Small Business Legal Issues


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Privides a comprehensive look at small business legal issues.

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Small Business Legal Issues

  1. 1. Small Business Legal Issues
  2. 2. Author/Lecturer <ul><li>DAVID L. OSBURN </li></ul><ul><li>David is the founder and managing member of David L. Osburn & Associates LLC, a Las Vegas-based business training and contract CFO firm that provides seminar/keynote speeches for various groups including CPAs, bankers, attorneys, credit union employees, credit managers, trade groups, and businessowners. He also serves as a contract CFO for a large multi-state construction company, co-manages a bank educational program with the University of Nevada Las Vegas, and is a board member of North Star Business Services, a commercial lending company (commercial real estate and equipment financing). </li></ul><ul><li>His extensive professional background encompasses over 25 years in banking, finance, and marketing. His bank commercial lending credentials include comprehensive loan underwriting, management, customer development, and loan workout experience. </li></ul><ul><li>In addition, David is an Adjunct Professor for Regis University, an accredited MBA program and the College of Southern Nevada, a community college. He has taught college courses for over 24 years, covering Finance, Accounting, Economics, Marketing, Banking, Business Law, and Management. </li></ul><ul><li>He earned an MBA in Finance/Marketing from Utah State University and a BS in Finance from Brigham Young University. He is also a graduate of the University of Oklahoma National Commercial Lending School. </li></ul><ul><li>David L. Osburn & Associates, LLC </li></ul><ul><li>A Business Training & Contract CFO Firm </li></ul><ul><li>David L. Osburn, MBA </li></ul><ul><li>Managing Member </li></ul><ul><li>7521 Enchanted Hills Ct. </li></ul><ul><li>Las Vegas, Nevada 89129 </li></ul><ul><li>Direct: (702) 655-1187 </li></ul><ul><li>Fax: (702) 382-2298 </li></ul><ul><li>E-Mail: [email_address] </li></ul><ul><li>Web: </li></ul>
  3. 3. <ul><li>CREDIT ISSUES IN SMALL BUSINESS </li></ul><ul><li>1) Providing Credit to Small Businesses in Today’s Economy: </li></ul><ul><li>Tuesday, 8/4/09, 9am </li></ul><ul><li>2) Dealing with the Small Business Owner/Guarantor in Today’s </li></ul><ul><li>Economy: Tuesday, 8/18/09, 9am </li></ul><ul><li>3) Small Business Risk Factors in Today’s Market: Tuesday, </li></ul><ul><li>9/1/09, 9am </li></ul><ul><li> 4) Target Marketing to Small Businesses: Tuesday, 9/15/09, 9am </li></ul>
  4. 4. <ul><li>Introduction to Small Business Legal Issues </li></ul><ul><li>I. What is Law ? </li></ul><ul><li>That which is laid down, ordained or established. A rule or method according to which phenomena or actions coexist or follow one another. </li></ul><ul><li>Black’s Law Dictionary </li></ul><ul><li>A binding custom or practice of a community. </li></ul><ul><li>Webster’s Third New International Dictionary </li></ul><ul><li>II. What is Ethics ? </li></ul><ul><li>Ethics: A field of philosophy that examines motives and actions from the perspective of moral principles. </li></ul><ul><li>III. Law versus Ethics </li></ul><ul><li>Is there a conflict between the two? </li></ul>
  5. 5. <ul><ul><ul><li>IV. Litigation and Alternative Dispute Resolution </li></ul></ul></ul><ul><ul><ul><li>Stages of the Litigation Process </li></ul></ul></ul><ul><ul><ul><li>a) Prelitigation concerns </li></ul></ul></ul><ul><ul><ul><li>b) Pleadings stage </li></ul></ul></ul><ul><ul><ul><li>c) Pretrial activities </li></ul></ul></ul><ul><ul><ul><li>d) Trial procedures </li></ul></ul></ul><ul><ul><ul><li>e) Post-judgment concerns </li></ul></ul></ul><ul><ul><ul><li>f) Appellate process </li></ul></ul></ul>
  6. 6. <ul><li>Alternative Dispute Resolution </li></ul><ul><li>a) Arbitration </li></ul><ul><li>b) Mediation </li></ul>
  7. 7. <ul><ul><ul><li>V. An Introduction to Small Business Entity Structure : </li></ul></ul></ul><ul><ul><ul><li>a) Entity Structure: </li></ul></ul></ul><ul><ul><ul><li> 1) Sole Proprietorship </li></ul></ul></ul><ul><ul><ul><li> 2) Partnership </li></ul></ul></ul><ul><ul><ul><li> 3) Subchapter S Corporation </li></ul></ul></ul><ul><ul><ul><li> 4) LLC </li></ul></ul></ul>
  8. 8. <ul><li>b) Setting Up the LLC: 1) Articles of Organization 2) Operating Agreement 3) Annual List of Members c) Managing An LLC (from an Entity Standpoint): d) The Role of the Resident Agent: </li></ul>
  9. 9. <ul><li>VI. Contracts: The Six (6) Steps </li></ul><ul><li> Components : </li></ul><ul><li> a) Genuine mutual assent (Offer & Acceptance) </li></ul><ul><li> b) Legal contractual capacity </li></ul><ul><li> 1) Minors </li></ul><ul><li> 2) Drunken/drugged individuals </li></ul><ul><li> 3) Insane persons </li></ul><ul><li> c) Consideration (of value) </li></ul><ul><li> d) Must be legal </li></ul><ul><li> e) Must be in writing (sale of land, guarantee other’s debts, more than one year, over $500) </li></ul><ul><li> </li></ul>
  10. 10. <ul><li>VII. Bankruptcy </li></ul><ul><li> a) Chapter 7 </li></ul><ul><li> b) Chapter 9 </li></ul><ul><li> c) Chapter 11 </li></ul><ul><li> d) Chapter 12 </li></ul><ul><li>e) Chapter 13 </li></ul>
  11. 11. VIII. Federal Credit Regulations : Fair Debt Collections Practices Act a) Postcard b) Represented by an attorney c) Time: 8am-9pm d) Place of Employment e) Not communicate with other parties f) Refuses to pay, cease to communicate g) No harassment
  12. 12. <ul><li>Banking Regulations </li></ul><ul><li>a) Reg Z (Truth in Lending) </li></ul><ul><li>b) Reg B (Equal Credit Opportunity Act) </li></ul><ul><li>c) Fair Lending Act </li></ul><ul><li>d) Fair Credit Reporting Act </li></ul>
  13. 13. <ul><li> </li></ul><ul><li>XI. Avoiding Litigation with Small Businesses </li></ul><ul><li> a) Credit Underwriting </li></ul><ul><li> b) Basic Contract Principles </li></ul><ul><li> c) Documentation </li></ul><ul><li> d) Negotiation Skills </li></ul>