In This Issue
 FIVE THINGS ACCIDENT VICTIMS MUST KNOW:
Most people automatically think of motor vehicle accidents when they think they think of personal injury lawsuits. However, a personal injury lawsuit refers to any accident that causes physical and/or emotional injuries. Most common accidents are: motor vehicle accidents, medical malpractice, slip and falls, dog bites, burn injuries, food poisoning, construction site accidents, product liability, and, using defective products.
Consider these five items if you are a victim of an accident:
- It is important not to wait to consult with an attorney because of the statute of limitations, i.e. the time within which you can bring your lawsuit.
- Document your accident and subsequent recovery.
- Avoid talking about the cause of the accident with others.
- Seek medical attention immediately or as soon as possible. If you are unable to pay for a doctor, your attorney may refer you to a medical provider who will treat you on a lien basis. Thus, you don't pay the doctor until your lawsuit is completed or settled.
- Inability to pay your attorney should not prevent you from seeking professional advice. Our top priority is satisfying your immediate need and obtaining the best result in the shortest amount of time possible.
Our attorneys and the staff in our firm dedicated to personal injury law understand the complex problems and traumatic circumstances of the injured victims and their families. We listen carefully to our clients' needs, explain the legal process in ways the client understands and define ways to address those issues that is most suitable under the circumstances.
If you have any questions, please call Attorney Timothy Moynahan at (203) 573-1411 for a consultation without charge. Look at our website at www.moynahanlawfirm.com and results we have obtained for our clients.
"SHELTER YOUR BUSINESS, CREATE A "BUSINESS PRENUP". THE IMPORTANCE OF HAVING A BUY-SELL AGREEMENT
A Buy-sell Agreement, which is sometimes referred to as a Buyout Agreement, provides a security to business co-owners in the event of its member's voluntary departure from the business, or when a member is forced to leave the business or if a co-owner dies.
The key issues to be covered by such an agreement would be to spell out the events that would trigger a buyout (such as death, incapacity, disability, incarceration or leaving a business with a free will), price to be paid to a business co-owner for his/her share of interest, whether his/her spouse is entitled to spouse's share and under which circumstances. Furthermore, issues such as how, and if at all, a departing co-owner's share will be added to the remaining co-owners'
shares, or whether to permit or not outsiders to purchase a departing co-owner's share of the business should not be disregarded.
A buy-sell agreement can also be funded with a key man life insurance policy, which is owned by the company and pays the estate of the deceased. The use of life insurance funding with the buy-sell agreement will likely assure that cash will be available to purchase the deceased owner's share of the business, eliminating the need to find financing at the time of the event.
The next critical, and at times challenging, issue would be determining a fair price of co-owner's share years in advance. This could be achieved by one of these five most common ways: 1) setting up a fixed price, 2) calculating a book value, 3) determining multiple of book value, 4) capitalization of earnings, and 5) finally, by conducting an appraisal.
Finally, without having a buy-sell agreement, the shares of minority shareholders are devalued, since majority shareholders would not be required to buy their interest.
Business entrepreneurs should not overlook the possibility of changes in their business ownership. Entering into an agreement that guarantees a smooth transition is an important consideration.
Our law firm has experience drafting such agreements and reflecting individual co-owners' interests, so that when life throws a surprise at you, you are prepared and protected."
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