careful review of the lease document to assure it reflects your lease and the terms you agreed to. Additionally, due to the volume of the Lease and the use of legalese sometimes you as the Tenant are not certain as to what you are signing. For example, a personal guaranty provision – which eliminates any protection your corporate entity or limited liability company might provide against someone suing your business and attaching your personal assets – is often buried deep in a lease agreement or in the exhibits and most times Tenants do not realize they have a signed one. Your attorney will carefully review the lease documents and sift through all the legalese.

3. Protection from competition. Your attorney will likely make a point of reviewing your Lease agreement to be certain that your Lease prohibits the Landlord from renting to your direct competition.

These three points only scratch the surface!

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have questions about Commercial Lease Agreement, call (800) 734-9900 or clubassist@amerilawyer.com for assistance. Remember, as a member of the  General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

Spiegel & Utrera, P.A. is a corporate law firm with its main offices located in Miami, Florida with offices throughout the United States. As a law firm, we do more than just help you form your business entity. We stand ready to help with the maintenance of your legal business entity! We will assist you with Incorporation Service, Trademarks, Copyrights, Estate Planning, Legal Counsel, Wills, Trusts, Agreements & Leases, Corporate & Company Changes.

Taxing Severance Pay

Taxing Severance Pay published on

Many employers have typically interpreted their FICA (Federal Insurance Contributions Act) obligations (i.e., Social Security and Medicare) to extend to severance pay based on the IRS treating severance pay as wages, but that may change. Employers making severance payments may be entitled to a refund if the employers withheld FICA.

Severance PayThis year, the U.S. Supreme Court will hear a case regarding whether severance payments should or should not be subject to FICA. In the pending case, the lower court ordered that the IRS give a full refund of $1,000,125 to the employer. The lower court found that payments the employer made to employees who were involuntarily terminated due to business cessation were considered supplement unemployment compensation benefits (SUB payments) that are not taxable wages under FICA.

A ruling in favor of the employer would lower costs for employers. Employers would no longer be required to make FICA contributions on severance payments. Additionally, employers may be entitled to a refund on previous severance payments. Accordingly, employers should consider filing protective refund claims so that they can keep the statute of limitations on refund claims open pending review of the above mentioned case by the U.S. Supreme Court. Employees may also file claims for refunds.

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have questions about Taxing Severance Pay or Filing Protective Refund Claims, call (800) 734-9900 orclubassist@amerilawyer.com for assistance. Remember, as a member of the  General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

Spiegel & Utrera, P.A. is a corporate law firm with its main offices located in Miami, Florida with offices throughout the United States. As a law firm, we do more than just help you form your business entity. We stand ready to help with the maintenance of your legal business entity! We will assist you withIncorporation Service, Trademarks, Copyrights, Estate Planning, Legal Counsel, Wills, Trusts, Agreements & Leases, Corporate & Company Changes.

 

Asset Protection With A Limited Liability Company

Asset Protection With A Limited Liability Company published on

There are several factors that have to be considered before organizing a Limited Liability Company (LLC) that can protect assets from the reach of creditors in a legal dispute. Some of the factors to be considered in making this baseline determination should include:

  • The legitimate business purpose of the LLC
  • The number of owners in the LLC and how the LLC may need to be divided or funded among those owners
  • The taxation of the LLC
  • The ongoing costs of the LLC
  • The history of use of a LLC for the particular purpose it’s being considered for, including case law

Succession picture(1)Assuming these all support the LLC as a good fit for the usage at hand as opposed to some other legal structure such as a corporation, trust, or partnership, you must look at some other specific factors to determine how many LLCs an individual may need. Contrary to popular belief, you don’t always need a separate LLC for every piece of real estate. Similarly, an LLC is not a universal fit for every situation or every asset. It should not be funded like a garbage can, where multiple properties, businesses, and even safe passive assets are mixed into a cocktail of liability. This is a common fatal flaw seen in asset protection plans that are structured without assistance of an experienced attorney.

It is critical for business owners to seek preventive legal counseling to carefully consider creation of asset protection plans before legal disputes have arisen so that LLCs can be properly used as one of the tools to protect assets.

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have questions about Asset Protection, call (800) 734-9900 or clubassist@amerilawyer.com for assistance. Remember, as a member of the  General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

Spiegel & Utrera, P.A. is a corporate law firm with its main offices located in Miami, Florida with offices throughout the United States. As a law firm, we do more than just help you form your business entity. We stand ready to help with the maintenance of your legal business entity! We will assist you with Incorporation Service, Trademarks, Copyrights, Estate Planning, Legal Counsel, Wills, Trusts, Agreements & Leases, Corporate & Company Changes.

Peyton Manning, Cam Newton, Entrepreneurs – We All Have This In Common

Peyton Manning, Cam Newton, Entrepreneurs – We All Have This In Common published on

Traits Of Successful Football Players and Entrepreneurs

 

If you’re asking yourself what Peyton Manning or Cam Newton can teach you about entrepreneurship, read on!

Entrepreneurship is not for everyone. Work days can be long and never-ending, there may be no time for a personal life outside of the office, and the combination of both are known to negatively impact one’s health and happiness. However, the benefits far outweigh the sacrifices for successful entrepreneurs who persist and thrive: among other things, freedom, flexibility or a steady income await those who have what it takes.

Experienced football players are as passionate about winning as entrepreneurs are. In order to be a successful athlete you have to be willing to put in the long hours of training, staying in shape, accept some losses, obstacles and never lose sight of your end goal. There’s no quitting time, and if you’re not fully into it, you’re in the wrong business.

 

 

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Professional Football Player

Successful football players and entrepreneurs possess the following integral qualities:

1) Perseverance. Entrepreneurs and football players are survivors. They will come across a multitude of challenges both internal (self-doubt and fears) and external. They both have the ability to stay optimistic, battle the challenges, work hard and continue to fight the fight.

2) Strong Leadership Skills. A leader is someone who values the goal despite the mountain of work required to reach that goal. A leader has exceptional communication skills and the ability to motivate his or her team of people toward a common goal.

3) Willingness to Fail. Successful football players and entrepreneurs are risk takers who have a mastered a very significant hurdle: they are not afraid of failure. Things will not go according to plan. You will experience all manner of setbacks and challenges. You will make an occasional wrong choice. Do not be afraid to fail! They will never ask themselves, “What if…?”

4) Know What You Don’t Know. They both understand that there’s always a lesson to be learned. They know that there is a wealth of information and resources available to them. They are not afraid to ask questions and gather much-needed information that will help them make the best decisions.

One of the biggest mistakes athletes and entrepreneurs make is that they assume success is immediate. Successful entrepreneurs can agree that if you really want to succeed, stay committed to your goal and develop a plan to execute it, step by step.

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have questions about starting or running a business, call (800) 734-9900 or clubassist@amerilawyer.com for assistance. Remember, as a member of the  General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

 

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