WILLS, PROBATE AND ELDER LAW- Adult and Community Education

WILLS, PROBATE AND ELDER LAW- Adult and Community Education
WHEN: Tuesday April 8, 2008 7 - 8:30 P.M.
You don’t have to be wealthy or near death to do some thinking about a will. Here is your opportunity to listen to an experienced attorney who will discuss how to distribute your property as you wish and avoid many rigid provisions of the state law. Topics covered by author of “Answer to questions about Probate” will include: Wills, revocable trusts, irrevocable trusts, power of attorney, living will, long term care insurance, reverse mortgage, plus the opportunity to ask questions.
Instructor: Kenneth Vercammen, Esq. of Edison
(Co-Author- NJ Elder Law & Probate)

COMPLIMENTARY MATERIAL: Brochures on Wills, "Probate and Administration of an Estate", Power of Attorney, Living Wills, Real Estate Sales for Seniors, and Trusts.
Here is your opportunity to listen to an experienced attorney who will answer questions how to distribute your property and avoid many rigid provisions of state law. For more information on Elder law, visit the Website www.centraljerseyelderlaw.com. You can also subscribe to the free email Elder Law newsletter by visiting the website, or sending an email to Kenv@njlaws.com.

East Brunswick Adult & Community Education Program
East Brunswick HIGH SCHOOL, Cranbury Rd
Course # SPS ....... Fee: $29
Tues. 7:00–9:00 pm ........ 1 session: 4/8

$ 29.00 registration fee required by adult school for all others. Call the Adult Education Office for registration information 732- 613-6989
http://www.ebnet.org/Community_Programs/downloads/Spring_2008_Web.pdf
Please make checks payable to Adult and Community Education and mail to:
Director, East Brunswick Adult and Community Education,
EBHS, 380 Cranbury Road, East Brunswick, NJ 08816-3095.

About the Speaker: Kenneth Vercammen is an Elder Law and Litigation Attorney in Edison, NJ. He often lectures for the American Bar Association and New Jersey State Bar Association on Elder Law, personal injury, and criminal / municipal court matters. He has published 125 articles in national and New Jersey publications on legal topics. He speaks as a volunteer on Wills and Elder law to Adult Community Schools and non profit groups including Edison, Metuchen, Woodbridge, East Brunswick, North Brunswick, South Brunswick, Piscataway, Sayreville, Old Bridge, Spotswood and Perth Amboy Seniors. He has established New Jersey's most popular Elder law website on the Internet to provide information on Probate, Elder Law and Traffic matters located at www.centraljerseyelderlaw.com.

Middlesex County Bar Association 3rd Annual Awards Dinner

Middlesex County Bar Association 3rd Annual Awards Dinner
On March 19, 2008, the Middlesex County Bar Association will hold its third annual awards dinner at Sunny Palace Restaurant on Route 18 South in East Brunswick. Awards will be given to bar members in the following areas: Pro Bono; Non-Litigation; Civil Trial Practice; Criminal Trial Practice; and Municipal Court Practice.

The guest speaker will be Hon. Travis L. Francis, AJSC.
The MCBA will pay tribute to these bar members for their significant contributions to their respective practice areas.
The following awards will be given:

-Pro Bono Attorney-of-the Year Henry Gurshman
-Civil Trial Practitioner-of-the-Year John Gorman
-Criminal Trial Attorney-of-the-Year Jim Nolan & Nicole Albert
-Municipal Court Practitioner-of-the-Year Kenneth Vercammen
-Young Lawyer of the Year Kimberly Yonta Aronow
-Transactional Attorney of the Year Michael Schaff

The purpose of the Awards is to recognize attorneys practicing in Middlesex County and adjacent municipalities who devote a significant portion of their law practice to their respective practice areas and exhibit one or more of the following:

- Leadership in the potential candidate’s field of practice;
- Significant, tangible contributions to the Bar, such as participation in educational panels, Bar committees, etc, pertaining to non-litigation issues;
- Contributions to the community and/or charitable endeavors;
- A record promoting participation and involvement in the MCBA and collegiality within the Association; and
- A reputation for personal and professional integrity.

The evening will commence with a cocktail hour (cash bar) at 6:00 p.m. and dinner will be served at 7:00 p.m. The cost to attend is $35 for MCBA Young Lawyers, $40 for MCBA Members and $45 for all others, in advance.
For additional information, contact the Bar Office at (732) 828-3433, ext. 102.
More details at http://www.mcbalaw.com/cde.cfm?event=186648

Sunny Palace
1069 Route 18 South
East Brunswick, NJ 08816

Elder Care Law 2008 Program

Press Release- Elder Care Law 2008 Program


WHERE: Jack Cooper's Restaurant, Tano Mall, 1199 Amboy Ave., Edison, NJ

WHEN: February 20, 2008
8:30am Hot Buffet Breakfast
9:00am Meeting Starts

Cost: $15.00 Member of Insurance & Financial Advisors $25.00 Non-Member


Sponsor: Middlesex- Somerset Insurance and Financial Advisors



Information? Tom Schreiner, LUTCF, RFC, CSA, FIC
Email: thomas.schreiner@kofc.org or call 908-722-6336
President of Insurance and Financial Advisors of Middlesex, Somerset, and
Union Counties

SPEAKER: Kenneth Vercammen, Esq. of Edison (Co-Author- NJ Wills & Probate)

Main Topics:
1. Wills and the changes to the NJ Probate Law
2. Power of Attorney with new HIPPA provisions
3. 2008 maximum $$$ per month Medicaid recipient
2008 maximum $$$ per month Medicaid spouse
2008 Lump Sum Medicaid recipient allowed to keep
2008 Lump Sum spouse allowed to keep
Five year look back starts when? 4. Question and Answer

COMPLIMENTARY MATERIAL: Brochures on Wills, "Probate and Administration of an Estate", Power of Attorney, Living Wills, Real Estate Sales for Seniors, and Trusts.
Here is your opportunity to listen to an experienced attorney who will answer questions how to distribute your property and avoid many rigid provisions of state law. For more information on Elder law, visit the Website www.CentralJerseyElderLaw.com

About the Speaker: Kenneth Vercammen is an Elder Law and Litigation Attorney in Edison, NJ. He often lectures for the American Bar Association and New Jersey State Bar Association on Elder Law and litigation matters. He has published 125 articles in national and New Jersey publications on legal topics. He speaks as a volunteer on Wills and Elder law to Adult Community Schools and non profit groups including Edison, Metuchen, Woodbridge, East Brunswick, North Brunswick, South Brunswick, Piscataway, Sayreville, Old Bridge, Spotswood and Perth Amboy Seniors. He has established New Jersey's most popular Elder law website on the Internet to provide information on Probate, Elder Law and Traffic matters located at www.njlaws.com

Termination of Child Support upon Emancipation in New Jersey

Termination of Child Support upon Emancipation in New Jersey
By Kenneth Vercammen, Esq.

Child support is usually paid through a wage withholding garnishment at the parent's job. Child support orders and wage withholding continue forever against you until a Superior Court Judge signs a Formal Court Order terminating or modifying support. It is not sufficient for you to simply wait for a child to finish school. Many Divorce decrees and Property Settlement Agreements state that child support will end upon emancipation. For example, the term "emancipation" is sometimes defined as follows: (i) The completion of the child's formal education on a matriculated basis, whether it be graduation from a four year undergraduate school or high school, it being understood that so long as the child is diligently pursuing his formal education through a four year undergraduate college education and obtaining passing grades the child shall not be considered emancipated. (ii) Upon the completion of any of the aforesaid segments of the child's education, and upon the failure to commence the next segment of his education, or upon leaving school, the child shall be deemed emancipated unless failure to continue on with his education has resulted from injury or illness or some other cause beyond the child's control. (iii) The marriage of the child. (iv) Entry into the military or armed forces by the child.

Your attorney can draft the appropriate Motion to terminate child support if the child is emancipated. You will need to provide your attorney with relevant papers including a copy of the Final Judgment for Divorce, any other Child Support Orders, copy of birth certificate if available, proof of graduation from school or working full time, etc. Sometimes the child support recipient, usually the mother, will sign a Consent Order which your attorney can file without the need for a formal Motion. However, generally a Formal written Notice of Motion must be filed in the County Superior Court where the child support Order was entered. The requirements of the Motion are detailed and must include the correct filing fees. Child support does not end merely if the child reaches 18 and graduates high school. Most child support Order continue child support if the child is in college full time. However, don't give up. In the unreported Appellate Division decision of Kozak v Kozak __ NJ Super. __ (App. Div. decided January 9, 2003) the court reduced child support during the period of time the child resided at the college campus. The judge properly determined it was appropriate to calculate child support only for the period of time the child was not residing at college.

The Motion will need to include the following type of language: PLEASE TAKE NOTICE that the undersigned, attorney for payor parent, will apply to the above named court, at the Court House, on [motion date] for an Order directing that child support payments shall end since the child is now of legal age and emancipated. PLEASE TAKE FURTHER NOTICE that the undersigned shall rely upon the Certification of payor in support of this motion.

All Motions, Family, Civil, Criminal and Chancery/ Equity must include a Certification of mailing, similar to the following: CERTIFICATION OF MAILING The undersigned hereby certifies that the original Notice of Motion, Certification and all supporting papers have been filed directly with the __________ County Family Division Motions Clerk, _____________, New Jersey. It is further certified that a copy of the Notice of Motion, Certification and all supporting papers have been served by certified and regular mail upon all counsel and individuals indicated in the Notice of Motion.

Often, the Certification we prepare will include some of the following language:

CERTIFICATION OF c1 IN SUPPORT OF NOTICE OF MOTION FOR TERMINATION OF CHILD SUPPORT OF c3 I, c1, of full age, hereby certify the following: 1. I am the defendant in the within cause of action and file this Certification in support of my Notice of Motion seeking relief and modification of the Court's prior Order of ___________________. Exhibit 1 2. I was divorced on ____________________, ____________ County, New Jersey. 3. On _______________, the Honorable ______________, ordered me to pay support in the amount of $________ per week for the support of c3, who was residing with my ex-wife. 4. c3 was born on _______________. My child is now 18 years old. Birth certificate Exhibit 2. He works full-time. C3 is not enrolled full time in school. 5. I anticipate retiring someday and need to invest money into a retirement plan. 6. I request that the court terminate child support. I hereby certify that the foregoing statements made by me are true to the best of my knowledge. I am aware that if any of the foregoing statements made by me are willfully false, I am subject to punishment. Order The Motion, Certification, Exhibits and proposed Order prepared by your attorney will be submitted to a Superior Court Judge in the Family Part. The proposed Order prepared by your attorney will usually contain some of the following language:

O ORDER FOR TERMINATION OF CHILD SUPPORT OF c3 This matter having been opened to the Court upon motion of ___, Esq., attorney for c3, for an Order to terminate child support payments, and the Court having considered he Certifications of c1 and c3, documents attached in support of the Motion, and the argument of counsel, if any, and for good cause shown, it is on this __________ day of __________________, 2003, hereby ORDERED that child support for c3 is terminated as of _______________, and it is further ORDERED that the Probation Department immediately update it's records upon receipt of this order, and it is further ORDERED that any child support payments withheld after ___________________, shall be refunded to c3 by the Probation Department or o1 within 20 days of receipt of this order, and it is further

ORDERED that a copy of this order be served upon all Counsel, the Probation Department and parties within ten (10) days.

__________________________ , J.S.C.

After the Order is filed, there is a need to serve copies on the payee parent, Probation Department, your job Personnel Dept/ Human Resources and other relevant persons and entities. Hire an experienced attorney when you have important legal needs. Typical fees for the Motion range between $1,200- $2,500 depending on work involved and experience level of the attorney.

The following is a portion of the additional information we need to draft a Motion: 1. Your Full Name:

___________________________________________________ First Last

2 Your Street Address: ________________________________ City ________________ State __ Zip Code ___________

3. Telephone Number:

Day: ____________________

Cell: ____________________

Night: _________________

4. E-mail address: ______________________________________

5.(a)Referred by: _____________________________________

6. Your Date of Birth: ________________ SS # ____________ Month Day Year

7 Date of Marriage, if any _____________________________

8 Other parent

____________________________________________________ First Last name

9 Street Address _________________________

City ______________ State/Zip ______________

10 Name, Address, & Birthdate of all Child(ren); Person with whom Child(ren) Child's Full Name Address Birthdate Resides with

_________________

___________________

MISCELLANEOUS INFORMATION:

1. Name and Address of Your Employer (Provide Name and Address of Company if Self- Employed) Name of Employer _______________________________ Address ___________________________

BRIEF DESCRIPTION OF SPECIFIC PROBLEMS OR CONCERN? ______________________________________________________

______________________________________________________ ______________________________________________________ ______________________________________________________ ______________________________________________________

The above information is a brief outline of work an experienced attorney can do for you. Always schedule an in- office consultation whenever an important legal matter arises.

 
 
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Meet with an experienced Attorney to handle your important legal needs.
Please call the office to schedule a confidential "in Office" consultation.
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       Kenneth Vercammen's Law office represents individuals charged with criminal, drug offenses, and serious traffic violations throughout New Jersey. Our office helps people with traffic/ municipal court tickets including drivers charged with Driving While Intoxicated, Refusal and Driving While Suspended.

       Kenneth Vercammen was the NJ State Bar Municipal Court Attorney of the Year and past president of the Middlesex County Municipal Prosecutor's Association.

       Criminal and Motor vehicle violations can cost you. You will have to pay fines in court or receive points on your drivers license. An accumulation of too many points, or certain moving violations may require you to pay expensive surcharges to the N.J. DMV [Division of Motor Vehicles] or have your license suspended. Don't give up! The Law Office of Kenneth Vercammen can provide experienced attorney representation for criminal motor vehicle violations.

       When your job or driver's license is in jeopardy or you are facing thousands of dollars in fines, DMV surcharges and car insurance increases, you need excellent legal representation. The least expensive attorney is not always the answer. Schedule an appointment if you need experienced legal representation in a traffic/municipal court matter.

       Our website www.njlaws.com provides information on traffic offenses we can be retained to represent people. Our website also provides details on jail terms for traffic violations and car insurance eligibility points. Car insurance companies increase rates or drop customers based on moving violations.

Contact the Law Office of
 Kenneth Vercammen & Associates, P.C.
 at 732-572-0500
for an appointment.

The Law Office cannot provide legal advice or answer legal questions over the phone or by email.  Please call the Law office and schedule a confidential "in office" consultation.  The Law Office now accepts payment by American Express, Visa and Master Card.

Starting a Business

Starting a Business
There are four main types of Business Organization:

1. Sole Proprietorship 2. Partnership * A. General Partnership * B. Limited Partnership 3. Corporation 4. Limited Liability Companies

ADVANTAGES AND DISADVANTAGES OF BUSINESS ORGANIZATIONS

Sole Proprietorship

Advantages

1. Low start-up costs 2. Greatest freedom from regulations 3. Owner in direct control and asset ownership 4. Single level of taxation and both federal and state levels of taxation 5. Profits belong to owner 6. Reduced levels of annual reporting

Disadvantages

1. Unlimited liability 2. Lack of continuity 3. More difficult to raise capital 4. Limits in tax deductions of medical and group life insurance

Partnership

Advantages

1. Ease in formation 2. Low start-up costs 3. Additional sources of capital 4. Broader management base

Disadvantages

1. Unlimited personal liability 2. Lack of continuity 3. Divided authority 4. Hard to find suitable partners

Corporation

Advantages

1. Limited liability 2. Ownership is transferable 3. Continuous existence 4. Legal entity

Disadvantages

1. Closely regulated 2. Most expensive to organize 3. Difficult to liquidate investment

Corporation

Advantages

1. Tax deferral @ l5% for first $50,000 of income 2. Medical Insurance is deductible 3. Group term life insurance is deductible

Disadvantages

1. Maximum tax rate is 34% 2. Double taxation 3. Favorable liquidation tax treatment is no longer available resulting in double taxation.

S Corporation

Advantages

1. Single level of federal taxation 2. Single level of taxation upon sale or liquidation of business

Disadvantages

1. Medical and group term life insurance is not deductible

Limited Liability Companies

An LLC is a new, non-corporate entity combining the operational flexibility and tax status of partnerships with the limited liability protection traditionally associated with corporations. Profit and non-profit activities may be pursued through LLC's.

Generally, in New Jersey as well as other states that have adopted LLC legislation, an LLC expressly constitutes a separate and distinct legal person. The basic components which are derived from both corporate and partnership laws, are as follows:

* Articles of Organization * Management * Operating Agreement * Limited Liability * Membership * Limited Life

DOCUMENTS YOU MAY NEED

1. Prepare/Review lease agreements or purchase agreements 2. Prepare/Review franchise agreements 3. Prepare/Review buy-sell agreements 4. Obtain licenses, zoning variances 5. Provide specific legal advice 6. Prepare/Review and File Certificate of Incorporation and establish Registered Agent 7. Prepare/Review By-Laws 8. Prepare/Review initial meeting of shareholders documents 9. Prepare/Review and File Trade Name Certificate 10. Prepare/Review Partnership Agreement 11. Prepare/Review Agreement of Sale 12. Prepare/Review Promissory Note 13. Prepare/Review and File Annual Report 14. Suggestions on workers' compensation coverage

IS THE CORPORATE STATUS UP TO DATE? IS THE CORPORATE STATUS UP TO DATE?

1. Is the minute book up to date? 2. Are the minutes signed? 3. Do the minutes reflect the following? * a. Annual shareholder's' meeting? * b. Annual directors' meeting? * c. Special meetings? * d. Retirement plan contributions? * e. Bonuses? 4. Are stock certificate books properly up to date? 5. Are by-laws properly up to date? 6. Are proper records of expense reimbursements being kept?

You should have your accountant contact your attorney to be certain these and the following questions are taken care of:

1. Has corporate tax been estimated? 2. Have deposits on federal and state taxes been paid? 3. Are there any earnings accumulation problems? 4. Have state and federal tax returns been prepared? 5. Have all tax returns been filed on time? 6. Should a subchapter S election be made or recorded? 7. Are proper depreciation guidelines being followed?

 
 
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Telephone Consultation Program
New Article of the Week

Meet with an experienced Attorney to handle your important legal needs.
Please call the office to schedule a confidential "in Office" consultation.
Attorneys are not permitted to provide legal advice by email.
       Kenneth Vercammen's Law office represents individuals charged with criminal, drug offenses, and serious traffic violations throughout New Jersey. Our office helps people with traffic/ municipal court tickets including drivers charged with Driving While Intoxicated, Refusal and Driving While Suspended.

       Kenneth Vercammen was the NJ State Bar Municipal Court Attorney of the Year and past president of the Middlesex County Municipal Prosecutor's Association.

       Criminal and Motor vehicle violations can cost you. You will have to pay fines in court or receive points on your drivers license. An accumulation of too many points, or certain moving violations may require you to pay expensive surcharges to the N.J. DMV [Division of Motor Vehicles] or have your license suspended. Don't give up! The Law Office of Kenneth Vercammen can provide experienced attorney representation for criminal motor vehicle violations.

       When your job or driver's license is in jeopardy or you are facing thousands of dollars in fines, DMV surcharges and car insurance increases, you need excellent legal representation. The least expensive attorney is not always the answer. Schedule an appointment if you need experienced legal representation in a traffic/municipal court matter.

       Our website www.njlaws.com provides information on traffic offenses we can be retained to represent people. Our website also provides details on jail terms for traffic violations and car insurance eligibility points. Car insurance companies increase rates or drop customers based on moving violations.

Contact the Law Office of
 Kenneth Vercammen & Associates, P.C.
 at 732-572-0500
for an appointment.

The Law Office cannot provide legal advice or answer legal questions over the phone or by email.  Please call the Law office and schedule a confidential "in office" consultation.  The Law Office now accepts payment by American Express, Visa and Master Card.

Business Trough Barter Depot

Business Trough Barter Depot

Business Trough Barter Depot

If every business person truly understood the countless values of bartering, the billion dollar explosion in America would be even bigger than it already is. It is thus imperative to further explain this wonderful business tool. Webster's Dictionary defines barter:

" To trade ( e.g., goods ) without the exchange of money." Think of the inner workings of barter as follows:

Suppose you're a dentist and join The Barter Depot (TBD). You want to have some work done on your office, specifically painting and carpentry. TBD's vast memberships includes painters and carpenters, so they refer a painter and carpenter to you, and you get them to do the job

They complete the work to your satisfaction and instead of paying them cash, they do the job on barter, in Iieu of cash or check, the painter and carpenter receive payment in full for their work through trade dollars. These trade dollars are equal to the amount of money they charged for their work.

In our example, if the painter charged the dentist $500 for his work, then the painter would receive $500 in trade dollars from TBD. He could spend that money with anyone else in the barter group. For instance, the painter might need a new brochure made so he uses his dollars to get a brochure done. If the amount for the brochure is less than $500 then he retains more trade dollars, if it exceeds $500 he is minus trade dollars.

TBD owner Joseph Prince says, " We not only find out what each of our members needs for their business, but we find out their personal preferences ( i.e. vacations) too."

Bartering is a valuable tool for business and pleasure. The trade dollars accumulated for your work can be used for either. It's like having a cash-less credit card available to purchase almost anything one would need, as TBD has hundreds of members in a diverse cross-section of business and services that are eager to trade products and services on barter. Simply put, barter combines the use of smart business people that remain faithful to one another.

For additional information, call THE BARTER DEPOT TODAY 1-800-409-2209 FAX 1-908-409-6998. Mention Ken Vercammen and they will send you a free information kit.

From an economic standpoint, barter serves many important needs of these smart business people.

Here are a few of them.

1. Barter brings new business to your business (Increasing cash flow, while saving you cash);
2. Barter is a great tool to cut any business's overhead by at least 10 percent:
3. Barter markets your business ( or services ) to new businesses;
4. Barter can move excess inventory (without having to have a big sale at reduced profits).

As a business person and a TBD member, to get the most for your dollar you must constantly think BARTER. Each day, each of us has so many small needs that we take them for granted. Add these needs up cumulatively and the cost can be substantial. If however, you used your TBD cash-less credit card, think of all the savings you would enjoy.

Here's just a partial list of monthly potential savings:

1. When the clothes stack up, use bartering for dry cleaning
2. If it's time for that yearly dental checkup, try one of TBD's fine dentists;
3. If the muffler is hanging, fix it on barter;
4. If you need your dog groomed, do you and your dog a favor and think barter.
5. Legal services also available on Barter Depot.
6. Get Your Business on the Internet by Barter. Call John K Haslach (908) 566-2849.

For additional information, call THE BARTER DEPOT TODAY 1-800-409-2209 FAX 1-908-409-6998 or Kenneth Vercammen, Esq. 732-572-0500

 
 
Receive free NJ Laws Email newsletter with current laws and cases GO


Telephone Consultation Program
New Article of the Week

Meet with an experienced Attorney to handle your important legal needs.
Please call the office to schedule a confidential "in Office" consultation.
Attorneys are not permitted to provide legal advice by email.
       Kenneth Vercammen's Law office represents individuals charged with criminal, drug offenses, and serious traffic violations throughout New Jersey. Our office helps people with traffic/ municipal court tickets including drivers charged with Driving While Intoxicated, Refusal and Driving While Suspended.

       Kenneth Vercammen was the NJ State Bar Municipal Court Attorney of the Year and past president of the Middlesex County Municipal Prosecutor's Association.

       Criminal and Motor vehicle violations can cost you. You will have to pay fines in court or receive points on your drivers license. An accumulation of too many points, or certain moving violations may require you to pay expensive surcharges to the N.J. DMV [Division of Motor Vehicles] or have your license suspended. Don't give up! The Law Office of Kenneth Vercammen can provide experienced attorney representation for criminal motor vehicle violations.

       When your job or driver's license is in jeopardy or you are facing thousands of dollars in fines, DMV surcharges and car insurance increases, you need excellent legal representation. The least expensive attorney is not always the answer. Schedule an appointment if you need experienced legal representation in a traffic/municipal court matter.

       Our website www.njlaws.com provides information on traffic offenses we can be retained to represent people. Our website also provides details on jail terms for traffic violations and car insurance eligibility points. Car insurance companies increase rates or drop customers based on moving violations.

Contact the Law Office of
 Kenneth Vercammen & Associates, P.C.
 at 732-572-0500
for an appointment.

The Law Office cannot provide legal advice or answer legal questions over the phone or by email.  Please call the Law office and schedule a confidential "in office" consultation.  The Law Office now accepts payment by American Express, Visa and Master Card.

Buyer Protection in Purchasing a Business

Buyer Protection in Purchasing a Business
The pre-printed form contracts sold in Stationary stores prepared by companies such as Allstate or Blumberg are excellent outlines and starting points for buying a business. However, they do not fully protect the interests of the Buyer.The Buyer should demand additional guarantees from the Seller, over and above those usually mentioned in the form outlines. The following are some additional sample provisions to negotiate and protect the interests of the proposed buyer in a Bulk Purchase of a business.

Seller represents and warrants to the Buyer that up until the time of closing:

1. No JudgmentsThere are no Judgments outstanding and unsatisfied against the Seller or the business and business assets being sold herein.
2. No Liens There are no liens or encumbrances against Seller or the business or assets being sold herein and that there are no actual or contemplated disputes, claims or law suits affecting or potentially affecting the Seller or the business and assets being sold herein.
3. Good title Except as to the following specified items, the Seller has good, valid and marketable title to the assets being sold herein and shall sell, transfer and convey the said assets free and clear of all liens and encumbrances.
4. Taxes paid all incorporated or unincorporated business and incomes taxes, employee withholding, FUTA, FICA, Sales, Business Property, Unemployment and Disability that are due to any governmental entity have been appropriately and timely paid up through the date of closing and all applicable returns filed in a timely manner. An escrow in the amount of $_____ shall be held pending tax payment verification from the State.
5. Accounts Payable accounts payable to the suppliers, vendors and others owed money by the Seller in connection with the business being sold herein have been paid in full. Seller agrees to provide buyer with a complete list of all said accounts.
6. Working order That the plumbing, heating, cooling and electrical systems are presently in working order and will be in working order at the time of closing. All personal property and fixtures included in the sale herein shall be in working order at the time of closing.
7. No Code violations At the time of closing, no violations will exist as to any municipal, state or federal laws, codes or regulations concerning the use and operation of said business in the premises as set forth herein. If a violation exists, Seller must fix or cure.
8. Nothing to impede saleSeller knows of no facts which would impede the use of the property to be transferred by this Contract for the business purpose described herein.
9. Risk of loss Risk of loss or damage to the assets being sold herein or Seller's premises shall remain with the Seller until the Closing of Title.
10. Trade name
* Alternative 1. Seller shall furnish Buyer at closing a Cancellation of Business or Trade Name Certificate in proper form so that it can be recorded for cancellation of same with the county recording officer.
* Alternative 2. Assignment and transfer of Trade Name: Seller shall furnish Buyer with an assignment and transfer of all Seller's right, title and interest in the business and trade name of seller
11. Lease This Contract is contingent upon Buyer executing a lease to the building with Seller's landlord. Furthermore, Buyer shall execute an Assignment and Assumption Agreement with respect to the lease if Buyer is able to execute same with Landlord.
12. Inventory The value of the inventory shall be determined on date of closing, determined by an Inventory Service Company listed in the Bell Atlantic New Brunswick Area Yellow Pages. Cost of inventory appraisal to be split equally between Buyer and Seller. Price paid by the Buyer shall be the retail value of stock in trade less 30%.

Conclusion

Remember, the Contract will become binding as soon as the Buyer and the Seller sign it. Their is no three day attorney review period as in a residential house purchase. Before anyone signs a business contract, have an experienced business attorney review the contract and make necessary revisions.

 
 
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Telephone Consultation Program
New Article of the Week

Meet with an experienced Attorney to handle your important legal needs.
Please call the office to schedule a confidential "in Office" consultation.
Attorneys are not permitted to provide legal advice by email.
       Kenneth Vercammen's Law office represents individuals charged with criminal, drug offenses, and serious traffic violations throughout New Jersey. Our office helps people with traffic/ municipal court tickets including drivers charged with Driving While Intoxicated, Refusal and Driving While Suspended.

       Kenneth Vercammen was the NJ State Bar Municipal Court Attorney of the Year and past president of the Middlesex County Municipal Prosecutor's Association.

       Criminal and Motor vehicle violations can cost you. You will have to pay fines in court or receive points on your drivers license. An accumulation of too many points, or certain moving violations may require you to pay expensive surcharges to the N.J. DMV [Division of Motor Vehicles] or have your license suspended. Don't give up! The Law Office of Kenneth Vercammen can provide experienced attorney representation for criminal motor vehicle violations.

       When your job or driver's license is in jeopardy or you are facing thousands of dollars in fines, DMV surcharges and car insurance increases, you need excellent legal representation. The least expensive attorney is not always the answer. Schedule an appointment if you need experienced legal representation in a traffic/municipal court matter.

       Our website www.njlaws.com provides information on traffic offenses we can be retained to represent people. Our website also provides details on jail terms for traffic violations and car insurance eligibility points. Car insurance companies increase rates or drop customers based on moving violations.

Contact the Law Office of
 Kenneth Vercammen & Associates, P.C.
 at 732-572-0500
for an appointment.

The Law Office cannot provide legal advice or answer legal questions over the phone or by email.  Please call the Law office and schedule a confidential "in office" consultation.  The Law Office now accepts payment by American Express, Visa and Master Card.