.:. Frequently Asked Questions

Q. Why do I need a business attorney? I am an expert in my field and I know what I am doing.

A. The reason you are an expert in your business is because you have education, training, and experience in your specific business that helps you serve your clients much more successfully, and productively. We are business law experts. Our education, training, and experience provides us with the skills that enable us to anticipate business legal problems before they arise, and help find solutions to existing ones in ways that you might not be aware are possible.

Q. I am just starting a new business. I have money for an attorney budgeted, but I also need to lease office space and buy new equipment. I can just review the contracts myself, save the attorneys’ fees, and everything will be fine, right?

A. No, everything will not be fine. Contracts to buy businesses and equipment (along with leases) may be the most critical aspect to establishing a business. These contracts can make or break a business. Contracts can contain tricky and/or vague provisions that can come back and haunt you -- and maybe even destroy your business! Furthermore, sometimes it is not what is said -- but what is not said in a contract -- that is important. We have the skill and expertise to review these contracts, not only to correct any problems in the contract, but to also add language that should be in the contract to protect you, but was left out by the other party.

Q. This is my third business venture. I am a pro at this stuff. My previous attorney did not understand my business. What makes your firm so different?

A. We better serve our clients by listening to their needs and understanding their business goals. Most of our clients are repeat clients because we took the time to listen and understand their issues the first time. As we get to know you and your business objectives, there is less of a learning curve which allows us to be more timely, responsive, and proactive to any business legal needs that may affect your business.

Q. I am preparing to do a big deal. I trust the other side. Do I really need an attorney? Can’t their attorney cover everything?

A. You should have your own attorney review the details of any major business transaction before you undertake it. The question is not whether you trust the person on the other side of the table. Be aware that business transactions can involve many parties other than the one who you are dealing with. For example, business purchases may involve landlords, planning and zoning departments, the IRS, state tax departments, institutional lenders, government loan guarantors, suppliers, customers, and/or employees. You even need to be prepared to deal with possible future parties such as heirs of the people you are dealing with, their creditors, and future buyer of your business. Therefore it is critical that any major business transaction, including business purchases, be done right.

Q. The other party insisted that I sign a contract or I’d lose the deal. Should I have your office review it and make sure everything is okay even though I already signed the contract and the deal is done?

A. While we would be happy to review the contract, for future reference know that it is critical that you always have an attorney review all business contracts before you sign any paperwork. Most of the time your signature indicates that you are bound to the terms and conditions of the documents that you signed. Even some so-called “letters of intent” can bind you by their terms.

Q. What is the difference between a will and a trust?

A. A typical will is an instruction letter for how to deal with your property after you die. Typically a will must be filed in court and probated. On the other hand, a trust is designed to minimize or avoid probate altogether. A trust is an instruction agreement on how to deal with your property while you are alive. Some advantages of a trust (besides avoiding probate) are that it is a private document, typically does not get filed in court, and it is effective even if you are disabled, and may thereby avoid a costly court guardianship or conservatorship.

Q. Do I really need a will? My spouse and family will get everything should something suddenly happen to me. Am I correct?

A. Unless you want your property to be distributed according to state law, you should have a will. A will allows you to specify who gets your property. Even if you don't have property, but you have minor children, you should have a will. Wills are critical for families with minor children because wills allow the parents to specify a guardian for the children should both parents die. Wills are critical to ensuring that the people you want to inherent from you receive what you want them to have. For example, adult children from a previous marriage may not inherit anything under state law unless you have a will designating them as your heirs.

We hope these questions and answers have provided some insight for you into the many ways our firm can be of assistance when it comes to business law and estate planning.

If this information has been useful, and you would like to learn more about how we can help you in the same way we’ve helped so many of our clients with their business law needs, please call J. Phillip Glasscock or email  info@JPGlaw.com. We’d like to meet you.