You can lie about anything, but you shouldn’t lie. Period. What is an Accredited Investor?Under SEC law, a company that offers its own securities must register these investments with the SEC before it can sell them unless it meets an exception. One of those exceptions is selling unregistered investments to accredited investors. As you can see, accredited investors have legal access to invest in products not available to the general public. These securities include the following: • Hedge funds So while the ordinary investor may have experience with investing in securities like stocks, bonds and mutual funds, the SEC sees products like hedge funds as entirely different animals. So investors need to demonstrate they can understand the risks involved with these types of investments. However, one common misconception about accredited investors is that they must go through some formal training and testing process before they can be certified as accredited investors. No agency grants accredited investor status. There is no certification exam you must take or a document that solidifies you as an accredited investor. Instead, the firms selling unregistered products engage in their own screening process to verify an individual’s accredited investor status. Significance of Being an Accredited InvestorSo why is it significant for an individual to be an accredited investor? Qualifying as an accredited investor opens up the opportunity to invest in asset classes such as, real estate syndications, real estate crowdfunding, venture capital and hedge funds.The SEC created the above criteria in an effort to protect new or inexperienced investors from buying into high risk projects. Also, there is less risk of an accredited investor having insufficient fund reserves, in the event of a loss.While the above criteria serves to protect non-accredited, or lower net worth investors from potentially losing big on riskier projects, it also excludes them from access to greater opportunities. The idea is, individuals who qualify as accredited investors have more money they can stand to lose on higher risk projects. However, higher risk can also equal higher reward potential. Accredited vs. Sophisticated InvestorsSophisticated investor requirements, according to the SEC must, “have enough knowledge and experience in business matters to evaluate the risks and merits of an investment.” Sophisticated and accredited investors are often considered interchangeable, however accredited is much more rigid.The SEC ranks an accredited investor higher than a sophisticated investor. Although, the SEC also states that sophisticated persons can lead accredited investors in the case of a trust, bank, non-profit or entity. The term sophisticated is considered more of a grey area than an accredited investor meeting set criteria. Why does accreditation exist?The Securities and Exchange Commission (SEC) created this distinction to refer to individuals who are considered “sophisticated investors.” These types of investor may not necessarily require the same protection that smaller or novice investors may need when investing in a project.It was created as a protective measurement to protect the novice investors from getting into riskier projects, especially because they may not have the fund reserves to handle a loss.In fact, the SEC uses this label to regulate companies against advertising to or soliciting investments from non-accredited investors. So if you’re a non-accredited investor, you actually shouldn’t even know about some of these offerings. In a sense, this does create a secret society of sorts. For accredited investors, deals get passed around that could be riskier, but they also provide greater opportunities. Advantages of being accreditedIn short, the advantage of being an accredited investor is that you have the opportunity to hear about more deals, get access to them, and ultimately invest in those deals. I’ve mentioned several of these in previous posts, but a few of these unique opportunities may include: Who can be an Accredited Investor?So far, we’ve discussed accredited investor requirements for individuals. However, certain entities can claim accredited investor status as well. The SEC defines accredited investors in Section 501 under Regulation D. The following entities who can meet the requirements outlined in this document can claim accredited investor status. How to Become an Accredited InvestorIn order to become an accredited investor, you must meet certain income or net worth requirements laid out by the Securities and Exchange Commission (SEC). You must also demonstrate to investment firms that you can qualify to invest in certain products. This article will define an accredited investor and explain how to become one. It will also explore what an accredited investor can do and why he or she must follow certain rules. But because accredited investors have exclusive access to complex investments, it always helps to work with a financial advisor. • Have earned income exceeding $200,000 ($300,000 if combined with a spouse) during each of the last two calendar years. The individual must also demonstrate credibility he or she will at least maintain these income thresholds during the current year. Accredited Investor ExceptionsAs mentioned above, the net worth requirement to claim accredited investor status excludes primary residence. The only exception to this rule applies if you have an underwater mortgage or a home equity line of credit (HELOC). It’s also important to note that the Dodd-Frank Act introduced the primary residence exclusion. The administration of President Donald Trump has been making efforts to undo Dodd-Frank and other financial regulations. So you may soon enjoy looser terms on becoming an accredited investor. But for now, you still have to meet these requirements. What is a Non-Accredited Investor?A non-accredited investor is any investor who does not meet the income or net worth requirements set out by the Securities and Exchange Commission (SEC). The concept of a non-accredited investor comes from the various SEC acts and regulations that refer to accredited investors. An accredited investor can be a bank or a company but is mainly used to distinguish individuals who are considered financially knowledgeable enough to look after their own investing activities without SEC protection. The current standard for an individual accredited investor is a net worth of more than $1 million excluding the value of their primary residence or an income of more than $200,000 annually (or $300,000 combined income with a spouse). A non-accredited investor, therefore, is anyone making less than $200,000 annually (less than $300,000 including a spouse) that also has a total net worth of less than $1 million when their primary residence is excluded. Non-accredited investors make up the bulk of investors in the world. When people speak of retail investors, they often mean non-accredited investors. Basically, this term covers everyone that holds less than $1 million in assets, aside from the value they may have in their house, and earns under $200,000, i.e., the vast majority of Americans. Even though those numbers are not as far away as when the definition was set, accredited investors are still in the 95th percentile according to 2015 statistics from the U.S. Census Bureau. The SEC does have the ability to change the definition of accredited investor should inflation and other factors result in too much of the general population meeting the standard. Non-Accredited Investors and Private CompaniesNon-accredited investors are limited in their investment choices for their own safety. After the speculation around the 1929 Crash and the resulting depression, the SEC was created to protect regular people from getting into investments they couldn’t afford or understand. The SEC used acts and regulations to set out what a non-accredited investor can invest in and what those investments need to provide in terms of documentation and transparency. Private funds, private companies, and hedge funds can do things with investor money that mutual funds cannot simply because they deal primarily with accredited investors. The SEC assumes that all parties involved know the risks and rewards involved, so they have a lighter regulatory touch where these funds are concerned.That said, these funds must pay close attention to their compliance and make sure their investor counts stay within the rules because they can lose their regulation status. For some types of private investment, they are only allowed non-accredited investors when they are employees or fit a specific exemption. Other funds and companies can have unrelated non-accredited investors, but they must keep the number below a certain level. This is the case with Regulation D, which keeps the number of non-accredited investors in a private placement below 35. Repercussions for lying about being an accredited investorThere are serious consequences — but mostly for the company, not for you.
Free Consultation With Accredited Investor LawyerWhen you need securities law help or assistance with the SEC in Utah, please call Ascent Law LLC 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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The post Can I Lie About Being An Accredited Investor? first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/can-i-lie-about-being-an-accredited-investor/
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Taylorsville is a city in Salt Lake County, Utah, United States. It is part of the Salt Lake City, Utah Metropolitan Statistical Area. The population was 58,657 at the 2010 census. Taylorsville was incorporated from the Taylorsville-Bennion CDP and portions of the Kearns CDP on July 1, 1996. The city is located adjacent to interstate 215 and Bangerter Highway. It is centrally located in the middle of the Salt Lake Valley. The area called Taylorsville today is made up of two historic communities in the central part of Salt Lake County: Taylorsville and Bennion. These communities incorporated through a vote of the people with over 70 percent approval in September 1995. The city officially became the City of Taylorsville during the centennial anniversary of Utah’s statehood in 1996. The land on which Taylorsville is located is part of an interconnected alluvial plain that was formed by the wearing down of the Wasatch and Oquirrh Mountains to the east and west. Beneath the surface Taylorsville sits on more than a kilometer of unconsolidated rock, sand, and clay. The inactive Taylorsville Fault has been traced down the center of the Salt Lake Valley. Lake Bonneville shaped the topography of the area and deposited lake bottom clay and sand. As Lake Bonneville dried up over the past 14,000 years, the salt from the breakdown of rock remains, making the soil alkaline. Like most desert soils, it has little organic material and is hard to work. A broad, east–west running ridge called “Bennion Hill” rises perhaps a hundred and fifty feet above the surrounding area. Bennion Hill is the eastern end of a wide ridge which rises toward Farnsworth Peak in the Oquirrh Mountains to the west. The first (unnamed) people in the region appeared during or after the last ice age on the shores of what remained of Lake Bonneville. Less than five miles (8 km) from Taylorsville evidence of people killing and eating a mammoth have been found. Some of this region’s first named visitors were Fremont people who used the area to hunt and gather food along the Jordan River more than a thousand years ago. A large Fremont settlement on City Creek used the land where Taylorsville is located as hunting and foraging especially along the river. In more recent times Ute bands passed through the valley between the marshes of the Great Salt Lake and Utah Valley. Most of the area was dry sagebrush-covered land without any natural water sources except the Jordan River. A well-used Ute trail wound along the west side of the river at approximately 1300 West which the Ute used in spring and fall. Early settlers observed small encampments of Ute in the cottonwoods along the Jordan River. At least one local settler called these people the “Yo-No'”. Whether the name is his own creation or an approximation of something they said is unknown. Best Places to Live in Taylorsville, UtahCapital-city complex – North-central Utah. September, June and May are the most pleasant months in Taylorsville, while January and December are the least comfortable months. Economy In Taylorsville UtahThe unemployment rate in Taylorsville is 3.0% (U.S. avg. is 3.9%). Recent job growth is Positive. Taylorsville jobs have increased by 1.5%. Cost Of LivingCompared to the rest of the country, Taylorsville’s cost of living is 9.4% higher than the U.S. average. More Cost of Living or Compare Taylorsville’s Weather & ClimateSeptember, June and May are the most pleasant months in Taylorsville, while January and December are the least comfortable months. Litigation Lawyers in TaylorsvilleThe constitution of Utah calls for the establishment of courts in Taylorsville, Utah to assist residents of Taylorsville resolve legal disagreements as rapidly, fairly, and efficiently as possible. It’s very likely that you will have to interact with the court system in Taylorsville, Utah, in one way or another, at some time. Taylorsville, Utah’s court system deals with civil and criminal cases. Accomplished trial lawyers in Taylorsville, Utah spend a large percentage of their time in the courtroom, to the point that many of them see it as a second office. But, regular people tend to see the local court system a something else completely: an intimidating mess of bureaucracy. However, with a little help, it doesn’t have to be that way. There are a few prevalent situations that represent the vast majority of cases in which an ordinary person has to deal with the local courts: How Can A Taylorsville, Utah Lawyer Help You?If you end up in a situation where it’s likely that you’ll be dealing with Taylorsville, Utah’s courts, it’s almost certain that some highly difficult legal issues are involved. If you think that you might have major interactions with the court system of Taylorsville, Utah anytime soon, you should definitely contact a reliable lawyer who specializes in civil litigation. How to File Bankruptcy in UtahIf your situation is dire, and your income is not even enough to cover the basics, you can ask the court to waive the $335 fee for filing Chapter 7 in Utah. So as to not be surprised if the court denies your application for a fee waiver, first make sure that your household income is less than 150% of the federal poverty guidelines, as that is an absolute requirement to obtain a fee waiver for your Utah bankruptcy. Collect Your Utah Bankruptcy DocumentsThe first step of the process is to collect the documents you will need to complete the forms and go through the process. Everyone filing bankruptcy in Utah has to provide the court with a complete list of all of their creditors with up to date addresses for everyone, so the court can send a notice of your Utah bankruptcy to your them right away. In addition to collecting this information from your bills and collection notices you may already be receiving in the mail, you should get a copy of your credit report. You will also need your most recent federal income tax return and the last 6 months of paycheck stubs to properly calculate your income. Finally, since you’ll have to create a list of your expenses for the court, your bank statements are a good addition to your document collection, as they can aid in tracking down your actual monthly expenses in the months before filing a Chapter 7 bankruptcy in Utah. Take Credit CounselingThe credit counseling course is a requirement everyone filing bankruptcy in Utah has to fulfill before their case can be officially filed with the court. Congress wanted to make sure that folks are aware of all of their options before deciding to seek bankruptcy protection. You don’t have to worry about taking it on the same day that you file your Utah bankruptcy – in fact – you should make sure to plan ahead and take it well before then so as to avoid any last minute complications. Since the certificate of completion you will be issued is valid for 180 days, it’s best to set aside a quiet couple of hours one weekend to get this done. Most people take advantage of the fact that the course can be completed online, from the comfort of their home. Whether you choose an online option, or take the class in person, it is important that you take this course from a company that is specifically approved, by the Office of the United States Trustee, to offer this course to folks filing bankruptcy in Utah. Complete the Bankruptcy FormsThe bankruptcy forms are the documents that are provided to the court when you file your Chapter 7 bankruptcy in Utah. In order to make the process more streamlined and ensure that everyone is fully aware of all disclosure requirements, the forms are the same for everyone filing Chapter 7 in Utah. If you hire a lawyer, they will complete the forms based on the information and documentation you provide to their office. If you don’t have a lawyer you can access all of the forms you need to complete for free online, including this 49-page instruction manual to guide you. Depending on your circumstances, Upsolve may also be able to help with this step. Regardless of how you do it, when it’s done you should take a deep breath and walk away for a few minutes, then come back to everything and carefully review all questions and your answers. Filing bankruptcy in Utah imposes strict disclosure requirements on everyone, so make sure your information is complete before checking this step off your list. Get Your Filing Fee TogetherEven though this is bankruptcy court and everyone filing bankruptcy in Utah is doing so because they don’t have enough money to meet their obligations each month, filing a Chapter 7 bankruptcy in Utah does incur a court filing fee of $335. If you are not eligible for a full fee waiver (see above) but are having a hard time pooling this much money together all at once, you can ask the court to pay the fee in installments, with your first payment of $100 due at the time you file your paperwork, or within 14 days thereafter. This is especially helpful if the reason that you are unable to collect the full fee beforehand is an ongoing wage garnishment. Once your Utah bankruptcy is filed, the garnishment has to stop, and you will start receiving your full paycheck again. If that is not the case, then be very careful with seeking a payment plan, as a single missed payment can get your case thrown out. In that case, and assuming there is no deadline to file your case (to stop a foreclosure or prevent a wage garnishment from starting), it’s better to take the time – even if it takes the full 4 months the court would give you – to collect the full fee before you head to the courthouse for the purpose of filing bankruptcy in Utah. The bankruptcy forms, once updated with all of your information, has to be filed with the court in paper, as only lawyers are able to file Utah bankruptcy cases electronically. If you do not have access to a printer at home, you can find a local print shop, or maybe ask a trusted friend or family member with a printer if you may use theirs. Since all the documents necessary for a Chapter 7 bankruptcy in Utah can exceed 50 pages, it’s probably best if you come with your own paper if you do that, especially since you are going to want to print out two full copies. It is recommended to print out two copies, one for filing with the court, and one for your own records, so you know exactly what documents you provided to the court when filing Chapter 7 in Utah. Do not print the copy for the court double-sided; the clerk’s office will not accept that. Mail Documents to Your TrusteeAfter your Chapter 7 bankruptcy in Utah is filed with the court, a case trustee will be assigned to handle your case. The trustee’s job is to make sure that all of your assets are properly disclosed, and any non-exempt property is sold for the benefit of your creditors. No later than 14 days after filing Chapter 7 in Utah, you have to provide the trustee with a copy of all paycheck stubs you have received in the 60 days before your case was filed. If you do not have all of the paycheck stubs, make sure you submit this declaration instead, so the trustee knows you are not intentionally ignoring this requirement. Additionally, you have to provide the trustee a complete copy of your federal income tax return for the most recent tax year no less than 7 days before the date set for your 341 meeting. You will find out the name and contact information for your trustee from an official court notice you will receive shortly after filing bankruptcy in Utah. Dealing with Your CarIf you are relying on your car to get to work, bring your kids to school, go grocery shopping, and just kind of live life in the Beehive State, you are probably worried about how filing bankruptcy in Utah will affect your car. If you are still making payments on your car, then you can keep the car but only if you actually pay for it. After all, Chapter 7 bankruptcy in Utah is a way out of a tough situation, not a way to a free car. One of the things you can do is enter into a reaffirmation agreement with the bank, promising to continue to make your loan payments until the balance is paid in full. If your car is worth a lot less than what you still owe on it, then redemption may be the better way to deal with your car. After all, why pay a $10,000 loan with a high interest rate if you can instead pay the bank the $2,500 that the car is actually worth. If that is not an option because the car is worth more than you can realistically raise, and keeping the car will stretch your budget too thin, consider surrendering the vehicle. Remember, filing Chapter 7 in Utah is supposed to give you a fresh start, not put you right back in a budget so tight that you are constantly worried about it. Lawyers In Taylorsville UtahIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, 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
Ascent Law LLC
4.9 stars – based on 67 reviews
The post Top Attorneys In Utah Taylorsville first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/top-attorneys-in-utah-taylorsville/ A good bankruptcy lawyer is a great resource whenever considering filing for Chapter 7. Unfortunately, many low-income Nephi residents who need a fresh start cannot afford the $1,500 that it often costs to hire an attorney. First, you need to know whether you need to file for bankruptcy. You may not need to file bankruptcy. Chapter 7 bankruptcy is a very effective tool for erasing credit card bills and medical debt. But you can only be using it once every 8 years. So it often doesn’t make sense to file unless you know that you’re going to be able to discharge a significant amount of debt, at least $10,000. And you’re confident that all of our property is protected by exemptions. If not, you should diligently explore alternatives to Chapter 7. That said, filers in 96% of Chapter 7 cases get to keep everything they own. And research shows that waiting to file for bankruptcy too long can be very hazardous to people’s finances. If you prefer to get help of an attorney in your bankruptcy case, you can find listings of local bankruptcy lawyers from the National Association of Consumer Bankruptcy Attorneys. A good bankruptcy lawyer should be able to advise you on how to maximize the economic value of your bankruptcy filing. On the other hand, if you simply have too much credit card debt you may be able to do it yourself. And if are very low-income, you may also be able to get help from a legal aid organization in your area. How to File Bankruptcy in Nephi• Collect Your Documents: Before getting started, you need to collect all your financial documents so you understand the current state of your finances. First, you need to obtain a copy of your credit report from Experian, Transunion, or Equifax to learn how much debt you owe. You can obtain your credit report from all three at AnnualCreditReport.com. Some of your debts may not be listed on your credit report, like medical bills, personal loans, or tax debts. Make a list of any missing debts as you will need to list all of them on your bankruptcy forms. • Complete the Bankruptcy Forms: This is the most time-consuming step. The Bankruptcy Forms include 23 separate forms totalling roughly 70 pages. The forms ask you about everything you make, spend, own and owe. If you download and print out the forms online, you will have to enter repetitive data and make lots of math calculations. So if you’re not able to hire a lawyer, you probably want to buy a bankruptcy software program. • Print Your Bankruptcy Forms and Bring them To Court: Once you have prepared your bankruptcy forms, you will need to print them out for the court. You must print them single-sided. The court won’t accept double-sided pages. You will also need to sign the forms once they are printed. Most bankruptcy courts require just 1 copy of the petition, but some courts like the bankruptcy court in Manhattan require 4 copies. So call your local bankruptcy court to find out how many copies you will need to bring. • Attend Your 341 Meeting: Finally, you need to attend your 341 meeting. The location of the 341 Meeting depends on where you filed your bankruptcy case. Usually, the 341 Meeting takes place about a month after filing. The main purpose of the 341 Meeting is to ensure that you are not hiding any expensive assets that should be distributed to creditors. If your papers were done correctly, you should have no trouble answering the questions. Most meetings last only about 5 minutes. Creditors are allowed to attend, although they almost never do. You must bring your government-issued ID and social security card to the meeting. If you don’t bring them, the trustee cannot verify your identity and the meeting cannot go forward. You should also bring a copy of your bankruptcy forms to the meeting, along with your last 60 days of pay stubs, your recent bank statements, and any other documents that your trustee has asked for. In most cases, the trustee “closes” the case at the end of the meeting. In that case, unless something very unusual happens, you get a letter two months later from the Court stating that your debts have been discharged. Free Consultations with Bankruptcy AttorneysIf you’re still feeling unsure about your case and circumstances, it may be worth taking advantage of free consultations many lawyers offer. Filing for bankruptcy in Nephi takes some careful preparation. Hiring a good bankruptcy attorney is the most convenient way to file. Nephi Utah Bankruptcy LawyerWhen you need legal help with bankruptcy in Utah, please call Ascent Law LLC 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
Ascent Law LLC
4.9 stars – based on 67 reviews
Things You Need To Know If You Invest In Hotels via Michael Anderson https://www.ascentlawfirm.com/bankruptcy-attorney-nephi/ Parents with young children in the process of divorce or temporary separation in the state of Utah are required to attend two divorce instruction courses, an orientation course and an education course. Only parents with minor children are required to attend these courses. Divorce Classes in UtahUnmarried parents involved in custody or visitation case may also be required to attend these divorce education courses. The Utah family court does not issue a divorce decree until both parents have completed both courses and until both have provided the court with their certificates of course completion. Below is information to help you meet these Utah divorce course requirements. 30-3-11.3. Mandatory educational course for divorcing parents The Orientation CourseCourse Timeframe Requirement: If you are the divorce petitioner, you are required to attend the Divorce Orientation course no later than 60 days after you file your petition. Your spouse, the respondent, is required to attend the course no later than 30 days after he/she has been served with the petition. If either party to the divorce wants temporary orders of any kind from the Utah family court, the judge will not consider a motion for such orders until after the requesting party completes the courses. Why is the Orientation Course Required?The orientation course is for the purpose of educating parents about issues involved in divorce, alternatives to divorce, and available resources for divorced parents in Utah. Topics discussed in the orientation course include: The Education CourseThe education course is for the purpose of helping parents going through divorce to better understand what children go through during divorce and their reactions to their circumstances in a divorce, so that parents can better help their children in adjusting to the major changes. Through the courses, parents come to learn the differences between reactions of children a different ages, how they can be expected to express their sense of loss and pain. And, parents are provided with professional recommendations for methods to help their children cope, during and after the divorce process. Some topics covered in the course include: InterpreterYou are welcome to request an interpreter if you need one. An interpreter will be provided for you at no charge. Online Utah Divorce CoursesYou may take the Utah Divorce Orientation and the Divorce Education courses online. If you have received a court waiver of the fees for the courses, use the instructions for submitting the waiver to the USU Extension. The USU Extension is the only Utah family court approved online course provider for these two courses. Divorce Education for Children (ages 9 – 12)The Divorce Education for Children class is designed to help children between ages 9 to 12 learn about the natural emotional responses they may be experiencing during the divorce process and afterward. This course is provided free of charge. The course is conducted by a mental health professional, and it gives children a chance to work on developing skills for better communicating their feelings during a divorce to their parents. The course goal is to help minimize adverse effects of divorce on children. Children’s courses are provided at Logan, Provo, Ogden, and Salt Lake City. You can register online to take your children to one of the Divorce Education for Children classes nearest to your home. Watching a DVD of CoursesIn some cases the court will allow parties to a divorce to watch a DVD of the two courses instead of attending classes or taking the courses online, if you: If you are permitted to watch a DVD in lieu of taking the courses, you may go to a designated district court courthouse to view the DVD, or you can have the DVD mailed to your location so that you can watch it on your own. Topics covered in parent education classes include: Co Parenting Classes for DivorceGoing through a divorce is tough on both parents and their children. And it can be hard to maintain a positive attitude for the benefit of your kids. But you can help minimize the trauma and ease the transition by taking a co-parenting course. These parenting classes for divorce focus on helping parents learn how to end the conflict and successfully co-parent after they separate. Why should I take a parenting class?Many states now require the completion of a parent education program before a divorce or court order concerning custody will be finalized. Court ordered divorce parenting classes are usually focused on ensuring the parents continue to co-parent their children when they are no longer together. They teach essential parenting and communication skills to help keep children out of the middle of the parent’s conflict. The court can also decide to order these classes if the divorce is deemed as high conflict. The parents are taught how to reduce the tension by ensuring they interact less with each other and more with their children after the divorce. When children are the focus of their parent’s attention, they are less likely to feel neglected or blame themselves for their parents’ divorce. In states where co-parenting classes are not mandatory, couples are still advised to take the class as well. By focusing on how to deal with issues that affect both parents as well as the children, the whole family can avoid a lot of the trauma of divorce. The parents are also taught how to recognize any patterns of trauma in the children. They may start to act out as a result of anger and frustration, get depressed or even withdrawn socially. Parenting classes can help parents recognize this type of behavior and help their child understand their feeling and learn appropriate ways to deal with the changes. Where are parenting classes for divorce held?In cases of court ordered classes, there are specific providers to administer the classes and the court may require a certificate of completion before finalizing a divorce. The court will usually provide a list of available classes in the area. You can also ask your lawyer for such a list. Even if you aren’t required to take a parenting class, you can still ask the court for a list of providers. There are also classes offered by community-based providers such as community colleges, the United Way, and various churches. And some counseling centers often offer co-parenting course to the general public. You can start your search for these services by using the internet or calling directly. Can I take an online parenting class?Taking an online parenting class is often more convenient and offers a lot more privacy than locally hosted classes. Online classes cover the same material as many local classes without the inconvenience of having to take time off work or having to find a baby sitter. You can learn at your own pace or review a section before moving on to the next one. If a co-parenting class isn’t required for your divorce, it will probably be a lot easier to take the class online. For court ordered parenting classes for divorce, you will need to make sure the court will recognize the online course before you take it. Each state, county, and judge may have different requirements. Therefore, you want to get prior approval from the court before you enroll in an online course to make sure they will accept the certificate of completion. If the court won’t approve the course, you’ll need to attend a local parenting class approved by the court. One really good online program to check out is The Center for Divorce Education. They offer the Children in Between Program which was created by distinguished psychologist Dr. Donald Gordon. It is an interactive, skills-based approach to helping reduce the stress of divorce on both parents and children. Take the first step to improving your parenting and co-parenting skills while protecting and enhancing your child’s emotional health. How Long are Court-Ordered Parenting Classes?According to this research, judges or attorneys teach court-ordered parenting classes for many reasons, depending on what the court deems fit. Some classes are a necessity, others a requirement, and some are highly recommended. Most classes are about child custody and visitation, but they also can be about divorce and separation or feared domestic conflicts and neglect. These classes have a huge impact on solving most parenting issues and creating a more peaceful environment for children to thrive. It is important to ask questions during class sessions to do well and gain the most benefit from them. Court-ordered parenting classes also have flexible schedules to fit parents’ needs and certificates upon completion. How Long do Parenting Classes Last?The problem with court-ordered parenting classes is that the parents rush through and only worry about completing them in order to please the courts. However, parenting classes, as spelled out in this study, are not about the number or length of class sessions but mainly about learning the practicality of what is taught. Depending on the reason for taking a class, a class can take up to two months to complete, with one- to two-hour sessions per day. The completion time can be shortened if the duration of each class session is increased to four to six hours a day. There is also a difference in duration between physical classes and online classes. Online options are often more convenient and private; hence, many people prefer them. They are a lot shorter since parents can choose to study full-time and so complete a class in less than a month. Daily sessions range from two hours to as long as eight hours. The longer the session is, the shorter the completion time will be. Parents can choose from a variety of options and find what works for them. Parenting Classes SchedulesThe most common parenting schedules are as follows: Utah Code 30-3-11.3When you need legal help with a divorce case in Utah call Ascent Law LLC at (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
Ascent Law LLC
4.9 stars – based on 67 reviews
Defamation Vs. Commercial Disparagement via Michael Anderson https://www.ascentlawfirm.com/utah-divorce-code-30-3-11-3/ If you’re facing a foreclosure, you’ll need to decide not only if you want to fight the foreclosure, but also if it’s worth paying an attorney to help you. Sometimes, hiring a lawyer is essential. For instance, if you have a valid defense to the foreclosure and want to keep your home, you’ll likely need a lawyer’s assistance. But in some situations, you probably don’t need to hire one. Say your goal is just to stay in the home (payment free) through the foreclosure process. In this scenario, it probably makes sense to go at it alone. What If I Can’t Afford to Hire a Foreclosure Lawyer?If you’re facing a foreclosure, but don’t have money available to hire a lawyer to work with you throughout the process, you might want to consider: You Have a Defense and Want to Keep Your HomeIf you think you have a defense to the foreclosure, and you want to keep your home, you’ll likely need a skilled attorney to help. Some defenses that probably require the aid of an attorney include the following: You’re in the MilitaryActive military service members have special protections against foreclosure, as well as certain rights, under the Service members Civil Relief Act (SCRA). The SCRA is extensive and complex. If you’re a military service member, an attorney can inform you about all of your rights under the SCRA and help ensure that the servicer complies with this law. Will a Foreclosure Lawyer Charge?Most foreclosure attorneys structure their fee agreements by charging an hourly rate, collecting a flat fee or charging a monthly rate. The amount you’ll pay in total could range from several hundred dollars to several thousand dollars. Exactly how much you’ll have to pay varies based on a number of factors, including the attorney’s level of experience and how much other attorneys in the area charge. Deal With the Foreclosure without a LawyerIf you don’t want to fight the foreclosure, you can probably deal with it on your own. You should educate yourself about what steps are involved, how long a foreclosure typically takes in your state, and exactly when you’ll have to move out of your home. You can apply for a mortgage modification during foreclosure without an attorney. You probably don’t need an attorney to help you apply for a mortgage modification. A modification is a permanent change to the loan terms, such as an interest rate reduction, to make the monthly payments more affordable. To get the ball rolling, call your loan servicer and let it know you would like to apply for a modification. The servicer will tell you exactly what you need to do to submit an application. If you need help with the application, you can make an appointment to talk to a free HUD-approved housing counselor. Why you might want to apply for a modificationIf you apply for a modification, you might be able to work out an agreement that will allow you to keep the home. Even if you can’t work out a deal, applying for a modification will you buy you some time to stay in the home before the lender completes the foreclosure. Generally, under federal law (and some state laws), a foreclosure must stop while the servicer evaluates your application. When you should consider hiring an attorneyYou should seriously consider hiring a foreclosure attorney if you think you have a valid defense to the foreclosure, like the servicer didn’t follow the law or made a serious error with your account. In most cases, you’ll have to raise the defense in court, either by filing your own lawsuit (if the foreclosure is non judicial) or responding to the lender’s lawsuit (if the foreclosure is judicial), which can be complicated. This means that it is usually better to hire an attorney than to go it alone if you want to successfully save your home. You might want to schedule at least one consultation with a lawyer even if you can’t afford to hire an attorney to represent you through the entire process. A lawyer can tell you exactly how foreclosure works in your state and how much time the process will likely take. The consultation Help You Get a Loan ModificationA loan modification adjusts the terms of your loan such that you can afford the payments. While modifying a loan is free, few homeowners can convince the bank to approve a modified loan without help from an attorney. The bank must review several key pieces of information about your income before making their decision. An experienced attorney can provide and present this information in the best light to help you get approved for a new loan you can afford. Raise Defenses in CourtIf the bank made mistakes in foreclosing your home, an attorney can identify them and fire back. For example, the lender may have breached your loan contract or violated state foreclosure laws, or the foreclosing party may not be the rightful owner of the mortgage debt. You may unknowingly be the victim of unfair lending practices or an unlawful mortgage assignment. There are dozens of strategies and tactics an experienced attorney can use to postpone foreclosure. And if the court accepts your attorney’s argument, you may receive the option of a settlement or even have your lawsuit dismissed entirely. Help You File for Chapter 13 BankruptcyIf all else fails, an attorney can help you file for Chapter 13 bankruptcy. If approved, you will have three to five years to get up to date on your payments and will be able to keep your home. Your home is an important not only for its financial value, but for the memories it holds. You don’t have to fight for it alone. Foreclosure Law Firm/Lawyers Serving Lehi, UtahAscent Law LLC Foreclosure Attorney Lehi UtahWhen you need legal help with a foreclosure in Lehi Utah, please call Ascent Law LLC 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
Ascent Law LLC
4.9 stars – based on 67 reviews
Maintaining Franchise Agreements For Hotels Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/foreclosure-lawyer-lehi-utah/ While there are so many ways in which you can invest your cash and get good returns, very few people have given the idea of investing in hotels for business a thought. Most of you have heard of real estate, but the first thing that comes to your mind when you come across that name is homes or apartments. Those that have already invested in high-end hotels are making good returns and enjoying their easy money. There will always be people coming to relax during holidays, have fun, and spend their vacation the best way they can. However, it all involves planning. You cannot just wake up one day and decide that you are going to invest all your savings in real estate, a hotel to be precise. There are some critical aspects to note which include: Think of funds and asset managementAre you good enough to manage your funds and assets? Do you have what it takes to increase the value of your investment while minimizing the expenses? This task is best if handled by professionals, and that is where real estate fund and asset management experts come in to advise you. The experts know what needs to be done to add value to your investment by incorporating property-level strategies, managing expenses, and even leasing your properties. Understanding the economy and your competitorsHotel and leisure investment is highly dependent on tourist trade. You need to consider how well the economy is doing, as this will give you an insight into what to expect. Understand the market and how it will affect vacation rentals, which are your biggest competition. Consider the local demandYou need to have an insight into the local demand and demographics that would require the services of the hotel. If you intend to invest in a luxury hotel, you must ensure that it is located in an area that will attract people of that exact class. Ensure that it is surrounded by full-service amenities where visitors will feel comfortable staying. The worst mistake you can make when starting a business is going in undecided. You are about to make a significant financial decision, and you cannot afford to make any mistake whatsoever. You need to be sure that real estate is what you are cut out for rather than going, only to end up in regrets. If you are undecided, get the help of a life coach and let the experts advise you on the way forward. A professional life coach can help you overcome your fears and embark on your journey towards reaching your goals. Hotel investment is the best choice, especially for retirees and all-busy individuals in need of regular cash flow but have no time to manage their property. You should, however, ensure that you are well prepared for it and be sure that it is the right thing for you. Do not rush into making a decision without considering how it will impact your finances. In the current times, there are many ways to invest your cash, but not many people have heard of investing in hotels. What you should know is that some investors are serious about investing and are now making good returns investing in impression modern ultra-high end hotels. If you have been looking for an excellent investment vehicle to put your hard earned money into, then you should look into hotels. Conventionally, the only investments that people thought about were stocks, bonds, and real estate, but now you can put your money into hotels and get good returns. For those looking for the best way to have their money work for them, then maybe it is time you try hotels. However, before looking for a hotel to invest in, you need to consider these points. Capital/ Initial InvestmentWhen making investments, the amount of capital you have to invest in is crucial. Making sure you have the required amount of money to deposit as your initial investment capital in a hotel is not only essential but necessary. However, you should also know that investing in a hotel is not complicated or too demanding to require a huge amount of money as your initial investment. You can approach the various hotels that are looking for investors and inquire about the minimum investment capital needed. Annual ReturnsThe main aim of investing your cash on anything is to get good returns. Therefore, you need to know the average returns that you should expect to get from your initial investment. What makes investing in hotels more attractive is that you can get annual returns that exceed five percent. Therefore, instead of your money lying in the bank, you should invest it in hotels. Conventionally, people used to think that they have to invest in a hotel that is in their country, but this is not the case. Now you can efficiently invest in a hotel that is located in other booming cities in the world. Hotel Room Investment – Regular Rental IncomeA hotel room investment can give you a regular passive income together with an exit strategy that can deliver a lump sum profit when you decide to sell up. As an investor you can enjoy the regular, passive rental income along with the lump-sum profit on exit without having to do any work at all – these are truly hands-free investments! As the investor, all you need to do is write the cheque and then sit back and collect your assured returns as everything is fully-managed on your behalf. Returns Compared With Other InvestmentsIn terms of high annual yield, a hotel room can give you great returns on your savings compared to other assets. In comparison to other types of property investment, when you invest in a hotel it will offer higher returns despite the lower entry requirement. With a regular buy-to-let investment, depending on the area, the NET yields will only be around 7% or less in 2019, and generally the further down south you go the lower the yields due to expensive overheads. This brings us to another advantage of hotel room investment – there are no ongoing or hidden costs – once you have purchased the unit you will not be asked to make any further payments and the assured returns are NET returns which mean that no deductions will be made from this income. Furthermore, when you invest in a hotel, unlike a regular buy-to-let where the property market is a big factor in the profits you can make; a hotel investment doesn’t rely on the trends in the Utah housing market. Similarly the sector doesn’t rely on students coming to the Utah like the student accommodation sector. When you invest in hotels it is classed as a commercial property transaction rather than residential and so this means that there is the added advantage of being exempt from stamp duty tax. Making a hotel room investment is great for you, the investor, and the hotel owners because they offer the hotel investor a high-yielding rental income, whilst at the same time giving the owner of the hotel more finance to run their business. The money that gets invested in the hotel will go towards the refurbishment, repairs, maintenance and other essentials, which will also benefit the guests because the standards will be higher. Your investment returns will come through rental income. This is the money that comes from guests ‘renting’ your room for their holiday. When you invest in a hotel follows the same principles as a buy-to-let in that you buy a room in a development to let to tenants, and you make a percentage back each year from the tenant staying in your hotel room. These specialist investments do not need to be managed by the investor because the property continues to be run by the hotel staff, owners and management company. The repairs and maintenance will also be covered the management team. Essentially, as the investor, you will not be responsible for dealing with guests, making repairs, collecting ‘rent’, or advertising for guests – so it requires none of your valuable time. This hassle-free source of income is the perfect opportunity to get the most out of your money instead of having it sitting in a bank where interest rates are low. Length and Exit StrategyHotel room investments are also fairly long-term. In 2019 the best of these investments will offer a 5 year rental assurance at around 10% NET. However the term can last for 10 years or longer as the investor legally owns the room (purchases will come with a title deed), which mean the investor can continue to receive a rental income of around 10% or more of the purchase price until they decide to sell it on. The very best opportunities will also offer an exit strategy, generally in the form of an assured buy-back option of 110% or more after 5 years. This provides a built-in exit strategy for you with assured appreciation should an investor want to sell to free up cash. What Competition Exists In Hotel Property InvestmentsFor buy-to-lets, the competition will affect the rental yields over time, but hotel rates generally stay steady and are more affected by predictable seasonal changes rather than the whims of the property market. However there are hotels that market heavily to the local area as well as tourists and these hotels that are busy all-year round are the ones you really want to be investing in! On the other hand, if there is no competition you may need to ask yourself if there is really a demand for the type of hotel room investment you are thinking of getting involved in and whether you will get your returns. The track record of hotel management – Although the location and appearance of the hotel is important, the experience of the guests should be just as important to any investor. If the guests that stay at the hotel aren’t satisfied with their stay, will not return and are likely to leave bad reviews meaning future guests will be put off from staying at the hotel. Utah Hotel LawyerWhen you need legal help with a hotel or motel in Utah, please call Ascent Law LLC 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
Ascent Law LLC
4.9 stars – based on 67 reviews
Child Custody And Social Media Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/things-you-need-to-know-if-you-invest-in-hotels/ Adoption Types • Step-Parent: The number of step-parent adoptions has increased in recent years. While some different rules apply, when a step-parent is ready to accept that special role in a child’s life, we help ensure that biological parents’ rights are properly terminated and the correct orders protect that new parent-child relationship. Because of our reputation, we are asked more frequently to assist in adoptions facilitated by state agencies. All good foster parents give a special gift to society by sharing their home and hearts so that children can be placed in their care. When they choose to make a selfless commitment to give a child the chance at a real, permanent home and family, we are here to guide them all the way to the final decree. Utah adoption processAdoption establishes a parent-child relationship between individuals who are not naturally related. In many cases, the process requires a natural parent to relinquish his or her right to the child being adopted, which is why legal adoption requires a court proceeding and adherence to strict procedures. Adoption attorneys ensure that several parties receive notification of your intent to adopt, including the child’s natural parents, any current guardian or custodian and any other person standing in loco parentis — serving a role similar to a parent in place of a parent. In many cases, including the adoption of a minor stepchild, the noncustodial parent must consent to the adoption. If the noncustodial parent refuses to consent, a trial may be necessary. If a trial occurs, adoption attorney must establish grounds for the termination of the noncustodial parent’s rights. Many law schools require that applicants possess a bachelor’s degree. Although no specific undergraduate field of study is required to attend law school, courses in economics, English, public speaking, government, and history can be helpful preparation. Aspiring adoption attorneys may consider completing coursework in child and family studies in order to gain insight into family dynamics and child development. Prepare for the LSAT. The scores on this exam can be a major factor in a student’s admission to a particular school. It’s possible to take sample tests and buy prep books in order to study on one’s own. There are also a variety of companies that offer multi-week prep sessions designed to familiarize examinees with the test’s format.
Adoption attorneys who have worked in family law for three years and served as counsel on at least 25 adoptions can apply for provisional membership in the American Academy of Adoption Attorneys. After five years practicing law and working on at least 50 adoptions, attorneys become eligible for full membership as Fellows of the American Academy of Adoption Attorneys. They are then listed in the AAAA’s Academy Directory, where prospective clients can search for adoption attorneys among the association’s membership, allowing adoption attorneys with this distinction to increase their client base. What are adoption attorneys’ fees?Attorney adoption fees vary by state, experience, and time frame. It all really depends on which adoption attorney you choose. It can range from a few hundred dollars to a few thousand. There isn’t one set rate, so it is important to consider multiple adoption attorneys before you settle on one. Remember that you don’t have to work with the first adoption attorney you come across. Explore your options so that you can be confident and comfortable in your final decision. How do you find an adoption attorney?There are many methods available for finding an adoption attorney that is best for your specific situation. If you know of anyone who has been in a similar situation, ask him or her for referrals and contact information for the adoption attorney he or she used. You can also contact local adoption agencies. They should have a list of adoption attorneys they’ve worked with before. Consider joining and actively participating in a support group. This is another great way to receive contact information or adoption attorney referrals. And one of the easiest ways to receive contact information is through our professional directory. Your search can be state-specific and professional type-specific. Whether you want to become a parent through adoption or assisted reproductive technology (ART), or you are a birth parent considering placing your child for adoption, or you want to donate sperm, eggs, or embryos, or you want to become a surrogate, the legal process is complex and evolving. You need an advocate and a guide. Consulting with an attorney who is experienced in adoption, surrogacy, egg donation, and other ART matters is essential. The Academy of Adoption and Assisted Reproduction Attorneys (AAAA) provides a credentialed presence in the law of family formation and is the largest professional organization of its type. AAAA and its attorneys are dedicated to the competent and ethical practice of adoption and ART law, advocating for laws and policies to protect the best interests of children, the legal status of families formed through adoption and ART, and the rights of all interested parties including birth parents, adoptive parents, surrogates, donors, and intended parents. AAAA includes 470 attorneys, law professors, and judges who are recognized as Fellows and have extensive experience in the practice of adoption law, ART law, or both. Located around the world – including the United States, Canada, Australia, Argentina, Israel, and the United Kingdom – Fellows of AAAA are considered legal thought leaders and are a highly-vetted, experienced group. Fellows regularly participate in continuing legal education to make sure they are up-to-date on current laws, medical advances, and best practices. They have rapid access to legal resources in other states and countries and to each other for ideas and strategies. Fellows can be trusted to apply all of this to their clients during their family building journey. Attorneys understand how important the adoption process is to those who have been waiting so long to become a family. Therefore, they also understand how frustrating it can be when it seems like there are so many parts of the adoption process that are out of your hands, like your wait time, legal scheduling, birth parent relationships and more. Accepting this lack of control early on will make the adoption process easier on all involved and allow your adoption attorney to focus on what they can do to move the process along. As much planning and preparation you do as prospective adoptive parents, there is always a risk involved when you’re working with prospective birth parents in such an emotionally-charged process. Many times, potential birth parents are dealing with other unstable aspects in their lives, and adding adoption into the mix can make everything more complicated. When you recognize the instability that many expectant parents are facing, you can better understand why some things in the adoption process go the way they do. Adoption is obviously a complicated process with many steps, and it can take time to complete your adoption. Expect a wait time when it comes to finding an adoption opportunity, receiving ICPC clearance, meeting minimum residency requirements for the child before an adoption finalization, etc. Patience can be hard but can also be the most helpful thing for a positive adoption experience. Your adoption agency and adoption attorney are there to help you through all possible complications of your adoption journey, but they can’t do that properly without all of the information they need. Make sure your agency and attorney are aware of any life changes, like a change of address or family composition, as soon as possible. Tell your agency or attorney if the birth parents tell you something that you think could even have a chance of being important. Always tell your agency or attorney everything, even your dark or embarrassing secrets. The more they know the more secure and stable they can try to make your adoption plan. Your attorney doesn’t like surprises. Unfortunately, no adoption can be completely free of legal risk. Birth parent situations and adoption laws can be complicated, so your attorney can not assure you that a certain adoption opportunity is 100 percent legally safe. Your adoption professionals will do everything they can to reduce this legal risk to be as miniscule as possible. Your adoption finalization requires certain steps to be met. If you’re not updating those requirements as needed, you could delay your adoption’s finalization. This is one of the most important steps to making sure an adoption is completed as quickly as possible. For adoptive families, it can be frustrating to have a baby placed with them but be unable to return home to their normal life. Attorneys and adoption agencies understand how frustrating this can be, and they do all they can to expedite this process. Trust that your attorney is doing everything they can to complete the ICPC process as quickly as possible. If you need a birth certificate quickly for things like a passport, please let your attorney know as soon as possible. Otherwise, a birth certificate can take a good deal of time to make its way to you. When you are in a court in front of the judge during your adoption finalization, you and your guests still need to dress appropriately. This means no shorts, no flip-flops, etc. While an adoption finalization can be a quick event that you already know meets all the requirements for approval, it’s still important to dress in an appropriate manner. If you have questions about your appearance during an adoption finalization, talk to your attorney or your adoption professional. Adoption Lawyer In UtahWhen you need an Attorney For Adoption In Utah, Please call Ascent Law LLC 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 Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/utah-adoption-attorney/ A Franchise is the right to use the brand and the business model of a specific parent company for a prescribed period of time. It is a method for expanding a business and distributing products and services through a licensing relationship. A Franchisor is a company that ‘gives’ the license to a third party for the conducting of a business under their trademark. They specify the products and services that should be offered. A Franchisee is a company who ‘uses’ the license of the franchisor to do business under his trade name, according to terms and conditions of the contract. In other words it means that the parent Hotel Franchise Company provides permission for the local owner to use the parent company’s name (brand) and products. A franchise can be owned as a corporation, sole proprietorship, limited liability company or other business structure. In hospitality industry, a Hotel Franchise can be vaguely compared to a chain, since it is a management agreement that provides certain services (brand, reservation system, support, etc.) in return to follow specific regulations and procedures. In other words the hotel brand is shared by other proprietors. Beneficial is that the Franchisees can brand their hotel with a well-known and popular brand, while the franchise contract provides them with a powerful set of tools to drive new business. Franchisees operate business for themselves but not by themselves. The advantages of a Hotel Franchise (for the Franchisees) are: • strong brand portfolio The benefits for the franchisor, on the other hand, is an alternative to building “”chain stores/ hotels”” to distribute their products. It avoids the investments and liability of a chain. The franchisor’s success however depends on the success of the franchisees. Not only hotels but also many chain restaurants (i.e. McDonalds) and retail stores (i.e. 7-Eleven) are owned as franchises. How to Buy a Hotel FranchiseBusiness owners interested in franchising hotels have several options, including starting a new franchise or branding a current hotel as part of a regional, national or international franchise. Buying a hotel franchise means following a series of basic steps, regardless of the corporation offering the franchise. • Review your personal records to determine your financial worth and the amount of available cash you have to invest in a hotel franchise. • Meet with a lender to prequalify for a business franchise loan. You’ll need to bring your financial records, including federal tax documents, bank statements and proof of income, to discuss the type of loans available. Explain that you are interested in buying a hotel franchise and what type of hotel you are interested in. • Make a list of your skills, training and experience. Note how these relate to ownership, management and operations of a hotel franchise. • Brainstorm the type of hotel that interests you and matches your skills and experience. There are numerous hotel types, from high-end luxury to moderately priced to budget. They come in many sizes as well. Some feature hundreds of guests rooms, full-service dining and lounge facilities and thousands of square feet of meeting rooms. Others might have only a couple of dozen guest rooms and a snack machine in the check-in area. Some hotels cater to tourists, while others cater to business travelers. Decide what works best for you. After that, decide where you might want to locate your hotel franchise. For example, if you are interested in a hotel that caters to business travelers, you might want to look at a location near an office park or commercial district. • Conduct research, on the Web and through hotel trade journals, on hotel franchise opportunities. Note the ones that best match your skills, experience and interests. Alternatively, you can contact a commercial real estate agent or broker to review franchised hotels already on the market. • Shop for hotel franchise offerings. If you currently own a hotel and want to affiliate your business with a hotel brand, shop branding-only franchise opportunities using the Internet. • Evaluate the hotel franchise offerings. Contact the hotel’s corporate management about specific franchises for sale, or franchise-branding opportunities. Find the appropriate contact representative on the hotels’ franchise websites to obtain an email address, fax, telephone number and street address to request franchise portfolios. • Request franchise company questionnaires for your franchise selections. These questionnaires typically ask you to submit contact information, your proposed hotel location, and details about your ideal hotel operation. You must also provide a narrative of your goals, details of your development and management experience, and your professional memberships and awards. If you want to convert a current hotel to a brand-name franchise, you must provide specific information about your hotel’s operation and location. • Obtain franchise disclosures from the hotel corporations that interest you. Federal law requires that the new franchisee have a 14-day disclosure examination period before signing a franchise purchase agreement or depositing any money with the corporation. Some states also require separate franchise disclosure documents for franchise opportunities within state boundaries. Franchised hotels currently on the market must also complete any state-mandated real estate disclosure. • Hire a marketing professional with experience in hotel franchising to review the information included as part of the disclosure information. The document lists current franchises and any corporate franchise failures. Ask the professional to also examine the marketing information for accuracy or contract for a new market analysis to ensure the local region has potential for a successful hotel operation. • Meet with the hotel’s corporate representative to draw up a franchise agreement. The agreement should meet your requirements for hotel type and geographic location. Draw up a mutually acceptable agreement for franchise branding, if you currently own a hotel. • Review the franchise agreement and disclosure, or branding agreement, with a legal professional with expertise in hotel franchising operations. • Complete your franchise loan application with the loan broker or bank agent. Submit the franchise agreement and disclosure to the bank for loan approval. Hotel Franchise Agreements: The biggest mistakes a hotel owner can make Focusing on just one brand and letting them know you “have” to have them. Even if the brand is perfect, the best way to get a great brand and a fair deal is to make sure there is competition, compare the results, and make sure each brand knows there is at least one other brand to “meet or beat.” The process isn’t an auction, but it is a controlled, selective competition that brings out the best deals from the brands and gives the owner the best choice. Trying to do it yourself – it’s a false economy. You don’t know what you don’t know. Finding a good brand is intentional, not accidental, and drawing out the best business and legal terms in a franchise takes someone who has been there before. Hotel executives make their living by negotiating hundreds of deals with amateurs. Unless you identify the real issues and realistically approach your project and its needs, your deal will get shopworn and tired before it is positioned. And if you let the franchisor drive the process, you are likely to find yourself with a letter of intent or term sheet before you have identified your needs and shaped the conversation. Starting the process by getting proposals from the brand to save time and money. For all intents and purposes, the letter of intent is the final agreement – unless you identify the points of negotiation, virtually every franchisor will demand that you sign their franchise agreement as-is. Franchise agreements are not like other commercially-negotiated agreements; franchisors demand uniformity and making changes, even changes which make business sense, must be identified early. It is true that letters are generally non-binding, but the only alternative to agreeing to the franchisor’s terms is often to walk away from the agreement, typically forfeiting a substantial (often six figure) application fee! Believing that the franchisor’s interests are aligned with yours because they make an investment in the property. It is gratifying when a franchisor offers to help fund your project. However, their needs are never fully aligned with yours. Franchisors almost never have money at risk; instead, they provide “key money – forgivable loans – or credit enhancements which amortize over the life of the franchise. Franchisors can get their money back if you try to terminate the franchise, or default, or for a variety of other reasons, and their “investment” is often backed by a personal guarantee. Moreover, the relatively small amount of key money comes at a high price, typically a longer duration, more onerous terms, and less flexibility. Finally, an owner must always understand that the interests of brands always diverge from the interests of owners. Owners are concerned about the health, well-being and profitability of their individual property, while the brand is concerned about the value of the brand, regardless of the performance and value of the individual hotels in the chain. Relying on a third party manager to protect your interests. Brands and owners need each other. While tension always exists in the relationship, if they share the same vision, they have a better chance of a successful relationship. On the other hand, when an owner enters into a franchise agreement without understanding its ramifications and without creating a level playing field, the likelihood of success is limited at best. To reach an agreement that is successful for both the brand and the owner, there must be parity in the process. Owners need the same level of legal representation that the franchisor will have. The franchisor’s lawyers will have negotiated hundreds of these agreements. Your lawyer should have this level of practical experience, as well. The franchisor’s lawyers will understand the implications and ramifications of each sentence and phrase in the agreement. So should your lawyer. The franchisor’s lawyers will make sure the franchisor takes as little risk as possible – that’s the lawyers’ job. Your lawyer should do the same job for you. Things To Negotiate In Your Next Franchise Agreement• Franchise and Royalty Fees: While it’s unlikely that franchise fees will be reduced for the entire term of the agreement, a “ramp up” in fees over the initial years of the agreement, particularly for a newly built hotel, can often be achieved. While other chain fees are more difficult to negotiate, it can be possible to get some temporary relief there as well. • Area of Protection or Non-Competition: Hotel owners are properly concerned about the brand opening a competing hotel within their property’s market area. If it’s not offered, a franchisee should ask during the negotiations for a geographic area of protection or non-competition. The length and breadth of the restriction varies, but some protection is usually granted. • Ownership Transfer: Most franchise agreements are still based on a simple ownership model, contemplating a single owner (or investment group) of a single hotel. Our experience is that more complicated owners (including REITs, private equity groups, real estate funds and other institutional investors) are increasingly focused on hotel investments. As a result, the transfer provisions should consider the structure of the owner and flexibility for transfers to certain related parties. In that regard, while a sale of a hotel often precipitates a property improvement plan or PIP, the owners should not trigger a new franchise agreement negotiation, set of franchise application fees and PIP when the transfer is to a related corporate entity or to another family member or trust set up for estate planning purposes. • Independent Management and Changes in Management: The essence of franchise structure is providing the power of a brand with the greater flexibility and responsiveness of an independent operator (i.e. an operator unrelated to the brand). A good independent operator can provide an owner with a valuable buffer to the brand’s demands for operating and capital expenditures, implementation of new and expensive brand standards, property improvement plans, and certain brand programs that may not make sense for a given property. While brands are, understandably, concerned that an operator must have the experience to run the property, the management company should be the owner’s choice, and should have primary loyalty to the owner, not the brand. Thus, it’s important to prevent a franchisor from having veto power over change in management of the hotel. • Liquidated Damages: Liquidated damage provisions in the franchise agreement give the franchisor the ability to collect damages on the early termination of the franchise agreement. They can be a key inhibitor to the owner’s ability to maximize the value of the property on sale, because liquidated damages have ballooned in recent years to as much as five times the average combined franchise fees and reimbursements paid to the franchisor. There are usually ways to both reduce the amount of the damages as well as restrict the potential transactions that might trigger payment. • Capital Investments: Franchise agreements usually give the brands the ability to require substantial additional capital investments by owners to meet new physical brand requirements. There are a number of ways to reduce an owner’s exposure, including restricting time periods and clarifying the types of capital improvements that can be required. This is particularly the case for a newly built property or an acquired property that may have recently undergone renovation. • Personal Guarantees: Most franchisors require guarantees. Owners should seek to eliminate, or at least restrict the scope, of guarantees. As more and more owners are institutional, this requirement is less and less meaningful. • Key Money: For the last several years, many brands have been willing to provide key money as a means of securing franchise agreements. While owners are typically excited about the prospect of getting additional funds, they should remember two things: First, key money is typically only paid after the hotel opens; it doesn’t provide funds for construction. Second, and more importantly, key money is probably the most expensive money an owner will get; in return for key money, brands typically will be even less willing to negotiate important franchise agreement provisions. While there are limited areas that an owner can expect to successfully negotiate with a brand in a franchise agreement, changes in these limited areas can make a big difference in the value of the brand to the owner. Our expertise in understanding how to implement these changes, and what other changes might be appropriate in a particular circumstance, has achieved significant value for our clients. Advantages of buying a franchise• Franchises offer the independence of small business ownership supported by the benefits of a big business network. Hotel Franchise LawyerWhen you need legal help with your hotel franchise in Utah, please call Ascent Law LLC 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
Ascent Law LLC
4.9 stars – based on 67 reviews
via Michael Anderson https://www.ascentlawfirm.com/maintaining-franchise-agreements-for-hotels/ Utah Divorce Code 30-3-7: When Decree Becomes Absolute. What Is A Clean Break Order In Divorce Utah Divorce Code LawyerWhen you need legal help with Utah Divorce Code 30-3-7, please call Ascent Law LLC 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
Ascent Law LLC
4.9 stars – based on 67 reviews
What Is A 3rd Degree Misdemeanor In Utah? What Is Consideration For A Contract? via Michael Anderson https://www.ascentlawfirm.com/utah-divorce-code-30-3-7/ Loan restructuring is a process wherein a company or an entity experiencing financial distress and liquidity problems refinances its existing debt obligations in order to gain more flexibility in the short term and make their debt load more manageable overall. Reason for Loan RestructuringA company that is considering loan restructuring is likely experiencing financial difficulties that cannot be easily resolved. Under such circumstances, the company faces limited options – such as restructuring its debts or filing for bankruptcy. Restructuring existing debts/loans is obviously preferable and more cost-effective in the long term, as opposed to filing for bankruptcy. How to Achieve Loan RestructuringCompanies can achieve loan restructuring by entering into direct negotiations with creditors to reorganize the terms of their debt payments. Loan restructuring is sometimes imposed upon a company by its creditors if it cannot make its scheduled debt payments. Here are some ways that it can be achieved: Loan Restructuring vs. BankruptcyLoan restructuring usually involves direct negotiations between a company and its creditors. The restructuring can be initiated by the company or, in some cases, be enforced by its creditors. On the other hand, bankruptcy is essentially a process through which a company that is facing financial difficulty is able to defer payments to creditors through a legally enforced pause. After declaring bankruptcy, the company in question will work with its creditors and the court to come up with a repayment plan. In case the company is not able to honor the terms of the repayment plan, it must liquidate itself in order to repay its creditors. The repayment terms are then decided by the court. Loan Restructuring vs. Loan RefinancingLoan restructuring is distinct from Loan refinancing. The former requires debt/loan reduction and an extension to the repayment plan. On the other hand, loan refinancing is merely the replacement of an old debt with a newer debt, usually with slightly different terms, such as a lower interest rate. How Loan Restructuring WorksSome companies seek to restructure debts when they’re facing bankruptcy. They might have several loans are structured in such a way that some are subordinate in priority to other loans. The senior debt holders would be paid before the lenders of subordinated debts if the company were to go into bankruptcy. Creditors are sometimes willing to alter these and other terms to avoid dealing with a potential bankruptcy or default. The loan restructuring process is typically carried out by reducing the interest rates on loans, by extending the dates when the company’s liabilities are due to be paid, or both. These steps improve the firm’s chances of paying back the obligations. Creditors understand that they would receive even less should the company be forced into bankruptcy and/or liquidation. Restructuring loan can be a win-win for both entities. The business avoids bankruptcy and the lenders typically receive more than what they would through a bankruptcy proceeding. Individuals can restructure their loans in various ways as well, but be sure to check the credentials and reputation of any debt relief service you’re considering with your state’s attorney general or consumer protection agency because not all are reputable. Types of Loan RestructuringA loan restructure might also include a debt-for-equity swap. This occurs when creditors agree to cancel a portion or all of their outstanding debts in exchange for equity in the company. The swap is usually a preferred option when the debt and assets in the company are very significant, so forcing it into bankruptcy would not be ideal. The creditors would rather take control of the distressed company as a going concern. A company seeking to restructure its debt might also renegotiate with its bondholders to “take a haircut”—where a portion of the outstanding interest payments would be written off, or a portion of the principal will not be repaid. A company will often issue callable bonds to protect itself from a situation in which interest payments cannot be made. A bond with a callable feature can be redeemed early by the issuer in times of decreasing interest rates. This allows the issuer to readily restructure debt in the future because the existing debt can be replaced with new debt at a lower interest rate. Other Examples of Loan RestructuringIndividuals facing insolvency can renegotiate terms with creditors and tax authorities. For example, an individual who is unable to keep making payments on a $250,000 subprime mortgage might agree with the lending institution to reduce the mortgage to 75%, or $187,500 (75% x $250,000 = $187,500). In return, the lender might receive 40% of the proceeds of the house sale when it’s sold by the mortgagor. Countries can face default on their sovereign debt, and this has been the case throughout history. In modern times, they sometimes opt to restructure their debt with bondholders. This can mean moving the debt from the private sector to public sector institutions that might be better able to handle the impact of a country default. Sovereign bondholders might also have to “take a haircut” by agreeing to accept a reduced percentage of the debt, perhaps 25% of the full value of the bond. The maturity dates on bonds can also be extended, giving the government issuer more time to secure the funds needed to repay its bondholders. Unfortunately, this type of debt restructuring doesn’t have much in the way international oversight, even when restructuring efforts cross borders. Loan restructuring provides a less expensive alternative to bankruptcy when a company, individual, or country is in financial turmoil. It’s a process through which an entity can receive debt forgiveness and debt rescheduling to avoid foreclosure or liquidation of assets. Loan Restructuring & ReschedulingOnce a borrower faces difficulty in repaying loans or paying interest, the bank should initially address the problem by trying to verify whether the financed company is viable in the long run. If the company/ project is viable, then rehabilitation is possible by restructuring the credit facilities. In a restructuring exercise, the bank can change the repayment or interest payment schedule to improve the chances of recovery or even make some sacrifices in terms of waiving interest etc. Similarities And Differences Between Restructuring And Rescheduling Of Loan Ways to Restructure MortgageYou can refinance or recast your mortgage. Or you can create your own DIY mortgage restructuring plan. We compare so you can decide. The way your mortgage is structured today doesn’t have to be the way it’s structured tomorrow. What are your goals? To free up funds, reduce your monthly nut, or pay off your loan more quickly? Will Defaulting on Personal Loan make you Lose the Ownership of Any Assets?In most cases, the bank will look for possible solutions that will benefit both the parties if an only if the default made was due to some genuine reasons. Thus, the borrower can retain his/her asset, and on the other hand, the bank will avoid any changes made to its Non-Performing Asset portfolio. In cases like a job loss or an accident, the bank will consider this agreement and check whether you paid your EMIs on time on not. Thus, liquidating monetary assets may not be the first outcome of load repayment default. Options That Will Favour You When You Default on a Personal Loan• Rescheduling the Debt: The bank may extend your personal loan tenure if it feels that your financial position is not good and you are having trouble with keeping up with the EMI amount. However, it will lead to higher interest generation, but you will be relieved from your current situation. Furthermore, if you get into to the position where you think you can again pay the old EMI, a genuine negotiation with the bank may allow you to prepay the loan early. This will save you from the high-interest outgo if the bank does not charge you with any penalty. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, 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
Ascent Law LLC
4.9 stars – based on 67 reviews
Is A Private Placement Memorandum Binding via Michael Anderson https://www.ascentlawfirm.com/loan-restructuring/ |
Probate LawyerProbate Lawyer in West Jordan Utah. If you need probate lawyer, trust attorney, inheritance counsel, living trust, last will and testament, call 801-676-5506 now for a free consultation. Archives
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