Purchasing a defaulted loan is a way of purchasing a business at a large price reduction. If a business is failing and the bank does not want to foreclose, we can work with you to help you purchase the loan. During this process, you would work with the current owners of the business to negotiate the debt. We help you gain the deed at a low cost, which then releases the current owners from their debt. We also work with those seeking to sell their defaulted loans.

A defaulted loan transaction is mutually beneficial for both the seller and purchaser. We help you navigate the transaction to maximize your profit and achieve your unique goals.

How can a business attorney help me?
Your commercial law attorney is someone that serves as a resource for questions and concerns you may have when starting or enhancing your business. Many people turn to a business attorney about how to avoid litigation, enforce contracts, protect their reputation, and more. Without legal guidance, you may find yourself dealing with an issue that could have otherwise been prevented. As our team knows, the steps and actions you take now can benefit the success of your business into the future.

What kind of business can I start?
There are many different types of business that you may choose to start. If you are just now beginning your journey to business ownership, then it’s a really exciting time! The success will depend on the foundation you set forth now, and part of that is choosing a business entity that suits the needs of your venture. There are numerous categories for business entities, such as Corporation, Nonprofit, Partnership, Professional Corporation, Limited Liability Partnership, Joint Venture, and Limited Liability Company (LLC). 

Does my business need registering?
After you have chosen the type of business you want, you have to register it for your jurisdiction. You may register your business based on where you live or where it will be in operation. The first thing to do is decide if the chosen name for your business is available for use, so be sure to look up your prospective name in multiple databases. Once you know the name is available, a commercial law attorney can have you complete the appropriate paperwork for your business entity type, in addition to paying the requisite fee.

When should I start hiring employees?
Before you hire employees, you will need to establish an employee handbook, which outlines rules, rights, and expectations for employees. Having good policies and procedures can help safeguard your business from litigation. Poorly drafted handbooks can make you subject to issues and liability. Our team can offer guidance as you draft or review the employee handbook for your business. We can ensure that you remain in compliance with regulations and continually changing business laws.

How can I protect personal assets?
Business owners are wise to question how they can protect their personal assets while having a business. It’s only understandable that you would be concerned about how to protect yourself if something were to go awry with the business itself. As your commercial law attorney can explain, some tips to protect your assets include separating the business, avoiding taking personal loans for the business, and getting proper insurance coverage. The more tactics that you adopt, the safer your own personal property is going to be. Of course, hopefully your business will never encounter a situation where your assets are in danger, but it’s better to have strategies in place than to look back and wish you had. For more information, contact our team at Hoegen & Associates, P.C. as soon as you can!