Businesses Need Law Like Humans Need Love
As a start-up business owner or a finance savvy young professional, you will find out soon enough that you need Law as an ally. Be it about filing for bankruptcy, leasing, negotiating mergers and acquisitions, buying insurance and others you need someone with expertise in law to help you in sticky situations and help you avoid potential financial loss.
Below are some of the situation in which you are likely to find yourself in as you build your businesses or keep your finances in order:
Creating Intercreditor Arrangements
As a business, taking on debt is nothing new. Most of the time businesses take loans because they need capital. Sometimes, things go wrong and businesses are unable to pay their loans. In this situation businesses may need to seek help from a law firm to help them create arrangements with their creditors that will result in a mutually-beneficial solution for them and their creditors.
On a smaller scale, I experienced something similar. I survived a credit card debt nightmare. I used to lose sleep over credit card debt, needless to say the experience was horrible. Although my self-control when it comes to spending is something I can be proud of, my self-control was not enough to keep me away from the claws of the evil credit card debt. My advice to you is to just walk away from credit cards even if you are confident about your self-control. Things can easily go wrong with your finances and before you know it you might find yourself staring straight into credit card debt’s evil eyes.
In my past article, Strange and Beautiful I talked about the rather unusual domain renting or leasing. Domain renting is nontraditional and most likely the lease agreement for typical things that are leased will not fit domain renting like a glove. There might be a need to add special sections in the lease. In this situation, help from a lawyer might be advisable. The fee paid for the lawyer will certainly be worth it, especially when the well-crafted lease agreement your lawyer helped you create saves you from a potential financial loss that can happen from a poorly-crafted lease agreement.
Filing for Bankruptcy
I know bankruptcy is the last word you will ever want from your business or finances. Awful as bankruptcy is, sometimes there are situations where filing for bankruptcy is your best option. Filing for bankruptcy will help you protect your credit rating from further damage and it can also relieve you of some legal obligations from your creditors. Before you decide that filing for bankruptcy is your best option in your financial situation, you may want to consult a lawyer to help you clarify some questions you might have about the legal implications of bankruptcy. Should you decide to file for bankruptcy, a lawyer at your side will help you make sure that you go through the process of filing for bankruptcy properly.