Northern Georgia General Law Blog

How to chase unpaid invoices as a small business

One of the most challenging aspects of running a small business is making sure that your cash flow is healthy. If your clients are not reliable in regard to paying within invoice deadlines, this can make maintaining a healthy cash flow almost impossible, and this can lead to big problems for your business going forward.

If you are struggling to successfully chase unpaid invoices, it is important that you fully understand the legal options that you have as a small business in the state of Georgia. In addition, it is a good idea to learn about practical steps you can take in order to get the payment that you are owed.

How you're incorporated may affect how much in taxes you owe

One of the reasons many entrepreneurs or small business owners incorporate themselves is in hopes of reducing the tax burden that they have to pay. Ever since the passing of the 2017 Tax Cuts and Job Acts (TCJA) bill though, it's left even more people wondering what type of business formation is ideal for them.

Those who are incorporated as partnerships, sole proprietorships, S corporations or who are self-employed may receive a 20 percent pass-through deduction beginning this year. Anyone working in the service industry such as financial planners, doctors or lawyers must earn less than $207,500 if they're filing individually or $415,000 for married filers in order to qualify for it.

Addressing your fears about bankruptcy

When you are drowning under your debt, it is likely that you are fearful about many things. It might be that you are fearful about losing your car or home, or that you worry that your children might not be able to enjoy a good quality of life. With all of this fear, worries about taking action are also accompanied.

It is normal to be fearful about taking action, but the reality is that burying your head in the sand is going to be much more damaging in the long term than making a change now. Filing for bankruptcy is a big step, but it offers many families a chance to be free of their debts.

Do I have the right to minerals on my land?

When you own land and you find minerals or other naturally occurring substances of value, you may be curious about your options when it comes to mining these substances and selling them. While you may assume that anything you find on your land is your property, this may not actually be the case.

In the state of Georgia, there is a clear legal difference between rights to the surface of a piece of land and the rights to the minerals below the surface of the land. This surprisingly means that even if you are the surface owner of a piece of land, another entity may, in fact, have the right to the minerals underneath your piece of land.

Article 9 perfection: is the collateral protected in bankruptcy?

When it comes to bankruptcy, you want to make sure your right to payment will put you in line to receive payment from the trustee, if your claim is secured. If intellectual property was used as collateral to secure a debt owed to you, you want to make sure you follow the proper rules to be able to collect the money owed to you and recapture the collateral. Let’s look at the intersection of commercial and bankruptcy law to see how the process works.

Understanding the role of personal representatives

When an estate goes through the process of probate, a personal representative is needed in order to manage the transfer of assets. Probate can be a very complex procedure and it can take many months. Therefore, the personal representative needs to be a trusted person who can manage all the details.

A personal representative is also commonly known as an executor of the estate, or an administrator of the estate. If you are planning your estate, it is important that you understand how the role of personal representative works and what criteria there is.

How patents differ from other types of intellectual property

A business typically will have many tangible assets like cash, products and property that are legally protected from theft. However, in addition to these tangible assets, there are many aspects of a business that are intangible but extremely valuable to both the company and its competitors.

These intangible assets can include the company brand and reputation. These might be portrayed through visual branding, catch phrases and logos. In addition, consumer loyalty and reputation can also be strongly linked to the quality of services that the company provides. When a company wants to keep an invention or a service quality competitive, they may decide to apply for a patent.

Discharging business debt through Chapter 11 bankruptcy

As a business owner, you may feel overwhelmed by a bad few months of business and not know which way to turn. Even the most lucrative of businesses can go through hard times, and this is why there are governmental initiatives in place to help businesses get some of their debts discharged.

If you are interested in benefiting from the debt discharge possibilities of Chapter 11 bankruptcy, it is important that you take the time to understand the entire process and the implications that it is likely to have on your specific situation.

Do you need to list your business during personal bankruptcy?

You are planning to declare bankruptcy. Perhaps you got in over your head in personal credit card debt. Maybe you have a lot of medical bills that you just cannot pay off. Maybe both. Whatever the reason, you know that bankruptcy is the best way to straighten out your personal finances.

However, you also run a small business. You do not want to lose it. Do you have to list it during this bankruptcy filing, even though it is not a business bankruptcy?

What should you look for in your next business partner?

You have an excellent business idea, but you can't do it alone. You need a partner who brings specific skills and assets to the company. You know that the success of the business rides on how well this initial partnership works out. So, what should you look for in your new business partner?

First off, you need someone who cares about the business, who is passionate about it. You don't just want someone who is in it for the money or because they got bored with their other job. You need someone who wants to succeed as much as you do.

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