Even the most educated entrepreneurs may make some unintentional mistakes as they take the first steps to start their business. While some of these errors may be easily remedied, others have more serious legal ramifications. With guidance from a corporate attorney, business owners can protect themselves from potentially damaging litigation. Read below to learn about some of the most common legal issues that small businesses face and how the Dallas law firm of Ritter Spencer PLLC can help.
After a tumultuous 2020, many business owners wonder what the economy both in the United States and abroad will look like in the new year. While all the effects of the coronavirus pandemic are far from predictable, the experienced team at the Dallas law firm, Ritter Spencer PLLC, has researched a few possible directions the 2021 economy will go. Read below to learn about our thoughts on economic recovery in 2021 and what businesses can expect.
Rocky, troubling, tumultuous, uncertain, uncharted, unprecedented, and unpredictable times: due to the novel coronavirus, COVID-19, we continue to see these ominous descriptions in coronavirus coverage. Society has had to adapt as this pandemic ravages our way of life. Businesses throughout the world are dealing with the economic fallout COVID-19 has caused, and the cannabis industry is no exception. Numerous cannabis companies, already plagued by financial woes prior to this pandemic, are struggling or are unable to perform contract obligations. A prime example of this is illustrated in the ongoing lawsuit between Kentucky hemp company Third Wave Farms, LLC (“Third Wave”) and Oregon CBD processor Pure Valley Solutions, LLC (“Pure Valley”). Third Wave sued Pure Valley to get out of their contract based on obligations Pure Valley allegedly was unable to meet and based on the force majeure clause of the contract coming into effect.
The novel coronavirus, COVID-19, has impacted nearly every industry, and the cannabis industry is no exception. As the United States economy continues to experience instability and uncertainty, cannabis companies face increasingly difficult challenges, particularly since the legal cannabis industry remains in flux in most states. Some hemp and cannabis business owners have continued operations as usual, while others have closed their doors completely. It is difficult to navigate the cannabis industry during these stressful and unprecedented times, but cannabis lawyers are able to provide experienced counsel and support as needed. Below, we discuss four critical actions cannabis businesses should consider amidst the COVID-19 threat.
One day, the global pandemic surrounding the coronavirus will end, and countries and states will reopen. The question on every business owner’s mind, however, is when this will happen. Both small businesses and massive corporations are struggling through this global humanitarian and economic crisis, and there are a lot of unknowns about the future after this pandemic runs its course. Companies struggling to survive this crisis may wonder what their future will look like and how they can recover. The team at Dallas law firm, Ritter Spencer, is here to advise and support business owners as they work to strengthen their company after the coronavirus.
No company wants to consider bankruptcy, especially during a situation as tumultuous as the coronavirus outbreak. Unfortunately, bankruptcy is a reality for many businesses. Debts can quickly get out of hand when the economy contracts, especially when it does so broadly and unexpectedly. However, the unique legislative and economic environment surrounding the COVID-19 pandemic is providing small businesses with options designed to help them survive this challenging situation. Work with a commercial bankruptcy attorney like the team at Ritter Spencer PLLC to learn more about how filing for bankruptcy may help small businesses survive an economic downturn.
Rent is generally due at the first of the month. Many landlords are undoubtedly concerned that their clients will not pay rent this month and for good reason. The country has unprecedented numbers of unemployed individuals, and many businesses are closed, from restaurants and bars to after-school programs and malls. Government programs have been enacted, but the money from those programs will take at least a few weeks to be paid to individual and commercial tenants. Dallas-based lawyer,David Ritter, explains what this means for landlords and tenants in Texas.
Many small businesses are asking about the Paycheck Protection Program, which is a large part of the Coronavirus Aid, Relief and Economic Security Act, or the CARES Act, passed by Congress and signed by the President on March 27, 2020. The Paycheck Protection Program will provide loan assistance to small businesses and is designed similar to a grant program to be paid by the government to keep small businesses operating. The Paycheck Protection Program is essentially free money for small businesses to use to stay afloat and prevent mass layoffs as a result of the COVID-19 pandemic.
As we wade through the tumultuous fallout and turmoil from the coronavirus, small businesses face seemingly insurmountable economic burdens. Commercial bankruptcy attorney, David Ritter, explains what the Small Business Reorganization Act of 2019 entails and how it can benefit small businesses in this time of crisis.
Debts build up, cash flow changes, economies rise and fall, and uncertainties increase, and entrepreneurs and business owners may need to reevaluate their financial standing accordingly. However, running into financial trouble does not necessarily mean that a company needs to close shop and declare bankruptcy. Restructuring and reorganization strategies developed by an experienced commercial bankruptcy attorney give business owners more flexibility in finding a solution with their creditors rather than declaring bankruptcy.