I work with small business owners every day. Aside from guiding them on asset protection, tax planning, employee and hiring issues, and the like, I often suggest my clients take the time to ask themselves the following questions on a regular basis. It is simply good business practice. So, if you are a small business …
Many of my clients come to see me to prepare a Membership Interest Purchase Agreement and ancillary documents when buying an LLC with its principal asset being a motor yacht or sailing vessel. While I previously discussed the applicability of an exemption from California Use Tax in regard to the purchase of an LLC, this …
Generally, a purchase of a vehicle, yacht or aircraft, whether purchased in California, or brought into California for use in California, is subject to a use tax of 7.75% in San Diego, or up to 10.25% in some cities in Los Angeles County. When registering a vehicle or vessel with the California Department of Motor …
Today I am writing about one of the most misunderstood areas of law, the Uniform Commercial Code, aka the UCC, a set of rules governing commercial transactions, and filing of liens under the UCC (the UCC-1). A UCC filing is a notice lenders file when a business owner takes a loan against an asset. As …
Recently, a number of businesses have been the recipients of demand letters and/or lawsuits alleging their websites are not accessible to persons with visual disabilities. Typically, most of the demands seek a settlement of $5,500, which includes the minimum statutory penalty of $4,000 plus attorneys fees of $1,500. These claims are made for violations of …
Web Accessibility Cases & California’s Unruh Act Read More »
The vast majority of yacht brokers and salespersons in California use the standardized California Yacht Brokers Association Purchase Agreement. Paragraph 11 of that Agreement states as follows: Except as stated in paragraph 9, the Vessel is sold “AS IS,” “WHERE IS,” and “WITH ALL FAULTS,” neither seller, broker, nor any cooperating broker, nor any of …
“As Is”, “Where Is”, and “With All Faults” – What Does That Mean? Read More »
“PRESS RELEASE TEMPORARY IMPORT PERMIT Mexico City, November 17th 2020 To the Boating Community The Banjercito office in Ensenada recently announced that it will no longer accept the Bill of Sale as proof of ownership of the vessel in absence of the USCG Documentation or Registration. Banjercito will only accept an invoice which includes the …
Beware – Ensenada No Longer Accepts Bill of Sale for Proof of Ownership Read More »
Your business assets are owned by, or your beautiful new boat is owned by, an LLC, but who gets the LLC when you die? The way you determine who inherits your membership interest in an LLC when you die (rather than the state making the determination) is by adopting one of the following methods while …
Who Will Inherit Your Membership Interest in Your LLC When You Die? Read More »
In a longshore case, an attorney can collect a fee only if successful in prosecuting the case for the claimant. 33 U.S.C. § 928. In the overwhelming majority of successful cases fees and costs are paid by either the employer or the employer’s insurance carrier. Under the LHWCA, an attorney may not collect a retainer …
For some of us, we haven’t saved enough to buy our dream boat with cash. Thus, when we are ready to go boat shopping, we start looking for a boat loan. Of course, any lender will want security on its loan. There are two methods available to lenders to secure boat loans. The size of …