Many things can occur in the life of a business entity, whether a corporation, LLC, partnership, or individual proprietorship, and this can lead to inquiry about who will be left holding the bag. An ordinary question among small business owners is who will be accountable for debts and other obligations if a business entity folds or changes hands. Statute of Limitations for Collecting Debt, torts, crimes and even the mass of debt, there are laws concerning how a claim extended is actionable. These laws help provide a sense of finality for affected individuals so that they do not have to forever be worried about potential adverse effects.
For torts, crimes and even the collection of debt, there are laws regarding how long a claim is actionable. However, verbal contracts may have unique complications to them. You should always plan for the Unplanned. Ask yourself, does Your Business Have an Exit Strategy? Usually, there are five common legal mistakes that most small business owners make. These are the unseen aspects of business that aren’t usually considered, which is understandable, as most business owners are too preoccupied with actually running the business physically to have time to be an expert on business law as well. That is why it is always suggested to seek legal advice and council from trusted and experienced business lawyers. Many business owners are hesitant to seek out this council because of the associated expenses that come along with it. However, these expenses actually prevent more devastating ones down the road, by protecting you from potential lawsuits. In the end, you will certainly be saving more money than you are spending.
Jody Gabel is an experienced and respected trial and business lawyer who has been working in the field for over twenty years now.