Random Tips on Common Issues

Tip #1: Are you aware that if your child is under the age of 18, it is in your child’s best interest to have a guardian that you have named in a proper legal document, such as a will?

Tip #2: Are you aware that once your child reaches the age of 18, your child should execute a power of attorney and health care directive?

Tip #3: Are you aware that you should have an authorization for use and disclosure of protected health information executed that is valid for five years after your death?

Tip #4 Are you aware that if you are a co-owner (with someone you are not married to) of a business, if you were to die, your other co-owner is not automatically 100% owner of the business?

Tip #5 Are you aware that if you have a buy-sell agreement for your business (which is prudent if you have co-owners who are not married to each other) that if one of the owners die, your buy-sell agreement outlines who will get your ownership interest, whether that person(s) will have to pay for the ownership interest, and how much that person has to pay for that ownership interest?

Tip #6 Are you aware that a buy-sell agreement is generally funded by life insurance, and without life insurance funding it, in the event that an owner dies, the buy-sell agreement will need to include a mechanism to purchase the deceased owner’s interest?

Tip #7 Are you aware that your business might need a business license issued by the city in which the business is located?

Tip #8 Are you aware that the city ordinance may prevent your business from operating where it plans to operate?

Tip #9 Are you aware that when you read a contract or lease, the contract or lease could have a different state’s law apply, which means you need to consult with an attorney licensed to practice in the state whose laws apply?

Tip #10 Are you aware that if your lease is in your personal name, rather than in your business name, you are personally liable for the amounts owed under the lease?

Tip #11 Are you aware that if your lease is in your business name, but you signed a personal guarantee for the lease, you are personally liable for the amounts owed under the lease (and your business is also liable for the amounts owed under the lease)?

Spangler and de Stefano, PLLP assists business owners with most aspects related to their business, including leases, contracts, employment issues, corporate formation, dissolution, estate planning, business succession planning and elder law.

The material contained herein is for informational purposes only, and is not intended to create or constitute an attorney-client relationship between Spangler and de Stefano, PLLP and the reader. The information contained herein is not offered as legal advice and should not be construed as legal advice.