Britton Law, P.A.
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Britton Law Blog

Tips for those who are selling their business

Starting and running a business in North Carolina has its unique challenges. However, selling it can have its own set of unique circumstances, and one that requires a lot of forethought and planning.

In the first place, prior to listing it for sale, it is a good idea if the owner determines the exact selling date of the business. It usually takes about two years for most businesses to sell. Then, once the business is listed for sale, the owner can prepare to move. However, it is important that the business continue operating as usual to encourage potential buyers.

NHTSA seeks comments on semi truck underride guards

The National Highway Transportation Safety Administration is considering proposals that might improve underride guards on semi trucks in North Carolina and across the United States. Underride guards make trucks safer by preventing motor vehicle crashes in which passenger cars roll under a semi truck, often causing the destruction of the passenger compartment.

Since 1953, federal law has required that commercial trucks be equipped with rear guards to prevent underride accidents. There are no regulations, however, requiring underride guards on the sides of semi trucks. And there may be gaps in the existing rear guard requirements, as there are no quality or material standards. The NHTSA is considering proposals to improve the effectiveness of underride guards and has invited auto safety experts and the public at large to submit comments.

Elements to consider before buying a business

While there are many different types of businesses that a North Carolina investor might consider purchasing, there are some common factors related to those enterprises that should be considered before finalizing a deal to buy. An understanding of a company's finances, record, and potential allows people to make wise decisions about whether that business fits into their plans. Reasonable research is crucial for a reliable evaluation.

The long-term potential of a company can help a prospective buyer to determine whether the business will be able to sustain its profits. In buying a business, it is important to understand the demands in terms of personnel needed to conduct operations after the sale has been completed. A company that operates well with lower skill levels, for example, allows a new owner to more easily find the workers needed. At the same time, skilled employees already employed in a company can be helpful for steering the organization through a transition in ownership.

Collecting judgment debts in North Carolina

When North Carolina businesses are awarded money judgments, they then have to figure out how to collect on them. It is common for businesses to encounter difficulties with collecting judgment debts owed to them by debtors, and you must make certain that you follow the laws regarding debt collection tactics.

There are several steps that you can take. First, you can send the debtor a demand letter notifying the debtor of the judgment and informing him or her that you intend to collect on it. You may have to research the debtor's assets in order to determine if he or she has any real or personal property that you can use to enforce payment of the judgment.

When cars, trucks and motorcyles share the road

When drivers in North Carolina share the roads with motorcyclists, it is sometimes assumed that the latter are responsible for their own safety entirely. In actual fact, drivers of all vehicles have a legal responsibility to exercise duty of care when sharing the roads with all other vehicles. Motorcylists face unique dangers due to being more unprotected while riding, but they do not have a greater legal responsibility than other drivers.

Statistically, motorcyclists are five times as likely to be injured in a traffic accident and 26 times more likely to die in one than people who are riding in a car. Motorcyle accident deaths have been on the rise since 1999.

How to enter and exit a business in North Carolina

A successful business may be defined as one that can meet its expenses and provide a return on investment to its owners and shareholders. This return on investment should be enough to earn the continued commitment of those parties. Starting a successful business requires an individual to find an opportunity to solve a problem in the marketplace. This will be done through a quality business plan that allocates enough resources to execute that plan.

For a startup to be successful, either the founder or someone on the team should have experience running small- or medium-sized companies. The founder or founders should also feel connected to the business at all times. This will provide a sense of purpose and passion that can lead to success.

Things to keep in mind when selling a business

Successful North Carolina entrepreneurs are aware that working to achieve a prosperous business is not an easy task whether they started it from scratch or bought it as an established business. Likewise, trying to sell one may be just as difficult. Here are several tips for entrepreneurs who, for one reason or another, are making plans to sell their business.

One important factor for entrepreneurs who are planning to sell their business is to realize that the process is usually long. Unless events occur that are beyond the owner's control and the business must be sold quickly, it takes the average business owner a year or more to sell his or her business. During that time, business owners can prepare for the sale as well as plan and set goals for their future while keeping the business running as smoothly as possible to attract potential buyers.

Risks of buying an established business

Many North Carolina residents would like to own a company but lack the entrepreneurial spirit to start one from scratch. Instead, they consider buying an existing one. While this can be appealing, it is not without risk.

Purchasing an existing business will require extensive due diligence. There are some disadvantages as well. One is that it may be more expensive to buy an existing business compared to starting a new one. The buyer must pay for the company brand, the customer base, the initial business concept and various other things that have been accomplished.

FMCSA proposes sleep apnea test for commercial truck drivers

Thousands of road users are seriously injured or killed each year in North Carolina and around the country in traffic accidents caused by fatigued motorists. This type of crash can be particularly dangerous when the tired driver is behind the wheel of a semi-tractor trailer. This is why the Federal Motor Carrier Safety Administration has proposed a rule that would require commercial truck drivers to be tested for obstructive sleep apnea.

Earlier this year, the public was invited to submit comments about the proposed regulation. Many of the 593 responses received focused on the cost of taking an obstructive sleep apnea test. Some respondents said that sleep apnea tests are notoriously difficult to pass and requiring truck drivers to take them would do little to make the nation's roads safer. Others accepted that the tests could improve road safety but were concerned about truck drivers being forced to pay for testing out of their own pockets.

Motorcyclist killed after being rear-ended by pickup truck

North Carolina Highway Patrol troopers were called to the scene of a fatal motorcycle crash at around 12:20 p.m. on Sept. 11. The accident happened along Highway 68 in Oak Ridge near the Historic Old Mill. According to reports, the driver of a pickup truck rear-ended a motorcycle, killing the motorcycle driver and injuring the motorcycle passenger.

Shortly before the accident occurred, a 2002 GMC truck and a Harley Davidson motorcycle were both going south. When the 44-year-old motorcycle driver stopped to turn left onto Old Mill, the 21-year-old driver of the pickup truck failed to slow down and collided with the motorcycle. The driver died and the passenger was treated for serious injuries at Moses Cone Hospital. The pickup truck driver was uninjured.

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