BERYS LAW | Business, Real Estate, Wills/Trusts

As an entrepreneur, one of the critical decisions you'll face is whether to hire employees or engage contractors for your business. Each option has its advantages and disadvantages, and understanding the differences between them can significantly impact your company's success. Let's look into the nuances of employees versus contractors and what entrepreneurs should know when making this important decision.

Employees:

When you hire employees, you bring individuals onto your team who work exclusively for your company. They typically have set work hours, use company equipment, and follow your policies and procedures. Here are some key points to consider:

• Control and Training: With employees, you have greater control over their work. You can provide extensive training, set performance standards, and direct how tasks are completed to ensure consistency and quality.

• Benefits and Protections: Employees are entitled to benefits such as health insurance, paid time off,...

Real estate transactions can be complex, involving multiple parties with varying interests. As a result, disputes can arise, leading to legal challenges and financial strain. Understanding common real estate disputes and knowing how to resolve them can significantly mitigate risks and ensure smoother transactions. Here, we delve into some prevalent real estate disputes and explore strategies for resolving them effectively.

1. Boundary Disputes

Boundary disputes often occur when neighboring property owners disagree on the exact location of their property lines. This can lead to conflicts regarding encroachments, easements, or adverse possession claims. Resolving boundary disputes typically involves reviewing property surveys, legal descriptions, and historical records to determine the accurate boundaries. Mediation or arbitration can be effective in reaching a mutually acceptable resolution, while litigation remains an option if negotiations fail.

Read more: Property Boundary...

For many entrepreneurs, building a family business is a labor of love, representing years of hard work, sacrifice, and dedication. However, without proper legal safeguards in place, the future of your family business could be at risk. 

From succession planning to asset protection, it's essential to take proactive steps to safeguard your business for future generations. Here are key legal measures you can implement to protect your family business.

Formalize Business Structure

One of the fundamental steps in protecting your family business is to establish a formal business structure. Depending on your circumstances and goals, options may include forming a limited liability company (LLC), partnership, or corporation. 

Each structure offers distinct legal and tax advantages, so it's crucial to consult with a legal professional to determine the most suitable option for your business.

Learn more: How to Choose the Right Legal Structure for Your Business

Create a Succession Plan

Starting a small business is an exciting endeavor that requires passion, dedication, and attention to detail. However, amidst the enthusiasm of launching a new venture, small business owners often overlook crucial legal aspects that can have long-term consequences. Here are some common legal mistakes made by small business owners and tips on how to avoid them.

1. Neglecting Legal Structure

One of the initial decisions for any business is choosing its legal structure. Many small business owners make the mistake of operating as a sole proprietorship without considering the benefits of forming a limited liability company (LLC) or a corporation. Operating as a sole proprietorship exposes personal assets to business liabilities, putting the owner's finances at risk. To avoid this mistake, consult with a legal professional to determine the most suitable legal structure for your business based on liability protection, taxation, and management flexibility

Read more: How to Choose the Right...

Commercial real estate transactions involve complex legal processes and negotiations that require specialized knowledge and expertise. A commercial real estate lawyer represents clients involved in buying, selling, leasing, or developing commercial properties. 

From drafting contracts to resolving disputes, commercial real estate lawyers provide invaluable legal guidance and support throughout the entire real estate transaction process.

1. Legal Advice and Counsel

One of the primary roles of a commercial real estate lawyer is to provide clients with legal advice and counsel regarding their real estate transactions. 

Whether clients are buying, selling, leasing, or developing commercial properties, a lawyer can help them understand their rights, obligations, and legal options. By assessing the specific circumstances of each transaction, a lawyer can offer tailored advice to protect clients' interests and minimize potential risks.

Learn more: 10 Common Commercial Real Estate...

A Special Needs Trust (SNT) is a legal arrangement designed to manage assets and funds for the benefit of a person with disabilities. This type of trust is crucial for individuals who are unable to manage their financial affairs independently due to physical, mental, or developmental challenges. By establishing a Special Needs Trust, families can ensure that their loved ones with disabilities receive the necessary care and support without jeopardizing their eligibility for government benefits.

Understanding the Purpose of a Special Needs Trust

The primary purpose of a Special Needs Trust is to enhance the quality of life for individuals with disabilities while preserving their eligibility for public assistance programs such as Medicaid and Supplemental Security Income (SSI). Without proper planning, a significant inheritance or financial gift could result in the loss of these crucial benefits, leaving the individual without essential resources for medical care, housing, and other...

Dealing with a breach of contract can be a stressful and challenging situation for any party involved. Whether you're a business owner, contractor, or individual, understanding the necessary documents and evidence to gather is essential for building a strong case and seeking appropriate remedies. 

Below, we'll explore the key documents and evidence you should gather if you find yourself facing a breach of contract situation.

1. The Contract Itself

The cornerstone of any breach of contract case is the contract itself. Obtain a copy of the contract involved in the dispute and review it carefully. Look for clauses, terms, and conditions relevant to the alleged breach, including obligations, responsibilities, deadlines, and any provisions outlining remedies for the breach. 

Understanding the terms of the contract is essential for evaluating the merits of your case and determining whether a breach has occurred.

2. Correspondence and Communications

Gather all correspondence and...

Selling a home is a significant milestone in one's life, but it also comes with legal responsibilities that cannot be overlooked. One of the most critical obligations for home sellers is disclosing property defects and issues to potential buyers.

Failing to disclose such information can lead to legal consequences and tarnish your reputation as a seller. In this article, we will delve into the legal obligations of home sellers regarding property disclosures and the importance of transparency throughout the selling process.

Legal Framework

In most jurisdictions, home sellers are bound by laws that mandate the disclosure of known defects or issues that may affect the value or safety of the property. These laws are designed to protect buyers from purchasing homes with hidden problems and ensure transparency in real estate transactions.

The specifics of these laws can vary from state to state or country to country, but the underlying principle remains the same: sellers must provide...

Estate planning is a vital aspect of making sure that your assets and wishes are protected and carried out according to your intentions after you're gone. 

However, creating an estate plan is not a one-and-done task. Life changes, laws evolve, and circumstances shift, necessitating periodic updates to your estate plan. In this article, we'll discuss when it's essential to update your estate plan and why it's crucial to do so.

1. Life Events

Life is unpredictable, and significant life events often prompt the need to update your estate plan. Events such as marriage, divorce, birth or adoption of a child, or the death of a loved one can have profound implications for your estate plan. 

For example, getting married may necessitate the creation of new estate planning documents to provide for your spouse, while divorce may require revising beneficiary designations and removing your ex-spouse from your estate plan.

2. Changes in Financial Situation

Changes in your financial...

Ensuring your assets are distributed according to your wishes after your passing is an important aspect of estate planning. One of the most common methods to designate beneficiaries is through beneficiary designations on accounts such as retirement plans, life insurance policies, and investment accounts.

However, mistakes in these designations can lead to unintended consequences and conflicts among loved ones. Here are some of the most common beneficiary designation mistakes to avoid. Read on. 

Failing to Update Beneficiary Designations

Life events such as marriage, divorce, births, and deaths can significantly impact your intended beneficiaries. Failing to update beneficiary designations after such events can lead to assets being distributed contrary to your wishes.

Regularly review and update your beneficiary designations to ensure they align with your current circumstances and wishes.

Naming Minors as Beneficiaries

Designating minors (individuals under 18 years old) as...