Focus Areas

Choice of Entity

Business Formation and Start-Ups
How should you structure your business? Sole proprietor? Partnership? Limited partnership? Limited liability company? C-corporation? Sub-chapter S corporation?

We’ll explain what these terms mean in a way you can understand, and we’ll figure out which one is best for you, based on capitalization, compensation, distribution, and allocation of profits and losses. We’ve been helping Philadelphia businesses understand the pros and cons of each of these structures for over 20 years. Let us help you make the right decision.

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Counseling Shareholders, Officers and Directors

We counsel and represent officers and directors of privately held companies on their rights, duties, and obligations to their company. We also represent officers, directors and shareholders of businesses in the midst of bankruptcy. This includes defending lawsuits against personal guarantees of corporate obligations, and the advising of rights and obligations when the business has entered the “zone of insolvency.”

We recently counseled a 45% shareholder of a Philadelphia company on an improper, multi-million dollar loan taken by another shareholder. A complaint was prepared and sent to the other side, and through creative and aggressive lawyering, the case was settled without the need of filing a lawsuit.

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Short Sales

What is a short sale?
A short sale is when the lender will accept less than the full amount due on a mortgage when a property is sold. Usually, the lender will accept the short sale to avoid the time and expense of a foreclosure. More and more homeowners are looking to this practice as a way to avoid a costly foreclosure. If a property goes into foreclosure, the lender can lose up to 40% of the mortgage amount because of the extra costs involved with foreclosing on a property. Also, foreclosing on a property can take up to one year in some states. Therefore, it is sometimes in the best interest of the lender to accept a short sale.

It can also be in the best interest of the borrower to not have to endure the time and stress of a foreclosure and their credit may not be as adversely affected as it would with a foreclosure.

How are short sales done?
There is no uniform way that banks do short sales. Each bank has its own process. Often the processes are time consuming, particularly with banks or lenders that are dealing with hundreds, if not thousands, of loans in default. Bear in mind that lenders do not want to foreclose on properties, because they then have the properties in their inventory and they have to pay to carry those properties. Convincing a lender to short sell a property can be very difficult.

While there is no uniform short sale process, the lenders usually require the borrower to submit a lot of information in order to consider the short sale. Among the documentation generally required is income and tax information, bank statements, a hardship letter, information regarding the fair market value of the property, the listing agreement for the sale of the property and information regarding the status of the attempted sale of the property.

Are there any other issues?
The lender can still come after the Borrower for the difference or the deficiency. Also, there may be tax issues with the Internal Revenue Service.

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Contracts

They are long and difficult to understand. The best contracts are readable, understandable, provide you with the protections you need, but don’t scare the other side from signing it.

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Purchase and Sale of Businesses

If you want to buy a business, how do you know you are only buying what you want and need and not purchasing someone else’s problems? Similarly, if you are selling a business you need to make sure you are getting full value. In either case, the deal must be properly structured.

The Firm also represents individuals and businesses interested in purchasing businesses and assets from companies in bankruptcy.

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Copyrights and Trademarks

Navigating the waters of trademark and copyright law on your own can be a daunting task. Our experienced lawyers will assist you with all aspects of registration, protection and licensing and ensure your rights are enforced. The attorneys will advise you in selecting an effective, strong mark and will assist you in the process of registering the mark.

You have spent a lot of time and money developing your product or writing your book. What do you do if you are surfing the Internet and find that someone is using your work for their own benefit? The attorneys at Bovarnick and Associates have experience in addressing these violations, on both small and large scales. Recently, the attorneys from Bovarnick and Associates teamed up with one of the premier law firms in an international infringement case. Through creative and aggressive lawyering, the case settled weeks after a lawsuit was filed. This allowed the client to focus on its business, rather than focusing on paying lawyers.

The attorneys at Bovarnick and Associates also defended a case where a client was accused of selling counterfeit goods. The case was settled quickly, quietly and at nominal cost.

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Focus Areas Service Inquiry

 

Verification