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Youngquist Law

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Lawyers

When and how should a small business organization file bankruptcy?

Now that the coronavirus has wreaked havoc on the lives of global citizens, it is also anticipated to permanently shut down numerous small business firms within the next few months. Once you check all the forecasts of the COVID-19 update, all that you’ll find is a wave of business bankruptcies to hit the market in no time. 

As per a poll conducted by the American Chamber of Commerce, more than 50% of the country’s 40 million small businesses could wind down within the next 6 months due to this pandemic. This is a crisis that will have an adverse impact on this generation’s economy. An advocacy group for small businesses reportedly mentioned that the country will lose a considerable part of the small business sector. 

Filing bankruptcy can help business owners stay afloat

If you have a small business and you’re struggling to make ends meet, you can finally think of filing bankruptcy to remain afloat. However, you need to keep in mind that all businesses can’t file or reap the benefit of all the types of bankruptcies available. Here are a few of the options:

  • If you file Chapter 11 bankruptcy, a business firm with adequate cash flow can remain open and continue paying small amounts to the creditors.
  • On the contrary, a business with no noteworthy cash flow can utilize Chapter 7 bankruptcy to close successfully and transparently.
  • In some situations, a sole proprietor can keep his business running by filing Chapter 13 bankruptcy or Chapter 7 in case the company only offers services to its clients.

Which is the right type of bankruptcy for your business?

While there is always a local bankruptcy law firm that can give you the right bankruptcy advice, you should still be aware of the type of bankruptcy that you should file.

If you’re a small business owner, it is most unlikely that you’ll file Chapter 11 bankruptcy as this type is usually perfect for the bigger companies that are usually publicly traded. Chapter 11 is the costliest bankruptcy that takes a lot of time. Usually, when you have a high net worth and a regular source of income, you can still think of filing Chapter 11. 

In Chapter 7 bankruptcy, all your assets will be liquidated, and hence the business will shut down. This is the easiest form of bankruptcy which is filed by businesses and individuals. The process doesn’t take time and it is not costly. You get the chance to liquidate the assets of your business and move on. While this is one of the most straightforward types of bankruptcy, yet at the same time, you can’t revoke your business at any cost.

When you’re in a situation where you wish to retain your business but you require assistance in straightening your finances, Chapter 13 is the answer for you. Here, you discuss a debt repayment plan with the creditors where they assess your assets, income, and expenses to devise an appropriate plan for you. While you continue with your monthly installments, your business can operate. So, if your business has met a rough patch and you wish to see it succeed in the near future, Chapter 13 is definitely the way to go. 

Once you file bankruptcy and wind up your current business, don’t think that you can never start a new one. Gathering money will certainly be tough but it is not impossible. Once your credit score is tarnished, take steps to improve your credit score by managing your finances in the best way. This will take you closer to achieving your next goal. 

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Lawyers

3 Tips That Will Help You With Your Car Accident Trial

You had a major car accident and faced injuries, so you decided to go to court to deal with the matter. However, you did not know which things would weaken your side in the legal matter and lost the case. To avoid such a situation from happening, it’s crucial that you have an experienced accident lawyer and know the basic dos and don’ts of car accident trials.

This article will enlist some tips that will immensely help you out if you ever have to face a situation and will help you in strengthening your case.

  1. Always Be In Touch With the Police

You must realize that the police play a major role in the proceedings of the case. Some people may be hesitant in contacting the police when they first face the accident and might want to give in to the other party’s suggestion of settling it between themselves. However, having the police on-site after the accident will help immensely with your case later on. They will be able to give an unbiased third-party account of the event and officially file it.

If you forget to take a copy of the police report the day of the accident itself, it might be a good idea to retrieve it from the police station the moment you get a chance. That police report will be one of the strongest documents you can have to support your case with a third-party perspective.

  1. Know What Damages You Faced

Another common mistake that people make while in a car accident trial is not having an exact idea regarding the extent of the damages and injuries. They might change their statements based on what they recall at any point and forget crucial information.

This reflects poorly on the judicial authorities and gives perception as if you are not serious about the case, or are making stuff up. Therefore, it’s important for you to be adequately prepared for the case, and properly remember the damages you have faced. Even if any minor injuries were faced, you should be able to recall them as well. If you fear you might forget something at the case, noting these details down might be a good idea.

  1. Seek Medical Treatment

This is something that most people disregard as minor, however, doing it or missing out on this might be the difference between you getting your full compensation versus none at all.

After you face an accident and are done with the basics such as preserving evidence and filing a police report and all, you should immediately rush to a medical professional for a checkup. In some cases, if the injuries are severe, you may have no choice and be rushed to the hospital in an ambulance.

In both cases, the medical treatment you receive and the payments serve as a record later on to show the extent of the injuries caused by the negligence of the other driver. This becomes solid proof to aid your legal counsel.

These were some tips that might help you get the most out of your car accident case and increase your chances of winning.

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Lawyers

Everything You Need to Know About Anonymity for an LLC

Whether a business is large or small, it’s crucial to keep it secure from prying eyes. That’s why some business owners choose to secure their companies by making them anonymous. An anonymous LLC is a limited liability company, but the state doesn’t identify the owners. The reason to choose anonymity for an LLC is that the company’s information remains private from the internet.

Reasons to Form an Anonymous LLC

Today, many small businesses are forming anonymity in their limited liability companies due to several reasons, including;

Tax Advantages

Owners of the company are excluded from several taxes. However, when an attorney files a subpoena, the third party in the company is required to pay taxes according to the state’s laws. This is an added advantage to the anonymity of LLC company owners because they enjoy deductions from the Internal Revenue Service (IRS).

Flexibility

If an LLC is a partnership, it has the freedom to have partners of various levels. Again, those owning an LLC can separate their job functions or vital assets, enabling them to change their own when need be. Again, owners can merge or sell their assets quickly because of the flexibility of an LLC.

Limited Liability Protection

Owners of an LLC enjoy the legal protection of not being liable for the company’s debts or losses. Thus, if LLCs suffer losses or are in bad debts, the owners or shareholders are protected by the law not to pay.

Benefits of an Anonymity in LLCs

Below are the benefits enjoyed by owners of an anonymous limited liability company;

Privacy Protection

The information of anonymous LLCs is kept private from the public, even on the internet. The attorneys are highly trained to maintain the privacy of their clients. This way, the clients’ personal information isn’t accessible by a third party.

Attorney and Client Privilege

Mostly, attorneys keep information private to discovery requests. Though this isn’t always the case, it’s what attorneys do most to maintain the privacy of anonymous LLCs. Again, owners have peace of mind because both the attorney and the client enjoy the privilege of avoiding limited disclosure set by the state laws.

Prevention from Harassment

If the public accesses information about LLCs, they can face lots of harassment. However, keeping their information confidential prevents LLCs from experiencing harassment. Again, competitive businesses are always in the dark regarding the issues due to limited liability companies’ anonymity.

Confidentiality

Businesses have lots of data and information to keep away from the public and third parties. Without privacy protection, they can’t enjoy legal privacy protection, which can adversely affect their business. Therefore, anonymity in limited liability companies helps them keep the information among the owners and shareholders alone. Attorneys also ensure their communication with LLC owners remains confident.

With lots of competition and harassment in the business world, some business owners prefer to keep their limited liability companies anonymous. They enjoy several benefits, including privacy protection, prevention from harassment, attorney privilege, and confidentiality. Thus, they can thrive without worrying about their privacy.

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Lawyers

Filing Lawsuits Against Lyft Or Uber

Being involved and injured in a car accident with a ridesharing company vehicle, like Uber or Lyft, is often very easy to deal with. This is because there are several avenues you have available when it comes to getting compensated for the injury you suffered. Usually, you only need to file a simple claim and insurance companies will cover damages and injuries. However, in other cases, you would need to file a lawsuit directly against Lyft or Uber.

Filing The Lawsuit

Hiring Uber Lyft lawyers will help you to go through all the legalities of the process without any problems. However, you might want to be aware of some important things that might influence your claims.

Ridesharing drivers are not actually employees of Lyft or Uber. They are almost always independent contractors. The distinction is very important since employees actually have many more rights when compared to the independent contractors. A clear example of this is the right to receive unemployment benefits. The ridesharing company will end up legally responsible for employee negligence. This is not the case when looking at independent contractors.

When it was the rideshare driver who was responsible for the car accident, it is possible to argue the fact that Uber or Lyft does have some sort of blame for what happened. However, this is a very difficult strategy to be successful with.

The fact is, Lyft and Uber did work hard to be sure drivers are independent contractors. They are not employees. However, it is not clear if the companies are capable of shielding themselves behind the argument. This is especially the case when looking at the legislative efforts now in place to classify the drivers as proper employees.

It is really important that you are aware of all your legal options. Hiring ridesharing lawyers in your corner will help you to know exactly what is legal and what is not. Fortunately for you though, in most cases, if you are seriously injured, you can file a lawsuit against Lyft or Uber. This is because these companies have their own insurance coverage. It will usually cover damages and injuries of up to $1 million.

Basically, this means that if you are injured while being a passenger of the ridesharing vehicle or you were involved in an accident with an Uber or Lyft that was at fault, you can get compensation.

Final Thoughts

While we did not talk about the actual technicalities of filing a lawsuit against Lyft or Uber, this was simply because there are several options available and you will need to choose the best one for you, based on accident circumstances.

The best thing you can do is look for a car accident attorney that is experienced with ridesharing accidents. This will guarantee that all the legal options you have are being considered and that you end up filing a lawsuit that has a very high possibility of success.

Keep in mind that laws keep changing and you never know when new legal venues become available. Just as states try to make drivers employees, not just independent contractors, you might have access to something new you will surely want to be aware of. Your lawyer will let you know what to do.

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