Tuesdays 5:00pm - 6:00pm (EDT)
Our audience will learn the nuts and bolts of having a legally sound business, along with understanding some of the estate planning factors to consider when leaving their business to a family member or employee.
"Estate Planning For Business Owners."
With business law / estate planning attorney Len Garza, Founding Attorney at the GARZA law firm.
When a business owner plans to leave their business to a relative or a close employee as part of their estate, issues of estate planning overlap with tenets of business law. What steps do business owners need to take, in order to plan for succession of a sound business with a solid legal foundation?
On the next episode of Employment Law Today, join Corporate Law / Estate Planning Attorney Len Garza, and myself when we discuss the nuts and bolts of having a legally sound business, and the estate planning factors to consider when bequeathing one's business to a family member or employee.
Tune in for this informative conversation at TalkRadio.nyc
Eric welcomes his guest, Len Garza, corporate law / estate planning attorney. He is founding attorney at the GARZA law firm. His firm focuses on protecting the personal and business assets of business owners and other individuals and families. Len enjoys educating his community and guiding business owners and their families to build a path of protecting generational wealth. Garza talks about how passionate he is about helping people and how he can make the greatest impact with the particular skills he has. He's been practicing law for a little over 15 years. When he started out, he was in court as a business litigator maily in New York and New Jersey. After this long journey, he knew this wasn't the right match for him. He says that he was in court helping businesses where the relationships went bad in situations like breach of contract and more. He was interested in how these issues can be avoided. Garza talks about his passion for wanting to help businesses in these aspects before these litigations occur. He also mentions finding his passion for estate planning.
Eric asks Garza about key business law basics he believes a company needs to have in place in order for them to be ready for a succession or someone to take over. Garza says that he feels like some of these things are easily missed. When working with companies he says he wants to take a look at or audit who they are as a business. He looks at how they are structured and what kind of entity they are. He talks about some companies not knowing what kind of entity they are, though the law will still assign you a characteristic. In this case, Garza says that the law assigns you what is called a sole proprietorship. The pros is that you don't have to file anything in the state or maybe not have to pay some fees, but the con is that there is no liability protection. He emphasizes how business is risky. He says that so many business owners that are sophisticated in their field are very good at what they do, but for legal ramifications, there's a blindside. Garza also mentions looking at your equity and how it is split especially if you have partners. He talks about the complexity of having a partnership and what to pay attention to. Garza and Eric talk about protecting assets and having agreements and more written down for clear communication.
Eriuc and Garza discuss estate planning considerations that a business owner should take into account when leaving it to an employee, partner or family member. Garza says that he sees a lot of assumptions that business owners make. He says the law looks at what are the intents of the contract made and the people involved. It's important to have these documents for a court to look through because if not, the court will look at what the law says. He gives an example. In his example, he says, Allison is a star employee and the business owner decides to promote her to COO. After the business owner passes away, she gets a lawyer. Though the lawyer does not have documents to look at that confirms and clearly states her succession. She is nowhere mentioned in the operating agreement. In this case, there's a less direct path. He also mentions the possibility in this scenario of whether the business owner had no shares and no documents. Under the law of most states, the business would go to his wife. A more complicated situation occurs because she's running a business with very little knowledge. This is one of many issues that can be better handled when things are outlined in agreements.
Garza talks about unique approaches his firm takes and how they are different. He mentions really getting to know the client, their history, personal situation and family. He mentions how it takes time and interest. He talks about the difficulty of this when he was practicing in a bigger law firm. The workload is bigger and so it was easy for things to become transactional where the clients were just a number. He mentions not wanting this because there wasn't time for building a relationship with the client. In his firm, he and his attorneys are able to talk and listen as well as craft solutions specifically for their situations. He also mentions being flexible with their time, availability, and responsiveness. Garza says that his firm is a virtual one, but they are primarily based in the Northeast. To get in touch with Len Garza and his website is www.lgarzalaw.com. You can find videos and educational articles and direct contact information as well.
00:00:40.100 --> 00:00:53.489 Employment Law Today: good evening. Welcome to employment law today. I'm your host, Eric Soccer. I'm an employment a lot business law attorney and I host this live, weekly talk show and this live video broadcast every Tuesday night.
00:01:02.990 --> 00:01:19.990 Employment Law Today: The issues that business owners and employers face today during these challenging times, and in that spirit I'm very pleased tonight to welcome uh colleagues, my fellow Attorney Temple of Counselor Lenn Garza. Uh
00:01:20.000 --> 00:01:29.360 Employment Law Today: Yeah. Same here. Well, the make it glad you can make it tonight, and we have an interesting topic for our audience this evening.
00:01:29.370 --> 00:01:51.769 Employment Law Today: And um I want to introduce led, of course, as well. So you have a sense of who you're speaking with. And um so our topic tonight i'll start with. That is a state planning for business owners. And what I will be discussing is that when a business owner plans to leave their business to a relative or a close employee as part of their State
00:01:51.780 --> 00:01:55.459 Employment Law Today: issues in the State, planning, overlap with tenets of business law.
00:01:55.710 --> 00:02:12.409 Employment Law Today: So what steps to business owners need to take in order to plan for succession of the sound business with a solid legal foundation. So if you join me tonight with my guest, Corporate Laws Day planning Attorney Lit Garza, we'll discuss to nuts and bolts of having a legally sound business,
00:02:12.420 --> 00:02:30.429 Employment Law Today: and we'll talk about the estate planning factors to consider. We're be cleaning one's business to a family member partner for employee. And so folks in that regard, our guest tonight on the show is, as I mentioned, like Doris and Esquire, corporate attorney, founder of Garza,
00:02:30.440 --> 00:02:49.949 Employment Law Today: so offer. And Len is, as I mentioned, the founder, of course, that our from focused on protecting the personal and business assets of business owners and other individuals and families that has been to you in numerous media outlets, including Forbes entrepreneur law insider. Cbs is,
00:02:50.030 --> 00:03:06.139 Employment Law Today: i'm sorry I see this video ink magazine and many more in two thousand and twenty-one. The plan was recognized by Tom survivors as a super lawyer uh a rating service of outstanding lawyers who haven't changed a high degree of pure recognition and professional achievement.
00:03:06.150 --> 00:03:24.199 Employment Law Today: Our frequently request to lecture on a variety of topics, including inheritances. Len enjoys educating his community and guiding business owners and their families in the past to building and protecting generational wealth. So with that plan, like I said, you know it's going to be good to have you on site for this great topic.
00:03:24.590 --> 00:03:39.750 Len Garza: Yeah, thanks for having me, Eric. I'm: I'm really excited to talk with you because I think there are a lot of things. Um, that business owners and employees, really anybody anybody in a business um can learn from the night. So i'm excited to talk with you about it.
00:03:39.760 --> 00:03:59.739 Employment Law Today: Excellent, save your line. Same here. Alright, so I guess my my first question I also asked My guess is a little bit voyage to know you? Um. So if if you could tell us a bit more about yourself, maybe um. How did your who initially start out? And then what prompted you to become a business law it's already into found your own firm.
00:03:59.890 --> 00:04:01.659 Len Garza: Sure, so
00:04:01.840 --> 00:04:31.800 Len Garza: sure, sure, Eric. So it did not start out with me, doing what i'm doing now is is many uh origin stories of attorneys and and a lot of non attorneys out there start out right. I I took a journey here uh, and it's really a journey. I I uh didn't know a lot of the time where it was heading in the past, but i'm i'm i'm so glad that it it led to where I am now, because i'm really passionate about what I do now, and and and help
00:04:31.810 --> 00:04:51.820 Len Garza: helping the people and the businesses, and at the end of the day what our business is at the end of the day they are people. Everything comes back to the people. Um comes back to the companies. No matter the logo or big companies whatever. At the end of the day it really comes back down to the people, And and how can I make
00:04:51.830 --> 00:05:11.449 Len Garza: the greatest impact with the with the unique particular skills that I have? Right? We all have skills. We all have things, focuses and passions that we focus on. So my journey really led me here. Um, I've been practicing law, for, you know, just over fifteen years, and when I started out.
00:05:11.600 --> 00:05:29.610 Len Garza: Um! I was in court all the time. Uh I was. I was a litigator, right, and so I was a business litigator, and I was in courts uh mainly state courts, every now and then Federal ports, but mainly State courts and New York and New Jersey,
00:05:29.620 --> 00:05:43.689 Len Garza: arguing all the time um drafting briefs, motions in courts before judges, and the Conference Conferences did that for for many years about a decade or so. And uh,
00:05:43.820 --> 00:05:50.430 Len Garza: it was a long, long road to really seeing that you know that really wasn't the road for me
00:05:50.440 --> 00:06:19.840 Len Garza: didn't really match my temperament. I mean what I was really interested in, and grew to to where I am today was. You know I was in court um helping businesses, you know, maybe representing a one business partner. Who it was, it was turning into a bad partnership. Break up right? So basically a business divorce handled so many court cases. It' like that where you know the the relationship had gone bad. It was already in salvageable, and we were in court already.
00:06:19.850 --> 00:06:48.339 Len Garza: Um, breach a contract actions right one, one a business relationship combat. At one time it was good. They have a contract now, one saying, Oh, we're not going to pay you for this, that and the other, or we're not going to perform this, that, and the other, or allegations both sides, all that's in the past. By the time I was coming in we were fighting it out in Ford already, right? So so that's one side of it. But in doing that for years, Eric, I found that
00:06:48.350 --> 00:06:57.700 Len Garza: what I really became interested in is, you know. How could this be avoided? Did do businesses or businesses in the business of being in court?
00:06:57.710 --> 00:07:12.100 Len Garza: Well, of course it it it happens, you know, on a understandably. But if these businesses haven't had any choice, they'd be focused on their own business. At least that's what I always thought. So I became really um compelled in
00:07:12.370 --> 00:07:42.360 Len Garza: the front end of the business. Um, which are what I call, you know, legal, you know, litigation, maybe more the back end, but the front end advising companies before anything um potentially goes sideways or wrong. And And what are the different ways to do that while helping them with their overall structure, their contract, their relationships, their relationships with um. The I mean. You understand this. There, you know, employees, independent contractors, which is a whole separate subset
00:07:42.370 --> 00:07:58.800 Len Garza: that really kind of its own specialty, with all the all the laws and issues there. But that's one set. What about their relationships with with internally with other owners, partners, externally joint ventures, other organizations, clients, customers,
00:07:58.810 --> 00:08:19.190 Len Garza: It all comes down to relationships, right and for things to go wrong and get into court. It's it's a rupture in that relationship. So I really became passionate about saying, Hey, let's rewind things in the core when that when that contract is being drafted, and even before that um, the negotiations and the communications.
00:08:19.200 --> 00:08:48.909 Len Garza: That's where I want to be involved. That's where I want to be talking to the business owner, saying, Look from my experience in court. This is what I see. This is where I see these relationships go sideways. This is what we do to do to protect that. That's something i'm really passionate about, and even on on that side as well. I'm very passionate about, You know we're helping to protect your business on the business end with all these agreements, but for a business owner, um, for example, or even employees,
00:08:48.940 --> 00:09:03.819 Len Garza: you think you spend so much time in in your business, um, or in your work, you know, forty hours or more, and uh a week and many more, and we're so focused on the now and getting through now in the next quarter. What does that look like?
00:09:03.830 --> 00:09:33.010 Len Garza: Um! What does it look like when we're gone? Um! And by being that you know It's not too pleasant of a thing to think about. But what what happens when we, when we pass away when we die right? We have all these things that that we put in. We have loved ones. Everybody has loved ones, whether you have kids or not, whether it's it's it, whether it's even a person or not. It may be a charity, a cause, something. So so you have all these assets that you build up, and specifically with the business.
00:09:33.020 --> 00:09:40.879 Len Garza: Um! What happens? And where do you want that to go? Well, if you don't plan around where you want it to go and be specific,
00:09:40.890 --> 00:10:09.019 Len Garza: very high probability that the way it actually goes will not be the way that you want it to go right. And I really think that's that's um, you know that's a real shame, and even some cases a tragedy. It could be a very life changing to a lot of people that you have it. Go where you want to. So that's that's the estate planning, and with the core planning, and we will get more into the details a little bit more, i'm sure, Eric, but I just really get passionate about this stuff and and doing it right.
00:10:09.800 --> 00:10:39.789 Employment Law Today: Yeah, Well, some great stuff there, you know that really that background. First off, you know. I think we can all hear your passion about helping the businesses. Now, you know, with the foundation of the relationship with the the proactive approach right to make sure that you know things are solid. You can foresee what might go wrong. So you're you draft thing, you know, contracts like you're driving the corporate agreement. You're helping partners to communicate with what i'm hearing. So I think don't end up in court, and I really, you know, respect that relate to that. Um, And it's funny how many uh attorney that part of the show
00:10:39.800 --> 00:10:40.460 I that
00:10:40.470 --> 00:11:06.069 Employment Law Today: various professions, but the attorneys a lot start out either in litigation, and either they, Microsoft, feel like they trans. They sort of uh migrate to something else. Um, such as compliance or uh transactional work, or they might take a path like my personal path that I took was much like you. You like. I was um exclusive to litigation and the people. So I started out doing Federal civil rights litigation, you know, employees side late, or wage, and hours
00:11:06.080 --> 00:11:35.410 Employment Law Today: and immigration court and appeals. So I, you know, like you that I was every day in court arguing, fighting, and I was asking those brains definitions, and it was trying to burn me out, too, and I just restructured my practice. Um, but I've heard you say you did with yours. But to make it like, there's still litigation. I do like that, you know, uh at times, and I think maybe like a third of my back to litigation. But the rest is the employment for compliance, and climb along, consulting, you know, and drafting. So so I appreciate that, and also just your point about
00:11:44.610 --> 00:12:04.180 Employment Law Today: on Earth. What happens with people pass away. You know what happens to your assets. So um! I just appreciate that, you know, hearing your process during like how you know you went through that litigation and decide it wasn't for you and then. But now you're doing something you actually really want. So that's always great to hear when people come on the show, you know, I think
00:12:05.910 --> 00:12:35.869 Len Garza: yeah, and and definitely to to what you said, Eric. You know there were burnout right that I call keyword Um. That was something that I was very close to very earlier in my career, and I thought, you know what if i'm working so hard for these clients? But I burn out um, and i'm not taking care of myself. Then that means I can't take care of the clients I supposedly care so which I do I cared so much for, and then It's just like you know what I I really
00:12:35.880 --> 00:12:51.499 Len Garza: I need to take care of myself, and part of that is really going towards an area that i'm really passionate about, and there got to be a time where you know I wasn't as into litigation, or rather I didn't realize I was as into it, Eric,
00:12:51.510 --> 00:13:10.460 Len Garza: because I saw others across the table, that clearly it's like a very meant to be type thing, and like they are the meant to be litigators, and although I felt I was, I was good or or above adequate, or whatever I just said, You know what I don't have that extra level they do
00:13:10.470 --> 00:13:27.279 Len Garza: I need to search that out for myself right? And and at the time it was a very uncomfortable decision. Because I said, Well, what can I go to Exactly. But then I did. You know some deep soul searching and really go into it, and and and you know what I've told you about so far in this podcast is,
00:13:27.290 --> 00:13:49.490 Len Garza: you know it didn't come up overnight, as i'm. Sure a lot of your realizations are These are many, many nights of realizations and soul searching to focus on. Hey, I really like this, and this is where I can really provide value for me. It's Len go to the very front end to help people. You know. Businesses avoid being in court to begin with.
00:13:49.500 --> 00:14:14.259 Len Garza: Inevitable sometimes. That's right, but not all times, not all the time. So for me, I like to try to pinpoint some of those areas with what I do, where I can really help businesses. And then also, um, I have a passion for a State planning as well, and seeing that intersection blending those That's where I've I've really found my passion and and been in that zone for for years now, and and and to be for years to come
00:14:14.680 --> 00:14:25.499 Employment Law Today: excellently, you know. I'm sure a lot of our audience hopefully can relate. Identify you out there listening tonight. Maybe you're in your own perspective career or business, and you have to pivot if it like. Len has
00:14:25.510 --> 00:14:55.490 Employment Law Today: um. It's great to hear we're actually that first commercial break. But that was a really solid, strong opening, a chance to just getting us up to our to our topic. And the more about Julen. So we're going to take our first prey. Um! When we come back, Len and I will discuss some of the key business law basics that a company would have in place for success or take over the range, and we'll talk more about as Len Reference is state planning considerations for business owners. So stick around. You're listening to her watching us here on talk radio, Andy
00:14:55.500 --> 00:15:00.280 Employment Law Today: today. I'm your host, Eric, sober. I guess tonight I'm Garza, we'll be right back.
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00:17:13.920 --> 00:17:31.699 Employment Law Today: welcome back to employment law today under our guest tonight is a corporate business law. It's ready, and a State planning attorney founder, we law from Garza, and uh, so those doing asleep. We talked a little bit about Len and his background, and how he found his journey in that
00:17:31.710 --> 00:17:46.039 Employment Law Today: from the beginning of litigation and business, what we call commercial education at times to helping business owners. Now, with the the foundation elements, those transactional and uh transactions, and the documents and the contracts, and such,
00:17:46.050 --> 00:18:02.439 Employment Law Today: and the planning. So um! With that regard, I guess our next question I have uh tonight. Plan for you is just what is some key business law basics that you believe a company needs to have in place in order for them to be ready for success or to Sunday, take over their needs.
00:18:04.550 --> 00:18:07.050 Employment Law Today: Oh, i'm sorry. I think you're muted by the way. Just um!
00:18:07.060 --> 00:18:34.129 Len Garza: Oh, thank you, thank you, Eric. Uh, it's not good to be a technologically challenged for me in this technological age. Right? So thanks for the help there. Um business law basics, You know I I love that term because they are basics. Yeah, I feel they're there so many times they're missed.
00:18:34.140 --> 00:18:41.380 Len Garza: Is it the fact that it's so basic or obvious that it gets overlooked. I'm not sure. Maybe that's part of it.
00:18:41.390 --> 00:19:00.719 Len Garza: Um, but but these are just some of the things, Eric, that you know just raveling off a few quickly here that when i'm working with companies uh these are one of these are some of the things that I want to take a look at and perform an audit, or you know, if it's a company that's that's um
00:19:00.730 --> 00:19:02.920 Len Garza: been been going.
00:19:02.930 --> 00:19:25.059 Len Garza: I want to do an audit uh if they've been dealing with another law firm before me. But um! Some companies have been doing it the Diy route right so especially with those um. Not only do an audit, but also be ready to to correct or or or prepare some of this stuff for the first time. So, for example, just starting right off at the top.
00:19:25.460 --> 00:19:34.250 Len Garza: Who are you? It's a business. Who are you as a business? And from a legal perspective. What I mean is, what's your entity type.
00:19:34.260 --> 00:20:02.610 Len Garza: How are you structured? And and what kind of thought is a business owner? Did you put into that? Um, Some just say, look I I um uh didn't put much thought at all. They just go out there and and start winging it and start practicing, and um don't really worry about forming an entity or anything, and just go for it. Um! Well, the answer to that is, it's not that you don't operate as an entity at all. The law,
00:20:02.620 --> 00:20:25.779 Len Garza: and and this goes for a lot of areas, especially a State planning. And um corporate law is just because you, the business owner, don't pick what you are doesn't mean that you're in a gray area as far as the law. Many times the law will assign you um a characteristic, and you may not like what they assign you. As so, for example, if you don't set up,
00:20:25.790 --> 00:20:55.490 Len Garza: and any why, it's so important, your entity structure under the law most often more often than not, is what's called a sole proprietorship, so that in effecting is isn't any structure. Now, what's What are the pros and cons of that. Well, the pros are. You didn't have to do anything to set it up automatically? Are that you don't have to file anything with the state like other types of entities not to pay any any state-specific entity formation fees. Um. You may have to pay other fees like franchise tax,
00:20:55.500 --> 00:21:18.240 Len Garza: and things like that you're not from that, is. It is a sole proprietorship. But um, it's easy right. You don't have to go through anything. You don't need a lawyer to form that at all. Um, the downside is the easy is about the only good thing about it. Uh, because as far as liability, protection, um, there is none you have not. So Business
00:21:18.250 --> 00:21:45.979 Len Garza: is risky. Um, indeed! Like as I tell my my clients business is risky, and these life is risky, right? So so It's all about a lot of times when you go for risk mitigation. And what can you do um to try to to mitigate that risk? You can't always bring the risk to zero, or you check most of the time. But there are things you can do to mitigate it so sole proprietorship. If somebody wants to come after, not only the assets in your business,
00:21:45.990 --> 00:21:58.959 Len Garza: but if you don't have enough in your business that you're making, if you get sued from a client, or from a from a vendor or credit, or whoever um, or from the Irs, or taxing authorities,
00:21:58.970 --> 00:22:28.949 Len Garza: think of any any way you can get sued. If they come after you, they can reach your personal assets. So what does that mean? They can come after your house. They can come after your bank accounts. Right, Eric, You you and I know this. This is something that's get gets beaten into our head and lost even. You know we study so much so many business owners that are sophisticated in their specific business, right or profession, whether it be
00:22:28.960 --> 00:22:58.840 Len Garza: doctors, engineers, Um! You know the trades anything like that. Very good at what they do when you step back out into legal ramifications or anything Huge blind areas. Right? I i'm not sure. You see it from the employment. This area is no different right there. There are huge blind areas, traps for the unwary. So that's one of them. What type of entity structure are you? Um! There's other types. See, Corporation.
00:22:58.850 --> 00:23:28.430 Len Garza: They're a number of different types, but they each have distinct characteristics, and it's important to know which you are, because that is going to dictate what your potential liabilities and protections are, and also where you going as a company, it's going to dictate how some of the roadmap that you have to take to get there. If you're going for a certain size, going for investors. I see Corporation
00:23:28.440 --> 00:23:57.190 Len Garza: most often. You definitely want to be a C corporation if you're not if you're not looking for outside investment, but are are looking for maybe a lot more flexibility and tax planning. Some may say well, and S. Corp is good as as corporations. Good. There, Lc. Partnership. Those all offer different types of tax planning ramifications there. Um! But again. That's it that we could do a whole hour on that right. But i'll put that aside so that's one of them.
00:23:57.200 --> 00:24:24.440 Len Garza: Um uh equity. How is your equity. Split um. If you have partners, for example, I I see I work with companies many times that you know. Okay, if it's. If you're a single business owner you own a one hundred percent, but very rarely does it stay that way. Many of the business I talk with. If they start out with one. They're always at some point, becomes at least a discussion.
00:24:24.450 --> 00:24:54.160 Len Garza: Uh oh, i'm thinking of bringing on a partner or oh, I have this employee that I hire that once equity, they want to keep the business, or i'm thinking of making them a full-blown partner, whether or not that actually happens or not, is one thing whether or not you're actually thinking about it as a business owner. That almost happens, you know, very close to one hundred percent of the time with the business I'm dealing with so need to think about how that goes. If they become partner. Um, you want to make sure to have that documented and follow,
00:24:54.170 --> 00:25:12.979 Len Garza: or the right legal ramifications for that. Um. And when you have partners here's another item that a basic business basic um. You want to have a written partnership agreement. This is so important because the the the complexities within having a partnership going for one
00:25:12.990 --> 00:25:21.059 Len Garza: to two or more, it is, it's a gulf of difference between you being alone, and then all the complexities to to add
00:25:21.070 --> 00:25:50.999 Len Garza: another person or more partners. Because now you're you have rights, obligations, conditions. Um, amongst all you what are your each other and everybody to the company? Um! It grows exponentially the amount of things that you need to to do. And and why do you do this? Is it complex? Just for complexity sake? No, of course not. It's complex, because you want to make sure everybody is where everybody is talking
00:25:51.010 --> 00:26:03.089 Len Garza: apples to apples, not apples to oranges. Very simple stripped down. Example: If we have a partnership, you have a partnership with two people, and you don't have a written partnership agreement.
00:26:03.100 --> 00:26:29.269 Len Garza: What is what? How do we split profits and losses? Is it Fifty, fifty, uh, Maybe it's fifty fifty. But should it be fifty fifty, do you have one founder that thinks you know what now? It's not fifty fifty, I mean at least sixty or seventy, and i'll give you thirty, twenty-five. Okay. But has that been documented anywhere? Has that been written down? Where both people signed
00:26:29.280 --> 00:26:58.010 Len Garza: That may seem like a very obvious thing, Eric. Um. But so many business owners that has not been documented, and that is the seed for future conflict and litigation, because that's where misunderstandings really spring. So those are just a few of them, and the other is is team members agreements, not only with your partners, but team members. And this Is your area right? Who are your team members? What are they? Are they employees,
00:26:58.020 --> 00:27:09.509 Len Garza: freelancers, independent contractors. This isn't a question just to gloss over. You need to know that you need to to know the laws better yet.
00:27:09.590 --> 00:27:39.550 Len Garza: Have your employment lawyer know the laws. There's so many. And as a business owner you want to focus on your zone of genius, building your business, whatever you don't want to spend so much time going into and trying to figure out and interpret the employment laws which, by the way, change all the time. You want a specialist in this area. So um yeah, Eric. I'm you've talked about that many time on the on this podcast, but that is a huge huge area that we
00:27:39.560 --> 00:27:45.689 Len Garza: we could spend many hours, you know, just talking at, but it's an overall business um attorney.
00:27:45.700 --> 00:28:09.130 Len Garza: That's even an area that I know of well enough to get a specialist like yourself involved, because that's such a such a niche area, and the laws change all the time that I tell my clients. Look, you know that this is something where we need to bring in a specialist. Because um, it just it's. It's too important to to assume or potentially go on all knowledge. So yeah,
00:28:38.050 --> 00:29:06.219 Employment Law Today: as you mentioned, there are a lot of factors like. Well, in the reasons why I would say, you know, go to someone like yourself, but you know, like ours, because you've got the structure and the foundation, and as you mentioned, which empty to choose and why and absolutely, you know, the planning is very important. Like, Where does the business? Where are you. Now, where do you want to be? Do you want to track investors, or do you want to have flexible schedule with the partners all the the issues about. You know the corporate veil, or protecting one's assets absolutely,
00:29:06.230 --> 00:29:23.889 Employment Law Today: and the imports of writing, and that's why I see parallels in employment law where you're writing things down, having employment agreements having clear communication. As you talk about that, too, you know. If one partner thinks they're getting fifty, and they talked about getting thirty percent. And there's a clash
00:29:23.900 --> 00:29:33.579 Employment Law Today: without that written contract to to look to and say, What! What's happening? What do we agree to? Um? It could be of all day. And you know, it's funny. We're actually at
00:29:33.590 --> 00:29:54.469 Employment Law Today: Yeah, we actually you believe our fast time class on the show. It's. It's really incredible to me every week. But um! I will let our guests know that you're um. You're watching employment law today are listening to us. Live on talk right to Nyc. I'm. Your host employment Attorney Ericsover, and I guess tonight uh business law and corporate threatening to state planning is your need.
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00:30:42.780 --> 00:31:08.090 www.TalkRadio.nyc: Are you a small business trying to navigate the Covid? Nineteen related employment laws? Hello, I'm. Eric. Sovereign employment, log business, law, attorney and host of the new radio show employment law Today, on my show we'll have guests to discuss the common employment. My challenges Business owners are facing during these trying times, tuned on Tuesday things from five Pm. To six Pm. Eastern time on talk radio, the Nyc.
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00:32:11.010 --> 00:32:24.230 Employment Law Today: Welcome back to employment law. Today. I'm your host, Eric Schmidt, and i'm there any day today with our guest Lynn Corsa, uh corporate and business attorney, and also a state my answer, neat and founder of the law firm, Carson,
00:32:24.240 --> 00:32:53.689 Employment Law Today: and for those that might be joining us late or just those. If I want to recap, we cover a lot of ground. We're talking about really two interconnected issues, right? The business basic for a sound business. Um, They're taking those steps to avoid crowds potential litigation, making sure you're not well with, as I mentioned earlier, to Free contracts in place to right corporate entity formation uh partnership agreements between yourself and your fellow partners via members of an Lsd. Or shareholders, and A. C. Four
00:32:53.700 --> 00:33:11.339 Employment Law Today: corporation. So a lot we're talking about here like the cover. But we're also talking about? Why the keep our business in good shape. Both two couple of reasons, number one to avoid litigation, as, as I pointed out, uh, quite wisely before. Right. You want to be in good shape, so that you're not
00:33:11.350 --> 00:33:30.920 Employment Law Today: opening up up to dispute. But the other, I think, point that we discussed earlier was the fact that you know when you do die or pass along. Uh, and your company, let's say, is is being, you know, bequeath to somebody. Um! What is the mistake planning that
00:33:30.930 --> 00:33:50.349 Employment Law Today: great? Okay. So this next question for you. What I'm. Just wondering is, what are some of the State planning considerations for a business owner on a ticket to a cap, and leaving a business to their well there, or employee, and other different steps to take when you need business to an employ or a business partner compared to let's say a son or a nephew or grandson.
00:33:51.090 --> 00:34:00.109 Len Garza: Right? Yeah. A. And so these are very important things, because you know, business owners, people in general. Um!
00:34:00.180 --> 00:34:21.210 Len Garza: There are a lot of assumptions that I see get made by business owners, and as we've touched on before Eric. The law doesn't do assumptions. What what? What people think, don't think the law is, or assumptions, or what they think would work out. The law does
00:34:21.219 --> 00:34:27.880 Len Garza: statutes agreement? Well, well, the law does agreements, you know, as far as is is
00:34:27.889 --> 00:34:47.149 Len Garza: is contract law, the State planning, or for concern. The law does agreement what's written down, you know we call it as lawyers the four corners of the contract. Right? So so what are you? You know you have your business contracts, but on the personal end Wills Trust,
00:34:47.159 --> 00:35:17.140 Len Garza: power of attorney health care directives at the end of the day. These are contracts, right? These are these are contracts between whoever is making the contract and some other person or party, maybe a couple of other, but at least one other person. So at the end of the day they go down to what is the person? What are the what are the parties intent? What are the intents of the contract? Right. So if you don't have that, And who's asking that question? I think it's important. Who's asking who's intended?
00:35:17.150 --> 00:35:36.689 Len Garza: Well, you know we go to the end of the day and say, you know, I think of who's asking that question? Well, it's a court. You go to the situation where a court or a judge who has no idea who you are Doesn't know you doesn't know your business doesn't know your family has a stack
00:35:36.870 --> 00:36:04.829 Len Garza: of other files on their desk every single day that replenishes every single day. Um, you know stacks of files that they need to go through right? So you know. How did you make things easy for them if it gets there. Well, if they have documents to look after right, it's all the better because they just they. They can read these things. If they don't have documents to look through. Well, they're going to say, what is the law say?
00:36:04.840 --> 00:36:34.150 Len Garza: And what is the law? Well, the law is statutes, both Federal and State statutes, um case, law regulations. It's all of this other body of law, which is very akin to trying to fit a square peg into a round hall. So it's the square peg of your situation, of your one of all of your idiosyncrasies. Yeah. Bidding that into the round hole
00:36:34.160 --> 00:37:04.140 Len Garza: of statutes, law, and everything, because whoever was drafting the Statutes Congress, everyone Um! They have no idea of your specific situation, your family situation, by definition. They don't have that they're outlining a game map game plan for how to address certain situations so as far as the State planning corporate law. Um. There are statutes that govern all these situations. Each State has their own statute. We have Federal regulations to follow. So, for example, that
00:37:04.150 --> 00:37:12.600 Len Garza: that's a big overview to to to to come it back and it to strip it back and get directly to your question. Eric. Is that um
00:37:12.940 --> 00:37:19.729 Len Garza: Is that um business owners relatives, close friends or close employees, Right?
00:37:19.740 --> 00:37:39.169 Len Garza: All of what I just mentioned, actual agreement, state law, statues, and everything. That is what's going to govern. It's not what the business owner thinks, or the family thing, so i'll give you an example right. A a business owner says, uh you know what I um
00:37:39.180 --> 00:38:09.170 Len Garza: you know. Let's call her Allison Allison is a star employee. She's been with me for over a decade. Alison is my, You know what she's been My vice President forever. Um, i'm gonna i'm gonna promote her to Coo Chief operating officer. Um. So really love Alice, she's. Yeah, if anything happens to me ever she's the one that takes takes care of everything he tells all his employees. This tells others it's very clear. He's told Allison
00:38:09.180 --> 00:38:12.720 Len Garza: this many times. It meetings whatever she is the one,
00:38:12.730 --> 00:38:42.669 Len Garza: so that business owner dies all this. Well, what happens? Allison says? Well, I must be taking over. That's all. He would be telling me that I would take over the company. How do I do this? Well, if she starts digging into things, and she lawyers up, so to speak, gets a lawyer to start digging into things. Um, she that lawyer doesn't like what the lawyer sees, because the lawyer asks for a number of different documents. Ask for um also talks to the lawyer for the family of the business owner when she
00:38:42.680 --> 00:39:12.660 Len Garza: family the business owner. Um, that lawyer says. Well, he had an operating agreement. But nowhere is Allison mentioned in this operating agreement as the successor big problem that has to happen. Allison is a non family member, but it actually wouldn't even me that matter, whether she was a family member or not. It is not outlined in that operating agreement or or there's another other. There's no other agreement, or written in this year, that Allison has signed off on, and the business owners side,
00:39:12.670 --> 00:39:41.479 Len Garza: that she's getting a share doesn't matter what her business title is, it literally has no effect Doesn't matter Who told what? To whom? If it's not diagrams and documented? Um, not saying that she couldn't eventually have shares of the business. But, um, you know she's going to have a lot less direct path than otherwise. So what would happen if there are No, there are no shares. Well, you know. Let's say that business owner, who is a male
00:39:41.490 --> 00:39:43.670 Len Garza: um, and had no documents
00:39:43.680 --> 00:40:13.659 Len Garza: under that, under the laws of most states that would go to his wife. Well, guess what his wife is. Never, You know the most that she knows about the business are, you know, the two times a week. Maybe he gets home, and time to have a tab dinner, may mention a couple of comments to her about the business. She has no idea about all of a sudden. She is now running the business. Oh, but but that's not all. She's running the business
00:40:13.670 --> 00:40:43.170 Len Garza: months down the line, because he had a will or didn't have a will. That's how long the probate process takes to distribute all the assets and get it in the right hands. Well, Since then this uh business has been running rudderless without true head, because Allison is trying to run things as best she can, assuming she's even still there at the company and Hasn't already, because of how difficult it is. But she is not the legal owner of this business.
00:40:43.180 --> 00:41:13.150 Len Garza: Um. She may or may not have signatory power anymore. Probably Doesn't and the business has essentially died on the bind. I've actually heard of this happen, you know, a few times, and it's really tragic because it it it affects people. People get laid off. People have to leave. The company can't pay its bills um the whole parade of horrible happen when you don't have these things documented. So that is, that's let's say that's an employee, non family member. So if there's a
00:41:13.160 --> 00:41:26.609 Len Garza: family member, then for example, if it's a wife. Um! That also happens to work in the business. If there doesn't, I say that I use this very carefully, there doesn't have to be an agreement,
00:41:26.620 --> 00:41:46.710 Len Garza: there absolutely should be an agreement. So so if there was no agreement, if there was a husband and and the wife was involved in the business. The business now, unlike Allison situation, who's merely an employee, the business by law would transfer to the wife.
00:41:46.720 --> 00:42:10.809 Len Garza: The only problem is because of the courts probate process that would take so long to officially take effect. It would take many months if that um I don't know about you, Eric, but as a business owner, me and many of my clients, if things were put on hold, and I couldn't sign off on things and have real authority to to to have things come through. Um! My business wouldn't last a month must much less,
00:42:10.820 --> 00:42:38.599 Len Garza: you know, much less many months, by the time the gets a chance to adjudicate that. So how do you shorten that process? You have written agreements? You have it laid out in that operating agreement, or rather a partnership agreement that in the event of death of the owner person takes over the wife takes over. You have Allison takes over something like that.
00:42:38.610 --> 00:43:06.800 Len Garza: You have it funded by life insurance. That's the thing to do, whereas so, when, if Allison takes over and the life of the owner comes saying, Hey, we want our share of the business, the life insurance. We have a legal title to get a a legal entitlement to that share. The life insurance pays her out so all of a sudden she's made whole, and this business is truly Allison. She doesn't have to negotiate with the wife now about state planning payouts.
00:43:06.810 --> 00:43:13.970 Len Garza: I see this happen quite frequently all the time, or rather businesses set up for this to happen right, and it can sink a business.
00:43:13.980 --> 00:43:43.940 Len Garza: So so those are. Those are. Those are key things where some of the things are the same. What we're talking about, you know. Sometimes you're the word succession, planning, or the term session, planning it being an employee. That's a relative versus a close friend, or whomever, no matter who it is, you want to have it outlined. In these agreements. The agreements go by many different names, operating agreement by partnership agreement, and then, on the personal end, you want to have whatever
00:43:43.950 --> 00:44:13.629 Len Garza: or personal documents of of the owner, the deceased owner. You want to make sure that those are in line, and Don't say things contrary to what the business documents say. Right? So you want to make sure that the Trust says, for example, if there's a trust or will not, that it has to specifically reference the agreement, although it's it does. But you want to make sure that that it says something to the effect of Look, You know this: our agreement takes a back
00:44:13.640 --> 00:44:33.189 Len Garza: to any agreement that May or this trust takes a backseat to any agreement that may have been drafted in the business so many times that the the drafting attorneys don't have the foresight to do that, or or the client that the the attorneys to do that, and it just it just again plants the seed for potential conflict down the road.
00:44:33.200 --> 00:45:01.689 Employment Law Today: It comes down to, you know, a point uh, you know, to boil it down a bit, two to two point. One is that you know an ounce of prevention for the pound of cure. Right that you know, to just go to and say, Go to you and have you draft these documents so that when the person dies their wishes are clear and the law can look to those agreements and say, Okay, is a contract that are binding. That's I think, a key part, and also just the consistency right to make sure that you know the left hand. Those are the right hand is doing,
00:45:01.700 --> 00:45:29.819 Employment Law Today: and that's what I hear at the marrying of these two uh practice areas. We're actually a commercial break leave or not. But when we when we come back, you know, i'll ask, learn more about some of the unique approaches that that guards a lot, takes and riding business law services and State planning services, and we'll talk about this issue as well of State planning and and practic prevention. So folks stick around to our show employment. Law today. Here on. Talk me to Nyc, our guest tonight, Lynn, Or is that
00:45:29.830 --> 00:45:36.639 Employment Law Today: corporate business attorney and a State planning attorney? I'm. Your host, Eric software employment attorney, will be back in just a moment.
00:45:39.590 --> 00:46:03.679 www.TalkRadio.nyc: Everybody. It's Tommy deed and nonprofit sector connected coming at you from my attic each week. Here on talk radio that Nyc. I hosted both. We have the focus. Nonprofits impact us each and every day, and it's my focus to help them amplify their message and tell their story. Listen: Each week at ten Am. We stand in time until eleven Am. Is from stand in time right here on talk radio, Dot: Nyc:
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00:47:30.220 --> 00:47:31.379 You
00:47:41.130 --> 00:48:10.899 Employment Law Today: welcome back to applying a lot today here in I'm going to i'm going to. I'm going to I'm going to
00:48:10.910 --> 00:48:26.729 Employment Law Today: so that just consistency right there's there's there's evidence of needed, and there is a sort of a a a streamlined where they're going, and I do that a lot of what you're saying today as well. And so I want to just
00:48:26.800 --> 00:48:36.309 Employment Law Today: make a note that you're still. You need it just as a reminder, because I know it's easy to forget. I forget that's not too. But um. So wondering a lot, you know, last second of our show. If
00:48:36.330 --> 00:48:51.859 Employment Law Today: you've told us a lot about how you will work, and we can see your patches. But what is some perhaps specific or unique, approaches that let's say you're offering in providing a services, and what we do different from other uh business, law or state planning. And
00:48:51.870 --> 00:49:04.820 Len Garza: right, right? I So so. Oh, thank you, Eric. Yeah. And and i'm glad that comes across because it's really um it. It really it takes a lot of uh
00:49:04.840 --> 00:49:33.629 Len Garza: gratification from seeing that value from clients so. Um. But but there, there are certain things that I have to do um to make sure that that that's realized right, and it goes to a way. Um, I practice law. We practice law is part of my firm Um, and and that goes to really getting to know the client and the clients businesses, business family,
00:49:33.640 --> 00:49:52.589 Len Garza: their history, their personal situation. Um! And and that takes time to do that. Well, that takes a couple of things. It takes interest number one to have the interest to do that in time. Eric and and those were things. You know the big thing. When I was practicing for for bigger firms.
00:49:52.600 --> 00:50:22.430 Len Garza: It was so tough to do that as much as I wanted to, because of the dynamics of working in a bigger firm. Right? There are those hours that you have to build those metrics. You have to meet so many things going on. Um, you know so many different things to manage. Uh, it was too easy. Um! And not only would it easy it was it easy to happen for things to become so transactional and just to become a box that you tick off
00:50:22.510 --> 00:50:52.480 Len Garza: um, and just for uh, just for clients to become a number right? And and I'd never want to think you never want to think of clients as a number, but when that when that proverbial pile is is in your desk, and you're You're all stared at so many unread emails, and you know you have phone calls. You have to get back up, get back to, and it just keeps stacking and stacking and stacking. Um. You know the the the the straightest path for from point a to point
00:50:52.490 --> 00:51:21.839 Len Garza: is a straight line. Right. We get there as quick as I can get it done, so I can get to the next thing on my desk Right? And what that doesn't leave time for is building relationships, finding out more about the client, you know, versus rushing them through a meeting, finding out the bare minimum that that I need to do to do my job for them doing that job and then moving on to the next right. Um! That is not what I do in my firm right. So in my firm i'm able to.
00:51:21.850 --> 00:51:51.389 Len Garza: You, built it to where I and the other attorneys were able to take the time with the client. It's crucial. It's essential to do that right at the right at the front. So for those clients, potential clients or people that are that are looking for that that are looking for a lawyer that can actually they can actually sit across from and talk to like a real person and have that lawyer listen to them and craft, the solutions specific to them and their business and their family situation.
00:51:51.400 --> 00:52:21.370 Len Garza: Dynamics that go into that. That's the law firm that we are, and that that's the aim that that we try to take right. So that takes longer time. Um, we. We really don't Bill like a lot of the larger firms by billable hour. We have flat rearrangements, certain hybrid arrangements. Things like that. Um, because uh, that is something that really goes within our model. But it all really goes down to what we call the high touch nature. What do I
00:52:21.380 --> 00:52:51.370 Len Garza: I mean by my touch meeting right. When the client needs to reach us they can reach us, or and we're getting back to them right. We're getting back to them within twenty-four hours, it may not be depending on the question a substantive answer, but at the very least it's, you know. Mr. Smith, Mr. Jones, Miss Gonzalez. Yeah, we hear you. We see you. We'll get back to you just. We may be in a meeting, or we may be away from the office at this point, or whatever. But but really letting the client know that we're there, you know.
00:52:51.380 --> 00:53:21.240 Len Garza: Here it's so many times, and I think lawyers in general get a bad rap for this. You know a few bad actors out there that that Don't get back promptly to clients, or or overbuild the clients, or pad billing, or whatever I hear these stories all the time. So really um it is when i'm working with somebody you're talking about working with somebody. It's really conveying and communicating to them that hey? Me and my firm, we're the opposite of that right. We're going to treat you and care
00:53:21.250 --> 00:53:44.049 Len Garza: for you like a real human being. Um, an and really provide a customized solution for you. It's not going to be forms. You can go get forms off legal zoom or free or low cost online. They'll be of questionable quality and and advocacy. Will they work? That's a huge question. But that's why they're at the price point. They are to get customized. Help
00:53:44.060 --> 00:54:04.330 Len Garza: um! There, there is that out there, and you don't have to go to the big mega firms that are that are um that are that are built great for certain types of organizations for to five hundred fortune, one hundred companies. But there is a place for other business and other other clients, and and we're one of the law firms that provide that space
00:54:04.460 --> 00:54:34.240 Employment Law Today: Excellent, you know. I can see why we connect Well, because I share that philosophy of my own practice, my own clients as well, but for the listening tonight, you know, this is land corridors of the law firm, and certainly that that personalized care that attention is so crucial. We've got about a minute left. So I want to give you a little time to quickly tell us your kind of information how to reach you. Your email was web address. What What have you? Oh, absolutely so. So! Contact information! Our firm is is a fully virtual law firm. So although we're located in Princeton, New Jersey.
00:54:34.250 --> 00:55:04.229 Len Garza: Um, but we meet clients all over. So we're prior primarily based in the northeast. Um, but we do have clients all over. Um. We associate with, uh, with local attorneys where necessary by the local States bar rules. But if you're anywhere around the country or in the the northeast corner, northeast region, um, and you have questions on anything we discuss tonight. Feel free to reach out to me. Probably the best way to get in touch with me and find more information is in our website. It's www dot
00:55:04.240 --> 00:55:31.889 Len Garza: l garza law, dot com that's L. Gaza law. That L letter L is very important at the end, because there's another. There's a law for out there. Uh that. That is not us. You want to make sure it's it's el cardsa law, dot com and our website. You can find educational articles, materials on a State planning corporate law, other videos. Um. And of course, if you have questions beyond that, Um, it has our contact information directly there as well.
00:55:31.910 --> 00:55:52.810 Employment Law Today: Excellent Len Garza. Thank you so much for joining us tonight on employment law. Today. I'm your host, Eric Schmidt stay tuned for more great show. That was harder to Nyc once again. Uh, we have this conversation with you, and for those that tune in every week. Come back next week at five o'clock. We'll be here with other great topics. So once again, then, thank you so much. Have a wonderful night,
00:55:52.820 --> 00:55:54.410 www.TalkRadio.nyc: Thank you. Bye,