File Now if the Vandervert Construction Receivership Affects You

Subcontractors, materialmen, engineers, laborers and creditors who are affected by the Vandervert Construction Receivership are all in danger of major losses and possible bankruptcy. A receivership is similar to a bankruptcy, except it is in state court. A court appointed receiver has been placed in charge of paying those who are owed money. Debts can be paid only by order of the Court and sub-contractor lien rights are preserved. The Receiver will operate and/or liquidate the business to try to pay some percentage of each creditors’ claims.

If you are a creditor, subcontractor, materialman, employee or professional owed money by Vandervert Construction you should act now and call an attorney to preserve your claims and lien rights.

Action should be taken now to:
1. Preserve and foreclose your lien rights in the Vandervert Construction receivership.
2. File your secured or unsecured claim in the Vandervert Construction receivership or subsequent bankruptcy.
3. If you have been greatly affected by the Vandervert Construction receivership, you may need to protect your own business from your subcontractors and creditors through reorganization, non-bankruptcy work out or possibly your own business bankruptcy. Laywers with experience in these activities can help you.
5. Educate yourself by getting competent legal advice regarding your rights as a creditor in a receivership or corporate bankruptcy.

Attorneys experienced in bankruptcy, secured and unsecured claims and contractor lien law are better suited to represent your interests in these matters than attorneys in general civil practice. Steven Schneider, Attorney at Law, P.S. has been practicing in this area for twenty-five years at all state and federal court levels.

If you and your business are affected by Vandervert Construction’s unfortunate situation, you need to contact a lawyer who is experienced in contractor lien law, filing for creditor claims and bankruptcy. Filing your claim as soon as possible will help you to be proactive throughout this process. www.StevenSchneiderLaw.com

Smart Small Business Owners Defense – Part One: Protect Your Personal Assets

FIRST LINE OF DEFENSE — CREATE A LIMITED LIABILITY COMPANYSmall Business Owners need a good defense just like a football team

Many small business owners often form LLCs to limit the liability of their personal assets should their business be sued. Just like a football team, small business owners have to have a good defense to make it to the playoffs. Without an LLC, some of the assets that can be seized if you lose in a lawsuit are your:

  • Home, if it has more equity than is covered by your Homestead Exemption.
  • Wages, other income and contract payments
  • Savings and investments
  • Vehicles and other personal property
  • Vacation or rental property

Washington state law provides exemptions for $125,000 in equity in your home, personal property exemptions, IRAs, pensions and disability benefits. If a small business owner  properly maintains the LLC, only the business assets can become liable. As a Spokane Small Business Attorney, I can help you easily create an LLC.

SECOND LINE OF DEFENSE FOR SMALL BUSINESS OWNERS —

A GOOD INSURANCE POLICY

Along with creating a LLC, a good insurance policy that covers the full amount of your business assets may save your company. It’s always wise to check your insurance policies to ensure they cover the likely amounts of personal injury and wrongful death awards. The cost of insurance policies rise with the dollar amount they cover, the deductible that must be paid if a claim is filed, and the types of claims they cover. Since insurance policies may not completely protect you from such anticipated claims, owning a business through an LLC can be a way to further protect your personal assets.

EASE OF FORMING A LIMITED LIABILITY COMPANY

Many small business owners who own two or more businesses create a separate LLC for each business. This prevents a lawsuit brought against one of the businesses from putting the other businesses in jeopardy.

An LLC can be simple to form and maintained with a few documents. As a Spokane small business lawyer, I can help you quickly form get the LLC up and running. An LLC must have its own bank account, keep records of annual meetings and major decisions, adopt an Operating Agreement and be renewed with a simple annual registration that can be done on line. Annual registration fees are around $50.

For small business owners reading this blog we are offering a special flat rate of $500 for the months of October and November. Just mention our blog when you call. This includes:

Articles of Formation

  • Operating Agreement
  • First Annual Report
  • Minutes of Organizational Meeting
  • Federal Tax Identification Number
  • Annual Minutes Template

An additional one time filing fee of $200 is required to be paid to the State of Washington.

Contact me, Steven Schneider, today to see if an LLC is right for you. My contact information is (509) 838-4458 or SS@StevenSchneiderLaw.com. My Spokane business law practice is located at 203 N Washington St., Ste 204 in Spokane, WA. I’m licensed to practice in the State of Washington and Idaho.