General

Alternatives to Bankruptcy for Small Business

An owner of a business in financial distress may seek options to bankruptcy to liquidate or reorganize the business.   Non-bankruptcy alternatives for either restructuring or liquidation may be less costly and more efficient for the business owner.  Similarly, secured lenders seeking to foreclose on their collateral may find that non-bankruptcy alternatives provide the most cost-effective…

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Supreme Court adopts broad view of “actual fraud”

In a recent decision, the United States Supreme Court ruled that “fraudulent conveyance schemes” fall within the definition of “actual fraud” for non-dischargeability purposes under the Bankruptcy Code.  The Court overruled the Fifth Circuit which had held that a misrepresentation was a necessary element of “actual fraud.”  The Court held that “actual fraud” as it…

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5 Landlord Protections When Negotiating Commercial Leases

To be enforceable, a commercial lease need only address the parties, the property, the rent to be paid and the duration of the lease. Otherwise, parties to commercial leases are accorded broad latitude in defining their rights and obligations.  Further, contrary to the myriad of restrictions on residential landlords in drafting and enforcing leases, Michigan…

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Letters of Intent – Are they Binding?

“A good intention, with a bad approach, often leads to a poor result.” — Thomas A. Edison Parties to commercial transactions often enter into letters of intent prior to negotiating and documenting a definitive agreement regarding the transaction.  For example, a potential seller and purchaser of real property may sign a letter of intent outlining…

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Protecting Trade Secrets

By Laura Eisele ©2015 Protecting intellectual property is not just an issue for large companies who can incur the expense of filing registrations with federal patent, copyright and trademark offices. Most small businesses have confidential information that may qualify as a trade secret. Trade secrets are protected by maintaining the data’s secrecy, not by registration…

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