Lobb & Plewe Attorneys At Law

Corona Business Law Blog

California remains an attractive destination for entrepreneurs

For decades, California has been the home or future home of some of the sharpest minds and ambitious people eager to exploit creative ideas with every intent to launch a successful business. The presence of so many successful small businesses in California proves how attractive the state is for entrepreneurs.

Historically, California has been an ideal place to start a business. In doing so, entrepreneurs face many challenges in forming their companies and getting things started.  Ultimately, success can be reached by combining knowledge, ideas, market understanding, the ability to handle risk and a dash of the right timing. 

Business migration: analysis and perspective

Businesses in California are overwhelmed with employee lawsuits, excessive regulatory constraints, and taxation. The tax concern hits at every level-income tax, sales tax, property tax, fuel tax, personal property tax, and a host of others. The income tax burden hits not just the business but personally as well.

Nevada asset protection: Nevada protects the attorney-client privilege

Nevada once again displays why it is one of the top asset protection jurisdictions. In a recent case, the Nevada Supreme Court soundly protected communications between an attorney and client. Specifically, the Court has addressed and firmly protected communications between trustees and attorneys.

The protection of communications between lawyers and clients has been unquestionably sacred for a very long time. The first evidentiary privilege recognized by the English common law was the attorney-client privilege. This happened in 1577. The privilege was first recognized in the United States in 1776 and remains robust in every state in the United States to this day. However, some states, such as Nevada, are more protective of the privilege than others.

Fraudulent conveyance concerns: A lesson from the Bridge Trust

Some asset protection promoters endorse an onshore-offshore trust strategy. The trust begins onshore in the United States and shifts offshore at the first sign of a potential creditor. Such strategies initially hold assets in a U.S. entity or domestic asset protection trust structure such as a self-settled trust and then shift or transfer to an offshore jurisdiction when a creditor appears. One such branded trust is popularly sold by promoters as "The Bridge Trust."

Courts have always taken a dim view of assets being transferred offshore to avoid creditors. There are numerous cases where transfers to foreign asset protection trusts were deemed to be fraudulent and not only have assets been frozen and seized, but people have gone to jail. The definition of a fraudulent conveyance is transferring assets to a third party to shield them from a creditor. The movement of assets from a U.S. trust structure to a Cooks Island trust and a resident trustee in a foreign jurisdiction when a creditor appears is starting to be viewed as a classic fraudulent transfer by the courts.

Mergers and acquisitions: Have you considered everything?

It all comes down to improving your company – and your profits. After all, this is what business is about and this is what you and your stockholders expect from an acquisition: a stronger company and more investment return.

Without careful valuation of a target company, however, your company may lose in the end. Stock enervates, values plunge, shareholders bail. What options are available to ensure success?

CPAs, financial advisors, attorneys: Build a professional network

When it comes to providing professional services to your clients, who you know can be just as important as what you know. Being able to refer your client to an attorney who can help answer a legal question, an accountant who can address a tax problem, or to a financial advisor who can provide knowledgeable guidance can help ensure that your client is getting the best service available. It can be hard work to build a professional network, but hard work will often pay off in the end.

Accountants, financial planners and lawyers should work together

The responsibilities of accountants, financial planners and lawyers often overlap. When these parties work together, the results can be harmonious. You can rest assured that you’re receiving thorough, well-researched advice concerning your tax, financial and legal affairs. However, if these parties aren’t communicating, you or your business could suffer. Overlooked tax implications or issues with your estate are just some of the problems that could arise. Communication between everyone who has a hand in your financial affairs is crucial.

CPAs and financial planners shouldn't offer legal advice

Oftentimes, tax and financial issues can intersect with legal issues. It can be tempting for accountants and financial planners to field legal questions in an effort to better meet the needs of their clients. However, doing so may cross the line into providing legal advice. Unless the person giving the advice is a licensed attorney, one may face charges of practicing law without a license or face other consequences.

What constitutes “legal advice?”

Accountants: There are times to refer your client to an attorney

The duties and responsibilities of accountants and business law attorneys often overlap. Sometimes, the lines become so blurred that it’s difficult to see when professional legal help may be necessary. If there is ever any question concerning whether to involve legal counsel, accountants should always err on the side of caution.

Business lawsuits can ruin your bottom line and reputation

Building a solid reputation for your business is crucial for a company to survive and stay competitive in your industry. The trust that you build with customers and vendors will not only affect the way the public views your company, but also your company's bottom line. The more your customers trust your company, the more likely they are to continue to buy and recommend your products and services.  Unfortunately, what may take years to build can be quickly destroyed on a heartbeat, especially in the event of a messy legal dispute. 

The cold hard fact is that at some point during its operation, almost all businesses will be involved in some kind of legal dispute, whether it is a dispute over a contract, employment issues, discrimination, liability, false advertising, or misrepresentation. No matter if the dispute is large or small, it could have the effect to negatively impact your business and the representation you fought so hard to build and preserve. 

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