North Carolina residents who own their own business can take steps to ensure that they have an effective succession plan for their business. There are various options they can pursue to transfer control of the business, such as establishing employee stock ownership plans or selling ownership of the business to family members, key employee or an outsider.
Some business owners in North Carolina opt to sell their business because it's no longer viable. Other entrepreneurs in the Tar Heel State might decide to sell because they view their business as an asset that can grow and build. In some instances, a business owner is randomly approached by an investor, an enterprising individual or another business wishing to make an offer to purchase all or part of their company or otherwise buy business-related holdings and assets.
Buying or selling a business in North Carolina raises many issues that entrepreneurs have to deal with. The process of transferring an ownership interest should include an examination of the factors that make the business unique. Someone selling a business may open themselves up to liability if contracts, employee issues, intellectual property, tax matters and financial statements are not in order and correctly addressed in the deal.
In North Carolina and other states, a statute of limitations may apply in a wrongful death case. Once the statute of limitations expires, an individual is generally unable to pursue legal action in the matter. The time in which a person has to file a suit in a wrongful death case begins when the cause of death is known or should have reasonably been known. In some cases, this may begin before an individual passes away.
Small business owners in North Carolina are often deeply attached to their businesses, especially if they have been passed down through the family or built from the ground up by the founder. However, as time goes on, many owners may think about selling their businesses. The decision can be difficult emotionally and practically, despite the potential financial benefits. In particular, family companies with close ties to their communities have specific concerns when it comes to selling.
North Carolina business owners who are looking to sell their companies should assemble a team to help them complete such a transaction. However, they may also need to prepare their families for how the sale could impact their lives. Roughly 70 percent of those who inherit wealth lose it by the end of the second generation. This is generally attributed to a lack of trust and communication between business owners and family members.
Two companies have teamed together to minimize accident risks for commercial truckers in North Carolina and other parts of the country. The collaboration is meant to reduce issues with driver fatigue that could contribute to serious or fatal accidents. Part of the data collected for the system developed by the companies looks at hours of service (HOS) information to produce driver safety ratings based on a red, green and yellow scale -- with red indicating potential safety issues.
A North Carolina truck driver has been charged for his role in a serious motor vehicle accident that took place on Oct. 26. The crash occurred in Craven County at around 7:57 a.m.
North Carolina business owners and others who are thinking about selling their companies should work to improve organizational efficiency. A company that runs at peak performance tends to attract more interest from potential buyers. To improve efficiency, a company can create training programs for employees or upgrade the technology it uses on a regular basis. Even small technological upgrades could allow for a significant return on investment.
The realities of the business world make contract disputes inevitable in North Carolina and around the country. When parties renege on their contractual commitments or do not interpret an agreement's provisions in the same way, an experienced attorney taking a proactive approach can mean the difference between a swift and amicable resolution and a long and costly legal action.
When people in North Carolina get behind the wheel while exhausted or pick up their phone while driving, they can pose a serious danger to others on the road. The consequences are often magnified when a large commercial truck is involved. Motor vehicle accidents that involve semi-trucks are far more likely to cause injury or even fatalities for people in other vehicles due to the size and weight of the truck. Therefore, reducing dangerous and negligent truck driving is a key priority for improving roadway safety.