Merge with Another Business

If you are thinking of merging your business with another, chances are you’ll want to consult with a business lawyer for the process. As business lawyers, we act as intermediaries sometimes or as a “middle person,” representing either the buyer or the seller, and can help structure and negotiate the deal.

Can an intermediary be a lawyer? Sure.  Sometimes it’s a lawyer, but sometimes it is not. Is an intermediary an accountant? Sometimes it is and sometimes it’s now. An experienced attorney will handle all the details of the merger agreement, while the accountants perform comprehensive financial analysis. Simply put, an intermediary helps execute the merger and acquisitions process.  But even if the intermediary is a lawyer or an accountant, you should have someone who is independent – not representing one side or the other for a merger.  You don’t always need one – if you’re a small business.  But if you are mid-size or larger, you need an intermediary.  As your business attorneys, we can’t be both – we can be one or the other.

Choosing the right intermediary is crucial to the success of your transaction. The following list of questions can help you determine if the intermediary is qualified to represent you in this undertaking

Experience, Knowledge, and Professional Standards

• What is the intermediary’s education and experience?
• What type of companies has the intermediary and his or her firm worked with?
• What size and type of transactions have this intermediary and his or her firm completed?
• What has the intermediary’s track record been on other transactions?
• Can the intermediary and the firm provide references?
• Is the intermediary licensed? If so, which licenses and in what states?
• Have there been any regulatory complaints or administrative actions taken against the intermediary or other members of the intermediary’s firm?
• Are the intermediary and/or the firm members of any industry group which requires its members to a follow a code of professional conduct?

Firm Quality

• How many intermediaries does the firm employ?
• How long have these intermediaries been with the firm?
• What are the backgrounds of key members in the firm?
• Do members hold any special designations?
• How is intermediary recruiting done?
• How many members of the firm will be working on your project?
• How will information be communicated with personnel working on your merger?

Capabilities and Services

• What types of investors does the firm track in its database? Do they fit with the type of investors that would be interested in your proposal?
• How much and what sort of information does the firm keep on potential investors?
• How often is the investor database updated?
• Does the firm participate in industry networks?
• Is the firm’s investor base limited by industry, size, or geography, and are the limitations in keeping with your needs?
• Will the firm provide you with sample offering prospectuses and memoranda?
• Can the intermediary provide guidance on terms, pricing, and how to structure the deal?
• Can and will the intermediary be involved throughout the entire negotiation, and to what extent?

Negotiation and Confidentiality

• Get a sense of the intermediary’s listening skills and ability to ask appropriate questions.
• Does the intermediary seem genuinely interested?
• Does the intermediary seem able to adapt to change and think on his or her feet?
• Does the intermediary seem to take an open and creative approach to solving problems, or does his or her approach seem more rigid?
• What approaches does the intermediary prefer in arranging a deal? Are you comfortable with that style?
• Does the firm require potential investors to sign a confidentiality agreement? What are the key provisions?
• How does the firm guard against releasing sensitive or confidential information?
• Does the intermediary seem to take confidentiality seriously?

Free Consultation with a Business Lawyer

If you are here, you probably have a business merger that you need help with, call Ascent Law for your free business merger consultation (801) 676-5506. We want to help you.

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506

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Child Custody and Social Media

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Child Custody and Social Media

Child custody battles can be very intense. People will say hurtful things and express hostility towards their spouses or soon-to-be exes. No parent is perfect and no matter how hard you try, you will miss the mark. While children can be forgiving, your ex won’t and he or she will use every argument possible, including social media conversations, to win the child custody battle. Some divorcees find themselves in argumentative and legally risky situations due to details posted in Social Media platforms such as Facebook and Instagram. It doesn’t matter how delicate your situation is, a Salt Lake City child custody attorney can keep you afloat and help you find the peace of mind you and your family deserve during the divorce process.

Should You Delete Your Posts?

Why is that? It can be used against you in court. Deleting evidence means you are concealing it and this is called spoliation. Even when the evidence on the post is not that crucial, it’s still best you keep the post as originally published. The court may argue that the reason why the evidence was deleted is because it didn’t support your case. Also, some sanctions may apply and you may end up paying your ex-spouse’s attorney fees. In conclusion, don’t deactivate any social media accounts or delete publications. If you already have, talk to your Salt Lake City child custody attorney.

Conversations With The Other Parent

This is something that may help you in court, especially if your ex said things that may advance your divorce or child custody case. It’s tempting to be upset and reply to the hurtful comments but rather keep calm and save the evidence. Screenshots work just fine. E-mail them to your attorney and he or she will figure out what to do with it. Remember your ex may delete these posts or comments later on and you will have no way to prove the things said unless you saved the conversations or comments. Your ex may argue in court that you have not been very cooperative during the child custody process but if you have a history of reaching out and cooperating, whether online or in the text, you have more chances of discrediting these fallacious arguments. It never hurts saving this info in a computer folder.

Don’t Bribe Your Child

Let the Court decide what’s best for the children. When you get involved by offering parenting concessions for your financial advantage, the Court may think you are bribing your ex. Don’t promise or demand anything in writing, especially related to your finances. Some parents agree to child custody matters as long as the other partner accepts their financial demands. It doesn’t work that way. An attorney will help negotiate a just settlement in a more civilized manner.

Please Stay Calm

When the child custody battle gets intense to try to stay calm and limit your communication with your ex. Request that all communication is conducted in writing. Act in a friendly manner even if you feel like yelling. The picture and information you share on your posts should be friendly. Social media has become a place for people to vent but it should not be that way. It’s not good displaying your private life out there, especially if you are involved in a difficult child custody battle.

What to Do When a Step Parent Shows Up

Marriages involving children from previous marriages can be challenging. Although stepparents don’t have a legal responsibility for their stepchildren, they often spend the most time with them. Couples with young children particularly will struggle at first to bond with stepchildren. But what happens when your ex remarries after a divorce? Will the new mom or dad have any rights to your children? Will they have to provide child support too? These are issues you should discuss with a Salt Lake City family law attorney.

What About Child Support?

When a parent decides to remarry, the new spouse’s income is not considered when calculating child support. Although it may come as second nature, stepparents are not obligated to provide for stepchildren. Just keep in mind, the ex-spouse can still petition to modify the amount of child support. The judge may consider other factors, besides the income, to modify child support payments. For instance, perhaps you have debts your new spouse is willing to pay and these debts were the cause of a lower child support in the past. This can be the basis of your ex-spouse’s requesting in court that your payments will increase.

What About Custody?

Non-custodial parents will continue with the same custodial arrangements when they remarry since they are not the child’s primary home. Nevertheless, custodial parents may have the ex-spouse seeking to modify the custody arrangement, especially when the stepparent exhibits abusive behavior. Even when circumstances such as abusive behavior are not present, the court may still modify the custody arrangement.

What About Federal Student Loans?

For grown up children, the stepparent income needs to be submitted on their FAFSA when they submit their financial aid application for college. This will apply only to noncustodial parents even in circumstances when the stepparent signed an agreement freeing him or her from any financial responsibilities with the stepchildren.

Stepparent Rights

Stepparents don’t have any legal rights to obtain the custody of your children. It’s the biological parent the one entitled to such rights. However, there are some rare circumstances when the stepparent may obtain child custody such as when adopting stepchildren or when biological parents are unfit to raise their children.

Free Consultation with Child Custody Lawyer

If you have a question about child custody question or if you need help with custody, please call Ascent Law at (801) 676-5506. We will aggressively fight for you.

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84088 United States
Telephone: (801) 676-5506

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Business Loan Workouts

Businesses (whether they are big, small or medium size) with troubled loans have quite a bit more leverage than they once did. Lenders once were quick to foreclose on non-performing loans; but after years of multi-million-dollar verdicts against them for “lender liability,” they are much more inclined to work with borrowers to see that loans are repaid. For businesses with only temporary or relatively minor financial problems, a loan “workout” or debt restructure is a great option. The key is to negotiate the most favorable new terms without compromising your legal rights.

Contact Your Lender Before They Contact You

The first step of any successful workout is to convince your lender you can ultimately pay off the renegotiated loan. You must show the lender how a workout arrangement is in their best interests. If convinced, a lender may be willing to reduce the interest rate, reduce monthly payment amounts, or change other loan terms.

Many borrowers make the mistake of waiting until their lender starts sending demand letters before suggesting a workout plan. But putting this off until your business is no longer economically salvageable implies that you did not adequately anticipate or prepare for current financial difficulties. In the lender’s eyes, this does not bode well for the company’s future financial viability and offers little incentive to the lender to continue the relationship.

By contacting the lender early, lenders are more likely to go along with a workout plan if non-financial factors are strong within your company. They look at the management team’s honesty, integrity, long-term business planning ability, track record, and competency before making a decision

Pre-Negotiation Preparation

A successful workout begins with thorough preparation. You need to identify problems within your business that may have caused the financial problems and develop solutions prior to approaching the lender..

Present to the lender reliable, professionally-produced analyses and projections in order to prove that you have fully analyzed the financial situation and have addressed any underlying problems that are negatively affecting the performance of the business. The documents should include short-term (three-to-six months) cash flow projections, financial trends and a workable business plan under the proposed new loan terms. Ideas to increase operational efficiency or increase sales should also be included.

Enlist the help of your auditor or accountant to prepare the financial documents needed for the workout package. Loan consultants, many of whom are retired senior bank loan officers, can also help put together the proposal. Make the request for a workout session only when the presentation materials are ready for the lender’s review.

Sometimes There is Lender Liability

If your financial investigation shows that the lender’s actions actually led to the company’s financial problems, you can negotiate a new loan from a stronger position. If the lender sees you have a legitimate “lender liability” claim, your legal counsel can usually persuade even the most inflexible bank to negotiate.

Here are some signs of lender impropriety. The lender:

1. Tries to control aspects of the business;
2. Adds new conditions to the loan after the business has accepted the original terms;
3. Improperly uses acceleration and demand clauses in the loan documentation as a means to ensure compliance or punish the business;
4. Fails to provide adequate notice before a change in the way it does business with you, or calls a loan due without giving your company time to find a substitute lender; or
5. Stalls the loan process so an unreasonable amount of time passes and the business suffers as a result.

The presence of one or more of these scenarios could enable you to come to the workout negotiating table without needing to make major concessions. If the lender realizes it is guilty of some kind of misconduct, it will most likely want to make corrections to avoid a possible lawsuit.

Ideally, your attorney should be familiar with lender liability law so you can more readily spot possible lender misconduct while reviewing the history of the loan. You will also need to evaluate the strength of the potential lender liability claim.

Use an Attorney to Workout Negotiations

Be prepared to respond to whatever loan revisions the lender may suggest. Lenders know borrowers are usually in a vulnerable position during workouts, and may try to extract unwarranted concessions. A lender, for example, may insist that any new loan documents include an arbitration clause that waives your right to a jury trial.

Another commonly sought concession is a release by the borrower of any lender liability or other claims, but you must consider the consequences of the decision (i.e., whether to accept new loan terms offered by the bank but forfeit the right to sue for an existing lender liability claim). This decision may depend on your prior review of the strength of the lender liability claim versus the likelihood of turning your business around under the terms offered. Don’t be overly optimistic, and give yourself plenty of time to meet the new terms if you choose to give up your legal claims.

In loan workouts, almost everything is negotiable: loan length, interest rates, payment schedules and technical loan covenants (i.e., debt to equity ratios). You may need an entire set of new loan documents or, if the changes are minor, amendments to existing loan agreements will do. You should be prepared to pay renewal or rollover fees to the lender for changes in the loan terms, and lender’s attorney’s fees incurred in the workout.

It is imperative that all oral promises or commitments made during the workout are documented in writing in the loan papers. Without written documentation, those oral promises may be worthless when you later try to hold the lender to them.

Free Consultation with a Utah Business Lawyer

If you are here, you probably have a business law issue you need help with, call Ascent Law for your free business law consultation (801) 676-5506. We want to help you.

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506

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Custody and Family Law Change in Utah

Utah Congress – House Bill 35 – does not present a new idea—instead it goes back to “words that influenced our nation’s Founding Fathers.” At least, it does in some Utah’s’ minds, where the state is now “closer to honoring the basic liberty interests upon which our nation was founded,” and the “government is working to strengthen families.” For a patriot and a family (wo)man, what better news could there be than that? Unfortunately for some families, much of the rhetoric used to praise HB 35 is nothing more than a prop, with whatever fallout from the new law that’s left being up to the family law attorney in Utah to sort through.

Because what a family law attorney in Utah does during a divorce is more complicated than reviewing the laws on the books and doling out custody according to what bills have been passed and what statutes are in effect. Every family relationship is different in its dynamics, its strengths and abilities, its troubles, and its resources, not to mention the investment by the parties involved into resolving the familial separation peacefully and functionally. Just because the state of Utah now says that the noncustodial parent gets 40% more time with the child than they had previously, that doesn’t really clear things up in court every time, for every family.

Utah Code 30-3-33 currently states (in part):

“(6) If the custodial parent will be transporting the child, the noncustodial parent shall be at the appointed place at the time the noncustodial parent is to receive the child, and have the child ready to be picked up at the appointed time and place, or have made reasonable alternate arrangements for the custodial parent to pick up the child.

(7) Regular school hours may not be interrupted for a school-age child for the exercise of parent-time by either parent.

(8) The court may make alterations in the parent-time schedule to reasonably accommodate the work schedule of both parents and may increase the parent-time allowed to the noncustodial parent but may not diminish the standardized parent-time provided in Sections 30-3-35 and 30-3-35.5.

(9) The court may make alterations in the parent-time schedule to reasonably accommodate the distance between the parties and the expense of exercising parent-time.”

What Utah’s doing now is trying to even out the scales. By awarding more minimum time to noncustodial parents, the state is emphasizing the role of shared parenting in a family after a couple divorces: the duty and responsibility to raise a child you brought into this world alongside the privilege of sharing the joyful moments in building a relationship with your offspring come hand-in-hand.

This is something that a family attorney in Utah has never forgotten, and when serving clients going through difficult divorces and shared custody agreements, will work tirelessly to represent the interests of the children in presenting arguments for shared or sole custody, as appropriate. But yes, as far as new law reflects the changing values of a society, Utah is on the forefront of telling America and the world that parents shouldn’t do it alone after a divorce, and that one biological sexed parent is not automatically assigned a more privileged status as caretaker.

Free Consultation with Child Custody Lawyer

If you have a question about child custody question or if you need help in a family law case, please call Ascent Law at (801) 676-5506. We will help you.

Ascent Law LLC
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84088 United States
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State and Local Tax Law

If you are thinking about starting a small business, it doesn’t matter where your new business operates, it will need to pay certain state and local taxes, in addition to those required by the federal government. Since tax laws pertaining to small businesses can vary among jurisdictions, it is critical that you check with your state and local government revenue or taxation office to determine the tax obligations of your new business. Keeping this in mind, the following is a general discussion of the typical state and local taxes for small businesses.

State Income Tax

All businesses must pay state income taxes. Some businesses, such as corporations, are taxed as separate entities for income purposes, while the income of other businesses is not taxed separately from the income(s) of their principal owner(s). For example, in most states, a sole proprietorship’s income and expenses are included on the personal income tax return of the sole proprietor. Partnerships and limited liability companies (LLCs) are also often taxed like a sole proprietorship, although LLCs may elect to be taxed like a corporation.

State business income tax is typically a pay-as-you-go tax, meaning businesses usually must pay the tax as income is earned throughout the year. As a business, you may be required to make estimated tax payments during the year. If you are not required to make estimated tax payments, you may pay any tax due when you file your business or individual income tax return at the end of the tax year in April.

To learn more about business income tax obligations, how to pay your business income tax, and other business regulations in your state, you can visit the Internal Revenue Service (IRS) website, which provides links to the state governments of all 50 states.

State Employment Tax

If you intend to hire employees for your new business, you should be aware that employers are required to pay certain employment-related state taxes, in addition to those required by the federal government. Depending on where you operate your business, your state employment tax obligations can include:

• Withholding a portion of each employee’s wages to pay state income tax on their behalf
• Payment of unemployment taxes
• Payment of state workers’ compensation insurance
• Retention of your business’s payroll and employment tax records for a number of years

Remember also that in addition to payment of state employment taxes, one of the first steps you will need to take when starting a small business is to obtain an Employer Identification Number (EIN) from the IRS. Your business may also need to acquire a similar tax identification number from your state’s department of revenue or taxation.

Local Taxes

Your tax obligations do not end at the federal and state level; you will also likely be subject to local (city or county) taxes as well. The taxes you may need to pay to your local government can include:

• Property tax
• Operating tax, which is used by some cities in lieu of a business license
• Sales tax, if your business is engaged in retail sales
• Income tax, which is rare but may be imposed on businesses operating in larger cities

As with state taxes, your local taxes will vary depending on the rules of the city and county that your business is operating within.

Free Consultation with a Business Tax Attorney

If you are here, you probably have a business tax law issue you need help with, call Ascent Law for your free tax law consultation (801) 676-5506. We want to help you.

Ascent Law LLC
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Reproductive Rights

Reproductive rights include such topics as abortion, birth control, sex education, the right to rear children, the freedom to plan a family and other matters related to reproduction. This section includes an explanation of what constitutes the category of reproductive rights, a brief legal history of reproductive rights, relevant case law, and more. See the corresponding sections on abortion, birth control and other reproductive rights topics for more detailed information.

What are Reproductive Rights?

Reproductive rights refer to the rights of an individual to make decisions regarding reproduction and reproductive health. This concept generally includes the right to plan a family, learn about reproduction in school, terminate a pregnancy, access and use contraceptives, and access reproductive health services. Reproductive rights advocates have faced opposition from those raising moral, ethical, and religious issues relating to reproduction. Reproductive rights remain an emotional and politically charged issue.

Abortion is generally the most hotly contested issue within reproductive rights. Defenders and opponents of abortion term themselves “pro-choice” and “pro-life” respectively. Pro-choice advocates argue that an abortion falls within an individual’s constitutional right to privacy. They feel that the choice to terminate an “unborn fetus” lies with the individual and their doctor. Pro-life advocates argue that a fetus is a living being at the moment of conception and argue that abortion should be criminalized for the protection of the “unborn child.”

Laws and History

Much of the legal debate over reproductive rights has centered on abortion. Abortion was a legal practice throughout the United States prior to the country’s independence and continuing until the passage of the Comstock Act in 1873. Although the act primarily targeted pornography, it also made it illegal to use the U.S. Postal Service to send contraceptives, abortifacients, and materials related to sexual education. Around this time states began to pass laws criminalizing abortion. This trend continued until the landmark 1973 Supreme Court ruling Roe v. Wade, which overturned state laws criminalizing abortion.

In more recent years federal lawmakers have restricted federal funding for abortions and some states have restricted access to abortions by requiring parental consent for minors, counseling, waiting periods, and other requirements designed to dissuade individuals from having an abortion. Certain kinds of abortions have been banned altogether, even where this endangers the life of the mother. Legislation has passed that establishes personhood for fetuses. On the other hand, during the same period, the Food and Drug Administration approved the abortion drug RU-486, which aborts pregnancies during the first seven weeks after conception.

Sex Education in Schools

Among the reproductive rights issues that has generated controversy is the question of whether and the extent to which it is appropriate to provide sex education in schools. Advocates of sex education claim that sex education results in lower rates of teen pregnancy and lower STD infection rates. Opponents of sex education in schools claim that the state has no place educating children about sex, preferring that parents teach children about sex in accord with their own values and at the time of their choosing. At present, debate focuses more on the content of sex education rather than whether or not it should be provided. Opponents frequently favor an abstinence-only approach to education, while advocates seek a broader discussion of reproduction.

Free Initial Consultation with a Reproductive Rights Lawyer

When you have questions about reproductive rights in Utah, call Ascent Law for your free consultation (801) 676-5506. We want to help you.

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Fraudulent Misrepresentation

If you operate a company or a business you understand that most transactions and agreements are sealed with a contract, even if it’s just a handshake. We always recommend you have a written agreement. At its core, contract law regulates the transfer of rights from one party to another, holding each party accountable to the agreed-upon terms. It’s of utmost importance in any contract that both parties are on the same page and acting in good faith. But if one party makes a false or misleading statement in order to induce another party into a contract, causing some kind of harm, the aggrieved party may sue for fraudulent misrepresentation.

The following information covers the basics of fraudulent misrepresentation (which differs from breach of contract), including the elements required for liability and remedies.

What is Fraudulent Misrepresentation?

A contract is not considered valid unless all parties are in agreement to the terms. If the expressed terms are not accurate, then any agreement is based on a false premise and the contract is invalid. Knowingly making false statements — whether in writing, verbally, through a simple gesture, or even silence — constitutes false misrepresentation if it has a material effect on the deal.

For example, a drug company working out an acquisition by another company boasts of several “promising” drugs in clinical trials but fails to mention that they likely will not make it to market based on disappointing results. Since the acquiring company assumed these drugs would add value to the deal, it suffered damages by overpaying.

Even if the representation was made without knowledge of whether it was true, it can give rise to a fraudulent misrepresentation claim if it was made in a reckless way. In such instances, the party making the representation is acting recklessly solely to induce the other party into the contract. Using the example above, let’s say the drug company boldly claims it is the only one developing a particular class of pharmaceuticals even though it isn’t positive about this claim. If, in fact, other companies are working on this particular type of drug, the reckless misrepresentation would have a material impact on the deal.

Other types include negligent misrepresentation, in which one party failed to adequately ensure the accuracy of the representation, and innocent representation, which is neither fraudulent nor negligent. Keep in mind that a misrepresentation that does not have a material effect on the contract does not give rise to a legal action.

Elements of Fraudulent Misrepresentation You Have to Prove in Court

In order to prevail in a lawsuit for fraudulent misrepresentation, the plaintiff must be able to prove the following six elements:

1. A representation was made (in contract law, a representation is any action or conduct that can be turned into a statement of fact).
2. The representation was false.
3. The representation, when made, was either known to be false or made recklessly without knowledge of its truth.
4. The representation was made with the intention that the other party rely on it.
5. The other party did, in fact, rely on the representation.
6. The other party suffered damages as a result of relying on the representation.

What are the Remedies for Fraudulent Misrepresentation?

Depending on the nature of the case, remedies for fraudulent misrepresentation can include rescission of the contract and damages. Rescission of the contract is the most common remedy, since fraudulent misrepresentation renders it voidable (as opposed to simply “void”). Therefore, the parties may choose not to rescind the contract — which restores the parties to their pre-contractual positions — if this is not possible. With respect to damages, only actual losses stemming from the misrepresentation may be claimed.

In Utah, loss suffered in reliance on a fraudulent misrepresentation, even if there is not any purchase or sale between the plaintiff and defendant. This situation is presented in a variety of cases: e.g., where the plaintiff is fraudulently induced to extend money or credit, or where the plaintiff is fraudulently induced to purchase or use an article which is inappropriate for the intended use. See Restatement (Second) of Torts § 549, and comments thereto.

 

Free Initial Consultation with a Fraudulent Misrepresentation Lawyer

If someone has committed fraud against you and you need help, call Ascent Law for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506

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