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Going through a bankruptcy as a family can be stressful. Let the Gudeman & Associates team help you and your family navigate this stressful time. Call Now. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com Our clients come from- Eastpointe 48201 48066 Farmington 48332 Farmington Hills 48167 48331 48333 48334 48335 48336 Franklin 48025 Grosse Pointe 48230 Grosse Pointe Farms 48326 Grosse Pointe Park 48230 Grosse Pointe Woods 48236 Keego Harbor 48320

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Looking for estate planning in the metro Detroit area? Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com Serving: 48397 48327 48328 48329 48330 48346 48387 48302 48320 48322 48323 48324 48325 48328 48185 48186 48187

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There is nothing one wishes more than to be able to look after their own family. However, unplanned events and illness might take you away from your loved ones sooner than expected, leaving them unprotected and vulnerable. The team at Gudeman & Associates, P.C. wants you to know that you have options. Gudeman & Associates, P.C. is here to help you make decisions regarding financial, estate and health care directives for you and yours. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com

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We all want the money we have accumulated over our lifetime to go to our family, friends or a 501c3 nonprofit.  Most of us don't want to pay more than our fair share when it comes to tax liability and the transfer of our life's work and savings. Let your kids and your nonprofits get more money by having a solid plan. Let's talk. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com

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We want to help your family avoid the headache of probate court. Don't have them waste time and money fighting for what should be theirs. Let us help you create a legal strategy that will make it easy for them. Let's talk. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com

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Do you need a living will? Let's talk about what your needs and goals are. We will develop and execute a legal strategy that will help you and your family feel at peace and help you and them reach their goals. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com

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The Articles of Condominium, also known as the Governing Documents, is there to protect the developer’s, and all future owners’ interests. You’ll benefit a great deal from the Articles of Condominium—but you still have to take some time to understand it first. If you haven’t read much about real estate law, then you may have a bit of work ahead of you. But we’re here to help. Gudeman and Associates Attorneys can provide the assistance you need when it comes to creating and filing effective Articles, Bylaws, CC&Rs, and Rules & Regulations. This is fantastic for land developers and real estate agents working with neighborhood developers. We love working with other professionals to help coordinate a new project. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com

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Association Bylaw Formation Detroit

Creating your own business is tricky, especially if you have no idea how to get started. But it gets even trickier as you go along this path.

With legal issues here and there, it’s no surprise that many entrepreneurs get intimidated and just give up. Worse, they fall into all sorts of trouble involving the law.

A simple business is tricky enough. But imagine how difficult it is to develop a condominium. Developers need to form a Condominium or Homeowners’ Association in order to govern the process of condominium development before any property is even purchased.

What Developers Need To Know

The Articles of Condominium, also known as the Governing Documents, is there to protect the developer’s, and all future owners’ interests.

You’ll benefit a great deal from the Articles of Condominium—but you still have to take some time to understand it first. If you haven’t read much about real estate law, then you may have a bit of work ahead of you.

But we’re here to help. Gudeman and Associates Attorneys can provide the assistance you need when it comes to creating and filing effective Articles, Bylaws, CC&Rs, and Rules & Regulations.

We will help give confidence to you, the stakeholders, the lenders, the investors, and all forthcoming purchasers. Today we’re going to talk about one of these important concepts: the bylaws of the association. What is it? Why do you need it?

Let’s get started.

Bylaws of the Association: What is it?

The Governing Documents help define your corporation and the condominium you are developing, for example. If the Articles of Incorporation are there to provide basic information such as the company name, the location, and its purpose, then the bylaws go a little bit deeper than that.

The Articles of Incorporation, once filed, creates the Association, which automatically includes the developers and future purchasers. The bylaws will dictate a set of rules that will describe how the Association is governed.

For example, it establishes voting rights and procedures such as how to call a meeting and how often these meetings should be held.

The bylaws will describe the Association’s rights and responsibilities. It will help clarify the Association’s role in terms of enforcing the rules and regulations. The bylaws may even establish the procedures for creating the annual budget, as well as determining assessment amounts.

While Associations are generally run by a board of directors, the board of directors follows the bylaws.

Developers must craft these bylaws in a way that suits their goals and the purpose of the Association. A well-crafted one can be made with the help of attorneys.

The Bylaws of Association works in conjunction with the other components of the Articles of Condominium. Together, these governing documents help define the Association: its functions and limitations.

Incorporation has a number of benefits, often reducing the risks that other business usually face. It limits your liability, it enhances your business’s credibility, and it even gives you a few tax benefits.

If you want to develop a condominium, it is also an essential step. Work with Gudeman today and we will provide the legal aid you need to help start your business empire with proper condominium law expertise.

Gudeman & Associates, P.C.
1026 West Eleven Mile Road Royal Oak, MI 48067-5403
(248) 546-2800
https://gudemanlaw.com

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You have questions. We have answers. FAQs: Do I need a living will? What is a living will? How do I minimize the tax burden on my estate and family when I pass? Should I put our money in a trust? Call us so that we can help you plan for your family's future. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com

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Talking To Your Parents About Estate Planning|Detroit Expert Weighs In

Estate planning is not just for the ultra-wealthy. If you plan on leaving assets whether in the forms of real estate, stocks, bonds, precious metals, cash, cars or other transferable- you need to have a plan for passing along your items in the manner that minimizes your tax liabilities. One of the most used ways of transferring wealth is through the formation of a trust.

What Age Should We Start Thinking About Estate Wealth Transfers?

Ed Gudeman of Gudeman & Associates, P.C. encourages families to start having conversations somewhere in the 60-70 range as far as ages (although this number can be lower or higher). Based on a number of factors which can include illness and family genetics- as we age we are obviously closer to the “end” of the time spectrum than the beginning.

These are not always fun topics of conversations to have around the dinner table, especially if you have younger children (or the grandkids of your parents) around. So it is best to set a time when no minors are around and have a real, honest conversation about what your parents plan on doing with their estate.

At Gudeman & Associates, we always encourage families to get in touch with a reputable law firm to help with their estate planning needs. Contact us to help your family by creating a plan for planning a transfer of assets including creating a will.

When you were a young’un, your parents may have sat you down to talk about the “birds and the bees.” Now it’s time to turn the tables and address another uncomfortable topic: their finances.

Such conversations mark a reversal in the traditional parent-child dynamic and also can be fraught with concerns over independence, trust and mortality.

As a result, in many cases these talks don’t happen at all, and a perceived lack of urgency is to blame, according to a survey conducted this year by Wells Fargo.

Roughly one-third of parents over the age of 60 say they’ve never discussed later-life needs with family, including inheritance plans, beneficiaries, important documents or designated representatives, according to the survey. Meanwhile, adult children worry such conversations will cause conflict or make it seem as though they’re after their parents’ money.

As daunting as it may seem, it’s important to have “the talk” about finances with your parents to help protect them from scams and elder abuse, which cost Americans more than $36 billion each year, according to financial services firm True Link Financial.

If you want to read the full article, click here.

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Corporate Shareholder Agreement Attorneys Detroit

While many new entrepreneurs will go for a sole proprietorship or a partnership, there are others who opt to start a corporation—a separate legal entity that’s made to run a business. It may be more complicated than simply owning 100 percent of your business and being completely liable, but it does provide some unique advantages.

To run it smoothly, you’re going to understand a few more things. For example, what is a corporate shareholder agreement? That’s what we’re going to discuss here today.

What is a Corporate Shareholder Agreement?

A corporate shareholder agreement is a contract between the shareholders of a certain company. It specifies how the corporation will be run, and what happens to it when certain events occur. Different events could trigger this agreement, and so it is used to manage close corporations in states that have special laws that recognize them.

These agreements are necessary to help shareholders make important decisions in crucial moments where there may be a disagreement between each of them.

In a way, it is similar to a buy-sell agreement, which secures the future of a business in case one of the owners leave.

This small number of shareholders who are actively participating in the corporation’s daily business operations will eventually have their own ideas of what direction they want to take the company. A corporate shareholder agreement may be used for a number of things, but the main principle is to settle disputes in a way that suits the corporation’s best interest.

The agreement itself can cover a wide variety of matters. It may modify provisions of a state’s corporate law to better suit the needs of its shareholders.

Most of the time, it is used to restrict the transfer of stock. For example, this agreement can determine when a shareholder is allowed to sell his stock to a third-party. In this case, it is important to settle this because some shareholders may want to keep the corporation a family-owned business.

The corporate shareholder agreement will include provisions regarding stock ownership. This may require the shareholder to first offer the stock to the remaining shareholders. This is called the right of first offer. Similar to a buy and sell agreement, it may include provisions on how to govern stock transfers if a shareholder dies, retires, files for divorce, files for bankruptcy, or leaves the corporation for any other reason.

Another thing that can be settled with a corporate shareholder agreement is the shareholder’s right to become a director or hold any corporate office. This is for shareholders who want to be involved in running the corporation. State laws allow shareholders to vote for who will run the corporation—but they are usually unable to hold any corporate office themselves. The corporate shareholder agreement can provide that the shareholder will be employed by the corporation. It will specify his job duties, etc.

Matters that are not covered in the shareholder agreement will be governed by the state’s corporate law.

It is important to have a lawyer look over the corporate shareholder agreement to make sure it is fair for all parties involved. Once you and your business partners have a successful business you will eventually have to consider a succession plan. Work  Detroit’s Trusted Team of Business Planning Attorneys. Contact Gudeman and Associates Attorneys today!

Gudeman & Associates, P.C.

Gudeman & Associates, P.C. Serving South East Michigan. Attorneys You Can Trust

 

*Disclaimer- none of this content is considered legal advice. Please call our attorneys to speak to one about your legal questions.

source https://gudemanlaw.com/corporate-shareholder-agreement-attorneys-detroit/

Business Plans Detroit

Starting a business is tricky—maintaining one is even trickier. Creating and maintaining a successful business? Well that’s another story entirely.

Words of Wisdom

There are a lot of things budding entrepreneurs should know before they even get started. Don’t take out that first loan unless you know exactly what you’re doing. Otherwise, you’ll be heading straight towards bankruptcy. Sure, it’s important to take risks—but not when you’re just starting out.

And here, we’re only talking about the business side of things. We haven’t even included the legal aspect yet. This is another key element of business that you need to grasp before you invest in all the wrong things.

But don’t get intimidated: we’re here to help you out. All it takes is a proper business plan. And on this article, we’ll be talking about what business planning with an attorney is all about.

What is Business Planning?

In order to make your own business plan, you need to take into account all of your goals and main objectives. So no, this is not limited to “making money”. You need to determine what you’re trying to accomplish with your business. What service are you trying to provide? What kind of product are you selling? What makes your products different from the ones that are already in the market?

Strategy

Once you’ve enumerated your goals, you need to think about your strategies. These are the actions you need to take in order to reach those goals realistically.

Now you need to answer how you’re going to accomplish those goals. How will you make the products? Where will you get the materials from? How many people do you need to hire? How much will all of this cost?

The business plan will ensure your brand’s survival and growth. In any industry though, it’s not enough to survive. You need to make a profit. Your business needs to thrive.

There are a couple of different business plan types. The most basic one is the business plan you create before your startup. It serves as the blueprint for how you will develop your new business. This business plan is backed by research and data. You can conduct surveys and gather as much information as you can about the market you are entering. This way, you’re not coming in blind. It increases your chances of success.

Of course, if you’ve already started your business without a business plan, it’s not too late to do so. There’s what we call the post-startup business plan, which acts as a living document that you have to update through the life cycle of your business.

There are other types of business plans depending on what information it is focusing on: sales forecasting, cash flow analysis, and business contingencies are among those.

Getting Started

Here’s where it gets interesting. Business planning with an attorney is basically the same thing as a regular business plan—but here you’re also taking into consideration the legal aspect of entrepreneurship.

Starting a business is tricky, and there are so many “landmines” and traps you can fall into if you’re not careful. Legal problems can arise, especially because newer entrepreneurs rarely take the law into account. They can have problems with trademarks or negotiations or contracts, etc.

When it comes to business planning, it’s better to avoid legal problems than solve them. You’re going to need an attorney for both of these scenarios, so might as well steer clear of potential problems by consulting a lawyer as you make your business plan.

Work with Gudeman and Associates Attorneys today!  Check us out on our google business site as well.

Disclaimer: None of the content here is considered legal advice. Please speak with one of our attorneys before taking action.

source https://gudemanlaw.com/business-plans-detroit/