Empower your small business with expert legal guidance from the SBA attorneys at Protect Law Group. Learn more about legal considerations today!
Book a Consultation CallAs SBA attorneys, we understand the importance of navigating the complex legal landscape to protect the interests and ensure the success of small business owners. At Protect Law Group, we recognize the significance of legal considerations in running a business smoothly. In this blog post, we delve into key legal topics that every small business owner should be aware of to safeguard their operations and assets.
When starting a business, choosing the right entity structure is crucial. Whether a sole proprietorship, partnership, corporation, or limited liability company (LLC), each legal structure has implications for liability, taxation, and compliance. Our experienced team of SBA lawyers can help you determine the most suitable entity formation for your business to protect your personal assets and minimize risks. We also offer guidance along the way, if you have any questions that arise as you begin the journey of forming your own business entity.
Contracts are the cornerstone of business relationships and transactions. Having well-drafted contracts in place can help prevent disputes, clarify expectations, and protect your rights. Our SBA attorneys specialize in drafting, reviewing, and negotiating contracts tailored to your business needs, ensuring your interests are safeguarded in all agreements.
Navigating the ever-evolving complexities of employment law is essential for small businesses with staff. Understanding wage and hour regulations, non-discrimination laws, and employee rights is crucial to maintaining a compliant and harmonious workplace. Our legal experts can provide guidance on employment contracts, policies, and procedures to protect both your business and your employees. Protect your business by partnering with the small business law experts.
Intellectual property, such as trademarks, copyrights, and patents, can be valuable assets for small businesses. Protecting your intellectual property rights is essential to prevent infringement and maintain your competitive edge in the market. Our team of SBA lawyers can assist you in registering and enforcing your intellectual property to safeguard your creations and innovations.
Small businesses are subject to various regulations at the federal, state, and local levels, depending on their industry and location. Ensuring compliance with legal requirements, such as permits, licenses, zoning laws, and environmental regulations, is essential to avoid costly penalties and legal issues. Our legal experts are up to date on regulatory compliance to keep your operations running smoothly.
Small business owners face a myriad of legal considerations that require attention to protect their interests and ensure long-term success. At Protect Law Group, we are dedicated to helping small businesses navigate the complexities of the legal system with confidence. From entity formation to regulatory compliance and our speciality of SBA debt relief, our team of experienced lawyers is here to provide tailored legal solutions to meet your business needs and goals. Contact us today to discuss how we can assist you in safeguarding your business through proactive legal strategies.
Millions of Dollars in SBA Debts Resolved via Offer in Compromise and Negotiated Repayment Agreements without our Clients filing for Bankruptcy or Facing Home Foreclosure
Millions of Dollars in Treasury Debts Defended Against via AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, Private Collection Agency Representation, Compromise Offers and Negotiated Repayment Agreements
Our Attorneys are Authorized by the Agency Practice Act to Represent Federal Debtors Nationwide before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.
Small business and guarantors obtained an SBA COVID-EIDL loan for $1,000,000. Clients defaulted causing SBA to charge-off the loan, accelerate the balance and refer the debt to Treasury's Bureau of Fiscal Service for collection. Treasury added nearly $500,000 in collection fees totaling $1,500,000. Clients were served with the SBA's Official 60-Day Notice and exercised the Repayment option by applying for the SBA’s Hardship Accommodation Plan. However, their application was summarily rejected by the SBA without providing any meaningful reasons. Clients hired the Firm to represent them against the SBA, Treasury and a Private Collection Agency. After securing government records through discovery, we filed an Appeals Petition with the SBA Office of Hearings & Appeals (OHA) court challenging the SBA's referral of the debt to Treasury. During litigation and before the OHA court issued a final Decision and Order, the Firm successfully negotiated a reinstatement and recall of the loan back to the SBA, a modification of the original repayment terms, termination of Treasury's enforced collection and removal of the statutory collection fees.
Client personally guaranteed SBA 7(a) loan for $150,000. COVID-19 caused the business to fail, and the loan went into default with a balance of $133,000. Client initially hired a non-attorney consultant to negotiate an OIC. The SBA summarily rejected the ineligible OIC and the debt was referred to Treasury’s ureau of Fiscal Service for enforced collection in the debt amount of $195,000. We were hired to intervene and initiated discovery for SBA and Fiscal Service records. We were able to recall the case from Fiscal Service back to the SBA. We then negotiated a structured workout with favorable terms that saves the client approximately $198,000 over the agreed-upon workout term by waiving contractual and statutory administrative fees, collection costs, penalties, and interest.
Client personally guaranteed SBA 7(a) loan for $350,000. The small business failed but because of the personal guarantee liability, the client continued to pay the monthly principal & interest out-of-pocket draining his savings. The client hired a local attorney but quickly realized that he was not familiar with SBA-backed loans or their standard operating procedures. Our firm was subsequently hired after the client received the SBA's official 60-day notice. After back-and-forth negotiations, we were able to convince the SBA to reinstate the loan, retract the acceleration of the outstanding balance, modify the original terms, and approve a structured workout reducing the interest rate from 7.75% to 0% and extending the maturity date for a longer period to make the monthly payments affordable. In conclusion, not only we were able to help the client avoid litigation and bankruptcy, but our SBA lawyers also saved him approximately $227,945 over the term of the workout.
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