kirksanderslaw's blog

There are times when a membership interest in a Limited Liability Company (LLC) needs to be valued. These include: 1) a member wanting to sell interest or transfer interest, 2) death of a member, 3) bankruptcy, among others.

How is the member’s interest valued?

First step is to look at how the LLC’s operating agreement declares the interest be valued. Usually there are provisions for a CPA to give the value, with a party-member having the right to get a second opinion, followed by a 3rd party selection by the two CPA’s making a final determination using the two opinions.

So you have a judgment against someone in North Carolina, now what?

If it's an individual-debtor, this article is for you. If it's a corporation or LLC or business entity, then get a writ of execution from the clerk and pay the sheriff's fee. Congratulations, you might collect some assets soon that can be sold & you don't need to read the remainder of this article.

Back to Individual Debtors. NCGS 1C-1601 et seq. You have to serve Notice of Exemptions on the debtor. They have 20 days to answer.

We represent and have been involved with a number of providers of seed and fertilizer. Agriculture liens are one way to secure goods & services provided. If you have an agricultural legal issue, contact the attorneys at Hendrick Bryant Nerhood Sanders & Otis

Here are excerpts of agricultural liens in NC General Statutes:

Article 12. Liens on Certain Agricultural Products.

If you are faced with an issue where an estate needs to sell real property or you are opposed to an estate selling real property to pay debts of an estate, read more from my companion website link:http://willcaveat.com/estates-selling-property-to-pay-debts/

"First prong of the attack was the actual debt being asserted by a creditor. This claim was accepted by the administrator of the estate."

Individuals who are doing business as a sole proprietorship should file an assumed name in the Register of Deeds of their county.

Here's a link to the form in Forsyth County, North Carolina https://www.co.forsyth.nc.us/ROD/Documents/BUAN.pdf

If you are a partnership, LLC, or corporation, and operating under a different name, you should put the Partnership, LLC or Corporate name as the owner.

For example Billion Dollar Business, LLC doing business as Kirk's Best Coffee Stand

The Federal Trade Commission has updated guidance for compliance with the Federal Credit Reporting Act (FCRA) when doing background checks on a new hire.

Below is some background info and here is the link to the full pdf https://www.ftc.gov/tips-advice/business-center/guidance/background-checks-what-employers-need-know?utm_source=govdelivery

If you are a creditor, whether a bank, seller-financing, or other with a deed of trust on property AND you have a borrower/debtor who is behind on payments, then the time is now to begin the foreclosure on the property securing the note.

At Hendrick Bryant Nerhood Sanders & Otis, LLP, our attorneys have handled numerous foreclosures for clients, including transactions that involve UCC asset sales.

Foreclosures begin with a Notice of Default letter giving the borrower time to cure.

Republican lawmakers are working on House Bill 183 to repeal the controversial Map Act. (see link below to Lawyers Weekly article)

The Map Act saves the NC Department of Transportation money. In return it devastates communities and traps property owners for decades.

Rep. Rayne Brown of Davidson County said “I wanted to run this bill two years ago.”

Sen. Joyce Krawiec of Kernersville, Forsyth County, introduced a bill to repeal the Map Act too.

Article discussing recent lawsuit by 3 Guilford County owners against the NC DOT

Website for www.takingland.com:

http://takingland.com/greensboro-urban-loop-inverse-condemnation/

Many times employers ask whether they need to declare a person an independent contractor or an employee. The IRS has a test to help with that. Employers need to use these kinds of steps to make the right decision.