9 Key Business Mistakes that May lead to Litigation:

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Whether you are a veteran business owner or just starting out, there are some key mistakes you can make that often lead to litigation. No one wants to be the object of a lawsuit, so I thought I would take a minute and highlight some common mistakes that sometimes lead to suits and how to avoid them:

  • Form a business entity. Make sure you know what type of entity to form and that you check all the correct boxes as you move through the process. 
  • Obtain insurance. We insure our homes, our cars, and even our wedding rings. Your business should be no exception. Where there is equity, there is risk, and insurance ought to be one of the first things on your checklist as you build your business. 
  • Write it down. It’s important that you require all business agreements be hammered out in contract form, looked over by an attorney, and signed on the dotted line. Leaving this to chance never ends well. 
  • Protect your intellectual property (IP). If you think of it, you own it. Do not dismiss the importance of IP and how imperative it is to protect it as you scale your business. 
  • Trust your employees. No one likes to be micromanaged, and traditionally speaking, employees who are trusted to do their jobs correctly are more content and less likely to cause issues down the road. 
  • Hire smart. If you hire the right employees, making sure to flesh out references and pay attention to red flags, you will build a business that runs smoothly and help avoid litigation.  
  • Understand local laws. From copyright laws to taxes, there is a lot to wade through. Failure to put in the work to understand these laws can cause real problems down the road. Be sure to get a lawyer involved earlier than later to help navigate these issues. 
  • Prioritize accurate bookkeeping. Messy accounting has been the nemesis of many business owners. If this is not your cup of tea, consider hiring someone to help out.
  • Pay quarterly taxes. Getting behind on taxes is a bad way to run a business. Keep up on all of your accounts, especially taxes, to avoid issues later. 
  • Under promise and overdeliver. Customers do not like to be disappointed. Be careful not to make promises you can’t keep. Under guarantee results so you can overdeliver, ensuring customer satisfaction.

As always, please reach out if you want to chat more about this topic. We have attorneys ready to discuss your needs. More information on our team is available at ravosalaw.com.

Distracted Driving Awareness

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🚨 Distracted driving is a serious issue that affects countless lives. As lawyers, we’ve witnessed the devastating consequences firsthand. Let’s make a change together. Spread the word about the importance of driving without distractions. Share this post to help keep our roads safe. 💛🚘

Did you know?

• Each year, about 3,000 lives are lost due to distracted driving.

• Distracted driving accounts for about 8% of fatal car accidents.

• Young drivers, especially those aged 25 to 34, are more prone to distracted driving accidents.

• Drivers spend an average of 1:38 minutes on their phones per hour of driving.

• Almost all states have laws against texting and driving, with 27 banning hand-held cell phones while driving altogether.

If you have been in a car accident contact us today to speak with an attorney right away. You can reach us through ravosalaw.com.

This is only intended to be information and does not constitute legal advice, nor does it create any attorney-client relationship with the firm.

Bankruptcy & Credit Scores

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I wanted to address a common misconception regarding bankruptcy and its impact on credit scores. Many clients believe that a bankruptcy filing will ruin their credit for the 7 to 10 years it remains on their credit report. However, I would like to assure you that this is simply not the case.

In fact, for individuals who need to file for bankruptcy and have a low credit score prior to filing, they often actually experience an improvement in their credit score after the filing. This is because the bankruptcy stops any further negative reporting from delinquent accounts.

However, it is important to note that improving your credit score further after bankruptcy will require some effort. It will involve implementing responsible financial habits, such as making timely payments, keeping credit utilization low, and gradually rebuilding your credit history.

If you are considering bankruptcy and have concerns about your credit, I would be more than happy to provide guidance. Please feel free to reach out to one of our bankruptcy attorneys at your convenience. You can contact us through ravosalaw.com, or call us at 508-655-3013.

The Benefits of a Trust Fund

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There are significant benefits of establishing a trust fund. A trust fund can be an invaluable tool for managing and preserving wealth for both individuals and families.

While the need for a trust fund may vary depending on individual circumstances, there are several situations where it can be particularly beneficial:

  • 1. Minors or individuals with special needs: A trust fund can ensure that the financial needs of minors or individuals with special needs are met, even in the absence of their parents or guardians.
  • 2. High net worth individuals: Those with significant assets can use a trust fund to protect their wealth, manage tax implications, and ensure a smooth transfer of assets to future generations.
  • 3. Business owners: A trust fund can help business owners protect their business assets, plan for succession, and provide for their families in case of unforeseen circumstances.
  • 4. Charitable giving: Establishing a trust fund can facilitate philanthropic endeavors, allowing individuals to support causes they care about and leave a lasting impact.

One of the key advantages of a trust fund is the ability to protect and control assets. By placing assets into a trust, you can ensure that they are safeguarded and managed according to your specific wishes. This can be particularly beneficial for individuals who want to provide for their loved ones or support charitable causes even after they are no longer around.

Another advantage of a trust fund is the potential for tax savings. Depending on the type of trust and the jurisdiction, you may be able to minimize estate taxes, income taxes, and capital gains taxes. This can help to maximize the value of your assets and provide more for your beneficiaries.

Furthermore, a trust fund offers privacy and confidentiality. Unlike a will, which becomes a matter of public record after probate, a trust allows for the discreet transfer of assets without the need for court involvement. This can help to maintain the privacy of your financial affairs and protect your family’s sensitive information.

Lastly, a trust fund can provide flexibility and customization. You have the ability to set specific conditions and instructions for the distribution of assets, ensuring that your wishes are carried out precisely. This can be particularly useful for individuals with complex family dynamics or unique financial goals.

In conclusion, a trust fund offers numerous benefits, including asset protection, tax savings, privacy, and customization. If you are interested in exploring the possibilities of establishing a trust fund, I would be more than happy to discuss this further with you.

Thank you for your time, and please do not hesitate to reach out to our firm if you have any questions or would like to schedule a consultation.

This is only intended to be information and does not constitute legal advice, nor does it create any attorney-client relationship with the firm.

Offers In Compromise

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I want to share a potential solution for individuals facing overwhelming tax debt.

An offer in compromise is an agreement between a taxpayer and the Internal Revenue Service (IRS) that allows the taxpayer to settle their tax liabilities for less than the full amount owed. This program is designed to help taxpayers who are unable to pay their tax debt in full and provides them with a fresh start towards financial stability.

There are several benefits to consider when exploring offers in compromise:

1. Reduced Tax Debt: With an OIC, you have the opportunity to settle your tax debt for a significantly reduced amount, potentially saving you thousands of dollars.
2. Flexible Payment Options: The IRS offers various payment options, including lump-sum payments or installment plans, making it easier for you to manage your financial obligations.
3. Relief from Collection Actions: Once your offer in compromise is accepted, the IRS will halt all collection activities, providing you with much-needed relief from wage garnishments, bank levies, and other enforcement actions.

If you are interested in pursuing an offer in compromise, it is crucial to seek professional assistance. A tax professional can guide you through the complex process, help you determine your eligibility, and negotiate with the IRS on your behalf.

At Ravosa Law Offices, Attorney Matthew Hamel specializes in assisting individuals like yourself in resolving their tax issues. He can assess your situation, explore the possibility of an offer in compromise, and provide you with personalized guidance every step of the way.

If you would like to learn more about offers in compromise or discuss your specific tax situation, please don’t hesitate to reach out to us. We are here to help you regain control of your finances and find a viable solution to your tax debt. Call Attorney Hamel today at 508-655-3013.

Three Ravosa Law Offices, PC Attorneys Named to 2023 Super Lawyers List!

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Ravosa Law Offices, P.C. is excited to announce one of its attorneys was selected as a 2023 Super Lawyer and two of its attorneys were selected as 2023 Rising Star Super Lawyers!  

2023 Super Lawyer

Richard. S. Ravosa (Bankruptcy, Civil Litigation) was selected as Super Lawyer for the fifth year in a row. 

2023 Rising Star Super Lawyer

Michelle L. Cote (Personal Injury, Civil Litigation) was selected as Rising Star Super Lawyer for the fifth year in a row.

Cynthia R. Ravosa (Bankruptcy) was selected as a Rising Star Super Lawyer. 

The Super Lawyer selection process is a rigorous process conducted by an impartial selection committee. No more than 5% of lawyers in the Commonwealth of Massachusetts are selected annually as Super Lawyers. No more than 2.5% of lawyers in the Commonwealth of Massachusetts are selected annually as Rising Star Super Lawyers. The Rising Star designation is for lawyers who are 40 years old or younger and/or have been in practice for less than 10 years. 

Congratulations to Attorney Richard S. Ravosa, Attorney Michelle L. Cote and Attorney Cynthia R. Ravosa for this well deserved achievement! 

Today is National Falls Prevention Day

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With changing temperatures come seasonal hazards, so we wanted to pass along some tips to help keep you and your loved ones safe and injury-free:

  1. Watch your step: Be cautious when walking on wet or slippery surfaces, especially after rain or when leaves accumulate. Walking at a slower pace and taking smaller steps will help you maintain stability.
  2. Clear your paths: Keep your sidewalks and driveways clear of leaves, debris, or potential obstacles. Regularly sweep or rake them to prevent accidents for yourself and others in your neighborhood.
  3. Wear appropriate footwear: Choose footwear with good traction and non-slip soles. Avoid high heels or shoes with smooth bottoms that may increase the risk of slipping.
  4. Proper lighting: As the days grow shorter, ensure that outdoor areas are well-lit to improve visibility during the evening and early morning hours.

If you or someone you know has suffered injuries due to a slip and fall incident, don’t hesitate to reach out. Our attorneys specialize in personal injury law and can provide guidance and support in navigating legal matters related to claims like these and others. 

Even if you’re not sure an accident was a “slip and fall,” call our office. We have attorneys happy to listen and offer their expertise.

Child Passenger Safety Week – September 17-23

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This week is Child Passenger Safety Week, taking place from September 17-23. During this week, we’re committed to providing you with vital information and actionable tips to ensure the safety of your smallest passengers.

First, a few key facts:

4 Tips to Ensure Child Passenger Safety

  1. Select the right car seat: Use a rear-facing car seat for infants and toddlers until they reach the maximum weight or height limit specified by the manufacturer. Move to a forward-facing car seat with a harness when your child outgrows the rear-facing seat and then to a booster seat until they can properly fit in a seat belt–usually around 4 feet 9 inches tall. Get custom guidance here. 
  2. Install the car seat properly: Follow the car seat manual and your vehicle’s owner’s manual for correct installation instructions. Ensure the car seat is securely installed and does not move more than one inch side-to-side or front-to-back. Place the car seat in the back seat, preferably in the middle.
  3. Insist on seat belt safety: Teach your children the importance of buckling up every time they get in the car and set a good example by wearing your seat belt. Ensure the seat belt fits properly: the lap belt should rest on the upper thighs, not the stomach, and the shoulder belt should cross the shoulder and chest, not the neck.
  4. Complete regular car seat checks: Take advantage of free car seat inspections by a certified Child Passenger Safety Technician to ensure your child’s seat is correctly installed.

By implementing these guidelines and staying informed, we can work together, this week and always, to significantly reduce risk and protect the most vulnerable in our community. 

If you have any questions about child passenger safety or any other legal matters, please don’t hesitate to give us a call. We’re here to do whatever we can to keep your family safe and secure.

Benefits of Incorporating Your Business

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Incorporating your business can provide numerous benefits that can help you achieve long-term success and protect your personal assets.

First and foremost, incorporating your business separates your personal and business liabilities. By forming a legal entity, such as a corporation or a limited liability company (LLC), you create a distinct legal entity that is separate from yourself. This means that your personal assets, such as your home or savings, are protected in case of any business-related lawsuits or debts.

Incorporating your business also enhances your credibility and professionalism. When you incorporate, you gain a professional image that can attract more customers, clients, and investors. It demonstrates that you are serious about your business and are committed to its long-term growth and success.

Furthermore, incorporating your business can provide tax advantages. Depending on your jurisdiction, you may be eligible for various tax deductions and benefits that are not available to sole proprietors or partnerships. This can help you save money and reinvest it back into your business.

Lastly, incorporating your business can facilitate easier access to funding. Many lenders and investors prefer to work with incorporated businesses as they offer more stability and legal protection. By incorporating, you may have better access to loans, lines of credit, and investment opportunities that can fuel your business growth.

If you are serious about taking your business to the next level and safeguarding your personal assets, it is highly recommended to consider the option of incorporation.

If you have any questions or would like further information, please feel free to reach out to our office.

What to Know: Fraud, Bankruptcy, and Supreme Court Ruling

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A 2023 ruling by the Supreme Court that may have implications for Americans facing bankruptcy. 

On Wednesday, February 22, 2023, the Supreme Court unanimously ruled that a California woman, Kate Bartenwerfer, could not use the U.S. bankruptcy code to avoid paying a $1.1 million debt resulting from her partner’s fraud. The original judgment in 2012 was $200,000, but a decade of interest caused the amount to balloon. The court held that Bartenwerfer owed the debt even though she was not aware her husband had falsified statements about the condition of their house when they sold it for more than $2 million to a San Francisco developer.

Interestingly, the ruling cited a Supreme Court decision in 1885 that two partners in a New York wool company were liable for debt due to fraudulent claims of a third partner even though they were not themselves guilty of wrongdoing.

This ruling establishes that a person who acted together in a partnership can be held responsible for debt resulting from fraud committed by a partner or third party, even if the person was unaware of the fraud being committed. It also highlights the importance of carefully reviewing and disclosing pertinent information when buying or selling property to avoid potential legal and financial consequences. It is important to note, that although the parties were married, the Court focused on their business partnership in its analysis.

With that brief overview noted, if you’d like to discuss this or other bankruptcy-related matters further, please feel free to reach out.