Archives for November 2010

Valuation of Business?

Unfortunately, divorce is just as much a reality for business owners and self-employed individuals as it is for other members of our society.  If you or your spouse (or both of you) are business owners, and you are divorcing, the valuation of the business(es) involved may well be the most critical point of your property settlement.  What is the business worth?  What will it be worth 5 years from now?  Has the non-owner spouse contributed (time?  money?  effort?) to its growth?  Is the business a candidate to be sold soon?  Or sold three or four years from now?  Who runs the business while you divorce and separate?

In some cases, it may make sense (and save dollars and cents) to use an outside expert, such as a Certified Public Accountant, to provide a value, or range of value, for the business(es) involved.  If you are walking in this territory, tread carefully.

Unpaid?

Does the company you used to work for owe you money?

Michigan has a special law to protect commissioned sales representatives who do not get paid.   If the company fails to pay you, not only do you have a cause of action for traditional breach of contract, but you may also have a claim under Michigan’s Sales Representative Act (“SRA”), MCL 600.2961 et seq.  Under that statute, not only will the company have to pay you what it owes you if you take them to Court and win, but the company may also be ordered to pay some or all of your court costs and attorney fees, plus a penalty of two times the amount of the unpaid commissions, up to a cap of $200,000.  Read that again.  That is 3 times the amount that is owed you, plus court costs and attorney fees!

How do you collect it?  You should probably start by contacting a Michigan attorney.