Northern Georgia General Law Blog

Understanding the role of personal representatives

On behalf of Jones & Walden, LLC posted in Estate Planning And Administration on Friday, October 12, 2018.

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

On behalf of Jones & Walden, LLC posted in Intellectual Property on Friday, September 28, 2018.

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

On behalf of Jones & Walden, LLC posted in Creditor Representation on Friday, September 14, 2018.

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?

On behalf of Jones & Walden, LLC posted in Bankruptcy on Friday, August 31, 2018.

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?

On behalf of Jones & Walden, LLC posted in Business Formation And Litigation on Friday, August 17, 2018.

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.

Rebuilding credit after Chapter 7 or Chapter 13 bankruptcy

On behalf of Jones & Walden, LLC on Thursday, August 16, 2018.

One of the greatest fears felt by those filing Chapter 7 or Chapter 13 bankruptcy is that the filing will forever damage their credit score. Though it’s true bankruptcy can negatively impact a credit report, the change is by no means permanent or impossible to recover from with future financial activity.

A credit score can recover after filing for bankruptcy and there are a number of smart financial resources you can utilize to begin rebuilding a credit report after a bankruptcy filing. Bankruptcy is not and should not be perceived as a financial failure; burdensome debt can come from any number of causes and many are not due to financial missteps on the filer’s part.

Can you get out of a lease if income doesn't meet projections?

On behalf of Jones & Walden, LLC posted in Real Estate Law on Wednesday, August 1, 2018.

You lease a commercial space for your new business. You hope the space gives you the exposure and foot traffic that you need, but it is hard to be sure.

You project that your new company will make $500,000 per year. It has to in order for that lease to be affordable. Can you get out of the lease if your projections fall short of that mark?

3 potential losses tied to intellectual property theft

On behalf of Jones & Walden, LLC posted in Intellectual Property on Friday, July 20, 2018.

As a business owner, much of your value comes from your intellectual property. Perhaps you have patents that protect a product that no one else is making. Perhaps you have a well-known brand that draws consumers in.

When intellectual property gets stolen, it can be very costly. There are three main costs to be wary of:

Losing sales to copycat products: Other companies use your knowledge and information to create the same products. You invested a lot to develop that information, but they get it for free and begin taking orders from potential buyers.
Losing sales to counterfeit items: Another company manufactures goods and claims they are yours. This infringes on your brand identity. Customers that already trust your brand buy these products, and you lose out on sales. You also lose the money you spent on advertising and building up your brand's reputation. You expected a return on that investment, but you do not hit your projections because sales are going elsewhere -- even when your advertising and branding worked exactly as you expected.
Fighting back against infringement: This process can take a long time, and you may need to sink significant resources into it. Every penny you spend and every hour you use fighting back against infringement is also time and money you lost due to that theft.

Underestimating workloads and deadlines can lead to bankruptcy

On behalf of Jones & Walden, LLC posted in Bankruptcy on Friday, July 6, 2018.

Many things can lead to bankruptcy for a small business, from the introduction of new competition in the same space to a general downturn in the market because of outside influences. For instance, tourism-related businesses took a hit during the recession, not because they did not offer good products, but because other people did not have enough money to be tourists.

One simple thing that could lead to bankruptcy, though, is just underestimating exactly what work needs to be done and how long it will take. If there isn't any income during this time, the company can run out of capital.

Business debt: how much is too much?

On behalf of Jones & Walden, LLC on Wednesday, June 27, 2018.

A 2014 poll revealed that more than forty-six percent of business owners feel their livelihood is threatened by the amount of debt they carry.

Debt, as we know, is a part of doing business. When managed carefully, it’s a smart business tool. There is, of course, such as thing as too much debt. According to Allan Smith, business strategist: “When a considerable amount of expenses is leveraged for servicing debt rather than investing in your business, small business firms start struggling and this can make them fall into trouble when debt and expenses outpace revenue.”