Michigan Business Lawyer Blog: Michigan

Home -> Law Blog Directory -> Michigan Blogs

OR PHONE (866) 635-1838 for Bankruptcy Help, (866) 635-6190 for Divorce,
(866) 635-2689 for Personal Injury or (866) 635-9402 for Criminal Defense

Find a Local Lawyer

Bankruptcy (866) 635-1838
Divorce (866) 635-6190
Personal Injury (866) 635-2689
Criminal Defense (866) 635-9402

Michigan

Michigan Business Lawyer Blog

A legal blog that covers business law, including news and events dealing with business legal matters. Written by Michigan attorney Michael J. Hamblin.

Post Frequency: 0.4/day

Last Entry: July 11, 2011 at 10:30:37

Michigan Governor Signs Bill Letting Legal Immigrants Get Driver Licenses

Posted on February 15, 2008
Governor Granholm signed a new law today that allows legal immigrants who temporarily reside in Michigan to resume getting driver licenses. At this point, it's unknown how soon the necessary rules can be written and adopted so the Secretary of State's office can resume issuing licenses to legal immigrants who aren't permanent residents in Michigan...

The Devil's in the Details When It Comes to Michigan Arbitration Agreements

Posted on February 13, 2008
Arbitration agreements are becoming more and more common in a wide variety of Michigan contracts. The reason why arbitration is becoming so popular is that it is seen as generally being a faster, cheaper and less disruptive method for resolving business disputes than traditional litigation in the courts...

Michigan Sues Tyco for Pension Fund Losses

Posted on February 11, 2008
A report in Crain's Detroit Business notes that the State of Michigan is suing Tyco International, four of its executives, and its auditors for $50 million in losses in Michigan state pension funds. Tyco manufactures a wide variety of products such as electric components and health care products...

Michigan Stock Purchase Transactions and Asset Purchase Transactions

Posted on February 08, 2008
When a business acquires another business, it can generally be done in one of two ways: a stock purchase or an asset purchase. A stock purchase is just that, a purchase of the selling company's shares of stock (assuming it's a corporation). Along with ownership of the company's stock comes ownership of its assets and its liabilities...

To access this complete feed in the blog feed reader login or register for free.

IRC Section 1244 Stock: An Easy Way to Convert Capital Losses to Ordinary Losses

Posted on February 06, 2008
Although no one starts up a business with plans to fail or lose money, the success rate statistics for new businesses can be daunting. That's why Section 1244 stock should be on the mind of every new business owner who organizes their business as a C corporation...

The Importance of Preparing the First Drafts of Your Agreements (Whenever Possible)

Posted on February 04, 2008
How many times has this happened to you? You've deftly negotiated a terrific deal for your small business with a very tough adversary. The time has come to put your deal in writing. Your adversary generously offers to have his or her lawyers handle the first draft (after all he or she says, it's only the first draft, and this will save you legal fees)...

US Department of Labor, Bureau of Labor Statistics Provides Website with Detailed Michigan Economic and Business Information

Posted on February 01, 2008
As Sir Francis Bacon noted long ago: Knowledge is power. This is especially true for small businesses and their owners. Getting the correct, and timely, business and economic information can make the difference between merely surviving and thriving...

Michigan Corporations and Limited Liability Companies (LLCs) Provide Owners with Limited Liability

Posted on January 30, 2008
One of the main reasons people form Michigan corporations and limited liability companies (LLCs) is to protect themselves against personal liability for the obligations of their businesses. Under Michigan law, the risk of an owner of either a corporation or LLC is limited to their investment in the business...

Tax Issues in Converting a Michgian C Corporation to an S Corporation

Posted on January 28, 2008
One advantage Michigan C corporations have over S corporations is the ability to reinvest profits in the corporation at a lower tax cost than S corporations. This is because the current lowest corporate income tax bracket is 15% for profits up to $50,000...

How to Make Sure Your Michigan Contracts for Buying or Selling Goods Are Enforceable

Posted on January 25, 2008
Under Michigan law, a contract for the sale of goods over $1000 must be in writing to be enforceable. The Michigan law covering this topic is known as the statute of frauds section of Michigan's Uniform Commercial Code (UCC). The specific requirements are: 1...

Michigan Businesses Should Consider Using Non-Compete Agreements to Keep Their Competitive Advantage

Posted on January 23, 2008
We've all heard the horror stories about businesses entrusting sensitive and private company information to employees, only to have those employees leave the company and use its sacred data to compete against the very company who provided it to them. This type of event can have a devastating effect on small businesses...

Michigan Lawyers Weekly Rates Michigan Supreme Court Justices

Posted on January 21, 2008
In its "first ever high court performance survey", the prominent Michigan legal journal Michigan Lawyers Weekly has released the results of its survey of lawyers who practice before the Michigan Supreme Court regarding the quality of the justices who sit on the state's highest court...

Michigan Department of Labor and Economic Growth Provides Stellar Business Information Website

Posted on January 18, 2008
Most business people in Michigan these days can be heard grousing about the sorry state of Michigan's government. While I agree with most of these complaints, there is one thing that the state government in Michigan has done a fantastic job on. It's the Department of Labor and Economic Growth's web page for its Bureau of Commercial Services...

Tax Pitfalls of Michigan C Corporations

Posted on January 16, 2008
My last post may have given the impression that everyone should be rushing out to structure their business as a C corporation. So, in this post, I thought I would follow up with some cautionary information regarding some of the negative tax aspects of running a business as a C corporation...

Comparison Between a Michigan C Corporation and a Michigan S Corporation

Posted on January 14, 2008
Usually the most important factors that go into a business owner's decision to incorporate have nothing to do with tax issues. Rather, most business people incorporate because they want to shield personal assets from trade creditors and litigation. (Corporate stockholders, unlike sole proprietors, are not personally liable for business obligations...

Commercial Lending 101 for Michigan Business Owners

Posted on January 11, 2008
At some point, virtually every business will need to borrow money to finance its operations or expansions. Financing can be used to fund working capital or other financial needs such as funding inventory, equipment, buildings, plants, and general business growth...

Remedies for Michigan Minority Shareholder Oppression

Posted on January 09, 2008
Most Michigan businesses start off with much optimism and good will among the owners. Everyone is on the same page and shares a vision for making the business a wild success. However, as with many things, once the honeymoon phase of the venture ends, the owners may wind up not having as much in common as they thought...

Michigan Business Owners Should Have Succession Plan in Place

Posted on January 07, 2008
A typical Michigan business owner has invested a tremendous amount of time and energy into building up his or her business. But, many neglect one of the most important things they can do to protect their business and their families: succession planning...

Advantages of Doing Business as a Michigan Corporation Instead of a Michigan Limited Liability Company

Posted on January 03, 2008
While limited liability companies (LLC's) are the right choice of entity for many Michigan businesses, in some situations, using a corporation instead of an LLC may be the better choice. This post discusses some of the specific advantages for a Michigan business to use a corporation instead of an LLC to conduct its affairs...

Michigan Businesses Should Protect Their Trademarks

Posted on December 27, 2007
Many business owners don't realize that one of the most important business assets in their company may not be a physical asset. Rather, it very well might be an intangible asset like a trademark. A trademark can be a business's name, logo, or any other symbol or device that distinguishes that business or its products in the marketplace...

A Resource for Michigan Businesses to Get Information on Minimum Wage Laws

Posted on December 21, 2007
The U.S. Department of Labor has posted a very useful tool for businesses to research minimum wage laws that may apply to them. This tool is an easy to use minimum wage law map on the Department of Labor's website. To find the information, simply click on the desired state and the basic minimum wage rate appears, along with any applicable laws...

Ninth Circuit Court of Appeals Affirms IRS Position Disallowing Deductions for Rental of Real Estate to Corporation

Posted on December 19, 2007
One fairly common technique for owners of closely held businesses to extract additional tax-advantaged income from their companies has been for them lease real estate or personal property to their businesses. This kind of rental permits the owners to withdraw money from the business without it being classified as salary or dividends...

Michigan Businesses Should Be Careful When Using Contracts to Say Workers Aren't Employees

Posted on December 17, 2007
Many Michigan businesses use contracts to stipulate with certain workers that they are independent contractors and not employees of those businesses. But, businesses using contracts in this way need to be very careful. Contracts classifying workers as independent contractors instead of employees have no tax effect...

Consider Giving Your Michigan Business a Legal Checkup

Posted on December 14, 2007
As the end of this year approaches, you are likely involved in reviewing the various aspects of your business's financial and operational health. Likewise, you should consider giving your business a legal checkup. Legal checkups, or legal audits, are something like an accountant's financial audit or medical examinations given by a physician...

Specific Advantages to Having a Buy Sell Agreement for Your Michigan Business

Posted on December 12, 2007
In my last post, I discussed the basics of buy sell agreements. In this post, I will explain some of the specific advantages to having a buy sell agreement between the owners of a closely held Michigan business. 1. Creating a Market for Selling Partner's Interest...

Should You Have a Buy Sell Agreement for Your Michigan Business?

Posted on December 10, 2007
Most entrepreneurs have their hands full actually running their businesses. It's not uncommon for entrepreneurs to leave planning for contingencies for later. But, it is important to make plans to protect your family should the unthinkable happen. One way to do this is to have a buy sell agreement with your business partners that will protect your family's interests if you become disabled or die...

IRS Extends Fast -Track Settlement to Small Businesses and Self-Employed Taxpayers

Posted on December 07, 2007
The IRS has extended fast-track mediation of tax controversies to include small business and self-employed taxpayers. The IRS touts its fast-track mediation program as its attempt to meet taxpayer needs by resolving controversy at the earliest resolution point within the IRS...

Should You Incorporate Your New Michigan Business in Delaware or Nevada?

Posted on December 05, 2007
Occasionally I am asked by clients if it might be advisable for them to incorporate their new business in some exotic locale such as Delaware or Nevada. Some of these clients have heard that many large Fortune 500 type businesses were incorporated in Delaware, even though their headquarters and principal places of business are located elsewhere...

How to Properly Sign a Contract

Posted on December 03, 2007
You've negotiated an important agreement, you've reduced it to a written contract, and now you are ready to sign on the dotted line. Most people think that actually signing a contract is a mere formality. However, it is important not to let your guard down at this point...

Liquidated Damages Clauses in Michigan Business Contracts

Posted on November 30, 2007
In a contract, a liquidated damages clause simply limits the amount of damages that one party to the contract will be liable for in the event that they breach the contract or somehow cause harm to the other party to the contract. This type of clause is appropriate when the circumstances are such that it would be difficult to determine how much the actual damages suffered actually are, or if the damage amount would be purely speculative in nature...

Previous | Next

Related Law Bulletins

Personal Injury: 5 Reasons Why Your NY Injury Lawyer Will Lose His License
1. He steals your money.2. He steals your money.3. He steals your ...

Immigration Lawyer And Assistant Found Guilty Of Visa Fraud
The United States Attorney's Office for the Southern District of T...

Injustice - Righting a Wrong - NY Medical Malpractice Lawyer Explains
Have you ever felt that you were wronged? Maybe you noticed it whe...

Dead Man's Family Calls NY Malpractice Lawyer First Before Burying Him
THIS IS A TRUE STORYA call came in the other day. A hysterical wom...

2 Questions Every New York Malpractice Lawyer Needs To Ask
A potential client calls the office with a story that rambles on a...