Gary Quinnett
“How do I avoid being sued?”
While at my favorite Italian restaurant last week, I was asked “how do I avoid being sued?” The short answer: you don’t. Things happen. While it is impossible to prevent lawsuits, you can avoid losses by using sound asset protection strategies. Consider Sam, who is the managing member of a successful oil and gas company [...]
Before you sign that real estate purchase contract, do this . . .
Perform a background search before you sign a real estate contract. The search is intended to spot any obvious problems before you spend money and time on the matter. Check the Oklahoma Secretary of State records. If the Seller is a business entity, then it should be in “good standing.” If the Seller is a [...]
Escrow
Most think of escrow in the sense of purchasing a home: you deposit earnest money with the title company; that money is held in escrow while you inspect the home; and at closing, the purchase price of the home is reduced by the sum held in escrow. Yet, escrow has other benefits in today’s world. [...]
Does a Revocable Living Trust Protect your Assets?
Suppose that you plan to get re-married, and in order to keep your assets separate from your significant other you set up a revocable living trust, naming yourself as trustee and sole beneficiary. Three years later, a neighbor trips on your door step, breaks his leg, and wins a lawsuit against you. Can the neighbor [...]
The Oklahoma Limited Liability Company (“LLC”)
As with a corporation, all owners of an LLC enjoy limited personal liability. That means that being a member of an LLC doesn’t normally expose you to legal liability for business debts and court judgments against the business. Generally, if you become an LLC member, you risk only your share of capital paid into the [...]
Suppose an unsecured debtor doesn’t pay. What’s next?
A savvy creditor should understand the nature and availability of remedies if a debtor defaults. Such knowledge is especially important to unsecured creditors, since the options upon default are relatively few and frequently unsatisfactory-why? More often than not, the only remedy available to the unsecured creditor is to file a lawsuit, proceed to judgment (an [...]
Corporate records
When you organize your business as a corporation, there are certain record keeping requirements you must adhere to.
Components of a good contract
Business-to-business agreements should be in writing (personal agreements with friends and relatives also fall in the “put it in writing” category). If the contract touches a matter of any significance at all, then best to include all these components: The Parties Description of the goods or services to be procured Delivery/Performance Price and Payment Length [...]
Put Your Agreements In Writing
Business-to-business agreements should be in writing (personal agreements with friends and relatives also fall in the “put it in writing” category). If the contract touches a matter of any significance at all, then best to include all these components: The Parties Description of the goods or services to be procured Delivery/Performance Price and Payment Length [...]
What Do Most Troubled Companies Have In Common?
According to George Cloutier, most troubled companies “…have not implemented strong financial reporting. Small businesses fail to focus on the basics – doing your P.& L.’s [profit and loss statements] and paying attention to cash flow.” Read the entire article from this consultant at NY Times
