Itâs unfortunate that many individuals only contact a business lawyer when they have a legal problem. Partnering with a business law firm in Wichita sooner, rather than later, can help you minimize or avoid problems altogether. However, it isnât always easy to select the right business lawyer to suit your needs. Plan on investing a little time comparison shopping to make sure the lawyer you choose is the right one for you.
Look for a Firm with the Right Experience
There are many different types of lawyers. If you need help with a very specific area of the law, such as laws that pertain to agribusiness or land use, itâs particularly important to select a corporate attorney with the right background. You can learn about a lawyerâs background by checking his or her website for a biographical area. Lawyers often list information such as which law school they graduated from and which areas of the law they specialize in. Many lawyers also list examples of cases theyâve worked on and their outcomes as proof of their successful track record. Many prospective law firm clients use information on lawyersâ websites to narrow down their list of possible choices.
Prepare for an Initial Consultation
Once youâve identified a few lawyers who appear to meet your criteria, you can schedule initial consultations with them. During these brief meetings, youâll discuss your situation with the lawyer and ask any questions you may have that can help you make your decision. To get the most out of your appointment, spend a little time preparing for it. Gather together all of the paperwork that is relevant to your case; the lawyer may wish to review it. Develop a clear idea of your ideal outcome for your case and prepare a list of questions to ask the lawyer. Often, prospective clients ask questions about the approach the lawyer might take to the case, whether the lawyer will personally handle the case, and what outcomes the lawyer achieved on prior cases that were similar to yours.
Evaluate the Meeting
After you meet with the lawyer, you may wish to take a few days to evaluate the interaction before you make a hiring decision. Consider whether the lawyer appeared open to questions, whether he or she has the necessary experience, and whether you feel comfortable working with him or her.
Unlike individual petitioners, businesses cannot file for bankruptcy without consulting with a business tax lawyer serving Wichita . Failure to seek business attorney representation can lead to charges of unlawful practice of law. However, before consulting with a lawyer, the business needs to gather certain pieces of financial information.
In this video, a business attorney explains what kind of information a business needs to gather for its lawyer. For example, the business needs to collect copies of tax returns, profit and loss statements, accounts receivable, inventory, and the names and addresses of the creditors. The attorney uses this information to prepare the bankruptcy schedules and petition to file with the court. Thirty days after filing the petition, a trustee will look into the businessâs assets, liabilities, and accounts receivable. The trustee will also review tax returns and income statements.
Section 1031 exchanges allow someone to trade investment properties on a tax-deferred basis. These transactions donât have to involve identical types of property, so someone can swap an apartment building for a shopping center, or a piece of empty land for an office building. To ensure proper execution of a Section 1031 transaction, the filer should first meet with a business lawyer in Wichita .
Section 1031 transactions were originally designed for someone to exchange properties of equal value, so that neither party in the exchange would have to pay taxes on the properties exchanged. However someone wishing to exchange unequal properties can still do so with the help of a business attorney. Someone who exchanges unequal properties can still make the transaction without having to pay capital gains tax on the difference. However, this person would have to pay cash or assume a mortgage on the bigger property to account for the value difference in the smaller property. In this case, a business lawyer may suggest working with an escrow agent, which turns the transaction into a three-way deal. Once the escrow agent obtains the title to the deed, he or she can then transfer the property back.
Starting a farming business requires planning a business, procuring land, securing financing, and understanding agricultural law. For this reason, you should seek guidance from an agribusiness attorney near Wichita . Your agricultural lawyer can help you develop the vision and values for your farm while helping you carefully plan to manage risk.
Select a farm specialty
There are three categories of farmingâcrop, wind and animal farming. While crop farmers grow plants, like corn or trees for lumber, animal farmers raise animals for food products like milk and beef. Government grants have created the new farming specialty of wind farming, where farms utilize wind turbines to harness wind energy. Farmers should base their specialty decisions based on their locations and their levels of education.
Develop a business plan
Working with a business lawyer is a great way to develop a farm business plan, which covers startup expenses, operating expenses, and projected profitability. A farmer must develop a business plan in order to apply for farm loans and government grants. Contacting the state agricultural department can help a farmer obtain information on crops, product distribution and warehousing information. An agricultural law firm can also help a new farmer apply for federal, state and county grants.
A farmer needs financing for the farm, the equipment and for living expenses. For this reason, itâs essential for a farmer to include living expenses as part of the business plan because his or her income will be delayed until the farm produces. An existing farm can obtain cash grants, including crop or dairy subsidies. A new farm can apply for loans from the United States Department of Agriculture. Monitoring and controlling finances is crucial for a farmâs survival, so itâs a good idea to work with an accountant as well as an agricultural lawyer.
All business regulatory laws apply to farming, so itâs crucial for a farmer to become familiar with agricultural and business law. An agricultural law attorney can help a new farmer properly structure the farm as a sole proprietorship, partnership, or limited liability company.
On February 7, 2014, Congress signed the Agricultural Act of 2014 into law, which authorizes nutrition and agriculture programs in the United States between 2014 and 2018. Additionally, the Bill authorizes the spending of approximately $956 billion over the next ten years. The farm bill is the federal governmentâs primary agricultural and food policy tool, so itâs important to discuss the Actâs implications with an agricultural lawyer near Wichita .
Approximately every five years, Congress passes a comprehensive omnibus bill to address agricultural law. Usually, it amends or suspends provisions of permanent law. Congress may also pass a bill that amends or repeals provisions of earlier temporary agricultural acts. Since 1973, farm bills have included titles on trade, rural, farm credit, agricultural research, and nutritional programs. The farm bill was first created during the Great Depression in an effort to help farmers who were financially struggling with excess crop supplies. These bills can be very controversial, as they impact international trade, environmental conservation, and food safety.
Provisions of the bill
The Agricultural Act of 2014 cuts $8 billion from the Supplemental Nutrition Assistance Program. However, the bill does allocate $200 million extra in funding to food banks. The bill also institutes income caps on farm subsidies, implements a price support program for dairy farmers, and terminates direct payment subsidies. Previously, direct payment subsidies compensated farmers whether or not they actually grew crops, which cost $5 billion per year. The bill also eliminates federal restrictions on growing industrial hemp, allowing states that have legalized hemp manufacturing to set up research programs on the benefits.
An agricultural law firm closely follows how the farm bill impacts agribusiness across the country. An agricultural lawyer understands the regulatory issues facing agricultural producers and agricultural service providers. The Agricultural Act of 2014 was first introduced into the United States House of Representatives as the Federal Agricultural Reform and Risk Management Act of 2013. After the Senate voted to amend the bill, the House voted to pass the bill on January 27, 2014. On February 4, 2014, the Senate approved the full five-year bill.