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Lusk Law Client Spotlight: 22 Karrots Health & Wellness Bar

At Lusk Law, LLC, we’re incredibly proud of the relationships we build with clients. We’ve had the pleasure of working with many business owners who are inspiring and forward-thinking individuals. One of our clients, Lauren Cross, recently launched a new business venture called 22 Karrots Health & Wellness Bar. Lauren is a juice junkie, health enthusiast and the perfect ambassador for the health-conscious and delicious offerings she’s serving to patrons in Frederick, Maryland. Lauren was kind enough to share with us her story and her business goals. Tell us about yourself and your business.  My name is Lauren, drawing from my roots in the Frederick community and my 10 years of business, project management, and accounting experience. My position at a leading accounting firm in Bethesda, MD, has propelled me to master critical skills, including the management of customers, vendors, and business partners, multitasking, resolving discrepancies and complaints, and much…

Buying a Business? Consider Getting an Attorney’s Help

Business litigation attorneyIt’s part of the DNA of any business: a desire to expand and take on new challenges. One time-honored way for a business to do that is to simply acquire another business. Or, rather, it may seem simple – but as with many transactions in the business world, there are complexities beneath the surface, and a smart business owner will not tread those waters alone. Know the Different Types of Business Purchases When structuring the sale and purchase of a business, there are two options: an asset purchase or a stock purchase. Both have advantages and disadvantages, and to make the right choice, you need to understand the implications of each type, including what is actually included in the sale under each structure and the tax implications of both. In an asset purchase, the buyer agrees to purchase certain assets from the seller, including things such as fixtures, equipment, licenses,…

Maryland Business Owners: Don’t Forget to File Your MD Personal Property Tax Returns

file your personal property taxesOne of the challenges of owning and operating a small business is making sure that you stay on top of all the filing deadlines required to keep everything in good standing with the state where you registered your company. Otherwise, you run the risk of losing the legal authority to operate your business, and it will require time and money to make things right. In the Old Line State, one deadline that business owners need to pay attention to is the deadline for filing Maryland personal property tax returns. Here's what you need to know. The Good News: A Streamlined Assessment Process Other states have multiple local jurisdictions that handle the administration of personal property. But in Maryland, one single agency, the State Department of Assessments & Taxation (SDAT), handles everything other than real estate property, including office furniture, machinery and equipment, tools, inventory, and supplies. This is an advantage to…

Understanding a Tenant’s Right of First Refusal

Tenant's right to first refusalThe concept behind the right of first refusal is fairly straightforward: Contractually, it’s a right granted to Entity A to enter into a business transaction with Entity B before anybody else is able to. If Entity A decides not to take part in the transaction, Entity B is then free to negotiate with other potential buyers. Often, this concept appears in real estate transactions, where the seller grants a certain party the right to purchase a property before anybody else can. Many leases executed between tenants and landlords contain a right of first refusal clause. In Baltimore City, however, a tenant’s right of first refusal is on the legal books, established in Subtitle 6 of Article 13 of the Baltimore City Code. What does the law say? The Tenant Opportunity to Purchase Act (TOPA) maintains that “before title to any single-family residential rental property is voluntarily transferred, the tenant of…

Title or Deed: Which One Do You Need?

Real estate attorneyYou’ve been working for months on that complex real estate transaction, and it’s finally coming together. Just a little paperwork left to be completed, and you’ll be ready to receive the deed. Or wait—is it the title? Most of the public uses the two terms interchangeably, and in the public mind both words represent the same general concept: proof of ownership of a property. But in legal terms, “deed” and “title” have quite different meanings; and if you have any hope of making sense out of a real estate deal, you need to understand the distinction. Titles vs. Deeds When you own a property completely, it’s true that you will possess both the title and the deed. But there’s only one of those things that you can file away in a file cabinet. "A deed is a legal document used to confirm or convey the ownership rights to a property,"…

Why Is a Business Succession Plan So Important?

Business Succession planning attorneysFor many entrepreneurs, the present day is challenging enough. Starting and managing the day-to-day affairs of a business is a massive effort that can leave even the cleverest owners with little energy left to think about tomorrow. But every small business, sooner or later, will face the reality that its leader won’t be around forever. Planning for what happens after a founder moves on can mean the difference between success or failure for the business. The Second Generation—and Beyond The statistics are inarguable: Family businesses are an enormous part of the American economic landscape. Research has shown that family businesses account for 64 percent of U.S. gross domestic product, generate 62 percent of the country’s employment, and account for 78 percent of all new job creation. But research has also shown that less than one-third of family businesses survive the transition from first- to second-generation ownership. Another 50 percent don’t survive the transition from…

What is the Impact of Low Unemployment on Small Business Owners?

Low unemployment numbers are great for the economy, but not always for small business owners. In late 2018, unemployment numbers in the United States dropped to 3.7 percent. According to a report from NPR, this was the lowest point in nearly 50 years. This means more Americans are working abd putting more money into the local economies. This is beneficial to business owners, because more money in the local economy means customers and clients have more to spend with businesses. But for small business owners considering making a hire, this lower unemployment number also means that the pool of available employees is shrinking. Here is what today’s business owners need to understand about the mixed blessing of low unemployment. Many Small Businesses Concerned About Filling Available Positions A strong economy means growth for small businesses, and with growth comes a need to hire additional employees. In a recent survey, 29 percent of…

A New Year, a New Business Plan?

Maryland Busniess Planning AttorneyNew Year's is a time for personal reflection, for recommitting to old goals and making resolutions. But what about your business? Like you, it probably could use some fine-tuning. The first of the year is the perfect time to make a new business plan, one that sets new objectives and determines the goals most needed to move the company forward. Scheduling some time at the beginning of this year to create a new business plan will give you renewed faith in your enterprise and the motivation to implement some much-needed changes. Plan for the New Five (or Ten...or 15) Years The way people do business is changing all the time. That's why making a five-year plan is so important. The plan lets you ... take stock of where the business is right now develop a clear break-down of your goals and the steps needed to attain each goal consider how…

New Insight for Women Entrepreneurs

New Insight for Women EntrepreneursIf you’re a woman thinking of starting your own business, you’re not alone. According to SCORE, a national nonprofit dedicated to helping small businesses, women-owned businesses currently make up 39 percent of the 28 million small businesses in the United States. And, SCORE notes, that number is rising. Between 2007 and 2016, the number of women-owned businesses rose 45 percent—five times the national average, according to the U.S. Census Bureau. SCORE recently released the results of a wide-ranging survey of more than 12,000 female entrepreneurs. The report, “The Megaphone of Main Street: Women’s Entrepreneurship,” contains several key insights on the unique opportunities and challenges these business owners face. Why did these women start their businesses? They reported many different motivations, such as open opportunities, family considerations, job changes, and financial necessity. One interesting detail is how the reasons differed for each age demographic. Most of the women surveyed under age…

When Can a Landlord Evict a Tenant?

When Can a Landlord Evict a Tenant?Although most landlords would agree that it’s far better to have a long-lasting, profitable relationship with a steady tenant, there may come a time when evicting a tenant is the most tenable option for your property, security, and profitability. But evicting a tenant is not as simple as changing the locks and putting furniture on the curb. As with most dealings between landlords and tenants, there are very specific laws governing evictions. Eviction for Nonpayment of Rent In Maryland, in order for a landlord to evict a tenant before the tenancy has expired (meaning before the lease or rental agreement is up), he must have a legal cause to do so. The most common legal reason is failure to pay rent—and when that is the case, the landlord does not have to give the tenant notice before beginning the eviction process. The landlord can file an eviction lawsuit against the…