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Business Owners Learn to Spot Errors & Protect Your Assets During Workshop

Jay YoungHENDERSON, Nev. – Jay Young, partner with Marquis Aurbach Coffing law firm, will present “Simple Strategies to Protect Your Business in a Litigious Society,” during the Henderson Chamber of Commerce’s Roadmap to Success workshop from 7:30 to 9:30 a.m. Thursday, May 9, at the Henderson Business Resource Center, located at 112 S. Water St. in downtown Henderson’s Water Street District.

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Warning about WARN: Did You Know that Certain Employers Cannot Legally Lay Off Their Employees?

By Mary Drury, Esq.

In these challenging economic times, most companies are struggling to stay in business, and while a layoff is never desirable, sometimes the company deems it critical to cut labor costs.  Here's the rub:  Certain employers cannot lay off employees without giving advance notice or paying them for a period of time.
 
In 1989, the government enacted WARN - the Worker Adjustment and Retraining Notification Act.  WARN protects workers by requiring employers to provide sixty days advance notice of certain mass layoffs. In general, employers are subject to WARN if they have a 100 or more employees, not counting employees who have worked less than six months in the last twelve months, and not counting employees who work an average of less than twenty hours a week. 

Read more: Warning about WARN: Did You Know that Certain Employers Cannot Legally Lay Off Their Employees?

Homestead Declaration: When Should I File?

By Jay Young, Esq.

A Homestead Declaration is a simple document that can protect your home’s equity from attack by creditors. It prevents a forced sale of your home to satisfy your debts to most creditors (unpaid medical bills, bankruptcy, charge card debts, business/personal loans, accidents). Nevada Revised Statutes, Chapter 115 governs the declaration of a homestead. It declares that a homestead is limited to your primary residence. It protects your land with a dwelling on it (including a mobile home or condominium) where you reside. It does not protect any investment or rental property that you own. You are protected up to $550,000 in equity in your primary residence in Nevada.

The protection of the homestead is not absolute, however. It does not protect you from debts owed where you provided your home/land as collateral for a debt (mortgage or lien you voluntarily allowed on the property, generally). Further, you must declare your designation of the homestead in the protected property before the forced sale begins.

Read more: Homestead Declaration: When Should I File?

Considering Cashing a Customer's Check Marked "Paid In Full"? Think Again!

By Mary Drury, Esq.

While you may be tempted to cash any check received these days, with a memo noted "paid in full", the cashing of that check may modify your earlier agreement and extinguish your contract.

For example, say you had an agreement to provide goods or services for $5,000.  You invoice the client.  The client sends you a check for $3,500 with a note marked "paid in full".  If you cash the check, you may be held to effectively amend the agreement to accept the contract price of $3,500. 

So, you ask, what are you to do when you get a check for less than the full amount?  Under the Uniform Commercial Code (UCC), you are not required to return the check; therefore, you could simply destroy the check.  As a business point, and this is not in the UCC, you can negotiate a payment plan or other settlement.

Read more: Considering Cashing a Customer's Check Marked "Paid In Full"? Think Again!

Why Should You Consider Umbrella Insurance?

By Jay Young, Esq.

“Umbrella” or “excess coverage” insurance is an extension of your home and auto insurance policies. Most often, an insurer will only provide umbrella coverage if both your home and autos are insured with that company. The policy kicks in after all of your homeowner or auto policy coverage has been exhausted. In other words, it protects you against those truly extraordinary losses for which you are at fault and for which your home or auto coverage are simply not enough.

Read more: Why Should You Consider Umbrella Insurance?

Keeping Your Assets in Challenging Times

By Mary Drury, Esq.

Almost everyone knows me as a real estate and business lawyer, but I frequently get asked about asset protection; specifically about keeping certain types of personal property.  About three times a week, the questioning commences with discussions about ATVs, boats, motorcycles and snowmobiles. 

Read more: Keeping Your Assets in Challenging Times

Are You Sure You Have Enough Home, Auto, And Recreational Vehicle Insurance to Protect Your Family?

By Jay Young, Esq.

Many homeowners or car owners are shocked, after an accident, to find that their insurance does not pay for all of their losses, or in some cases, even most of their losses. Whether you have the right amount and type of coverage may well depend on the amount of assets you have to protect. If you make $30,000 a year and rent an apartment, $100,000/ $300,000 coverage may suffice. If, on the other hand, you earn a six figure annual salary, have a business, or significant assets, carrying that little amount of coverage would be foolish.

Read more: Are You Sure You Have Enough Home, Auto, And Recreational Vehicle Insurance to Protect Your Family?

Protecting Confidentiality in the Sale of Your Business

By Mary Drury, Esq.

An asset purchase agreement crossed my desk recently with a provision that allowed the buyer to post a notice on the door that there was a pending transfer of the business.   Also included in buyer's proposed purchase agreement was a provision obligating seller to maintain all customers, vendors, and employees against that threat that the buyer could terminate the contract.

Upon review, it appeared that the buyer was setting the seller up to force the seller out of business so that buyer did not actually have to pay any money to eliminate its competitor. It is critically important that confidentiality be maintained during the pendency of the transaction.  There are many ways to do this:

Read more: Protecting Confidentiality in the Sale of Your Business