Blog

For some, buying or merging with a business is easier than starting one from scratch. That is often due to the business's already established customer base, market standings, and infrastructure.

Jointly owned property, often referred to as co-ownership, is a form of property ownership where two or more individuals hold the title to a specific piece of real estate. This arrangement is common among family members, business partners, and friends who decide to purchase property together, combining their financial resources for investment or personal use.

Deciding to purchase a business is a monumental step that requires thorough preparation and understanding. Due diligence is a critical part of the buying process, allowing the potential buyer to make an informed decision based on the business's operational, financial, legal, and compliance health.

The decision to take legal action to resolve a disagreement over jointly-owned property is not one to be made lightly. A partition action, while a practical recourse for resolving disputes, carries with it a timeline that may not be straightforward. Potential petitioners are left wondering, "How long before the property is divided or sold?"

Each joint owner holds an equal stake in the property, which comes with both rights and responsibilities. Because of the nature of this type of ownership, typically, jointly owned property cannot be sold by just one owner.

As a business lawyer based in Irvine, California, I've had the opportunity to work with clients from Santa Clara to Southern California, including Orange County, Los Angeles County, and San Diego County.

Research shows that 40 million lawsuits are filed in the US every year. Not all of these involve businesses, but other statistics tell us that anywhere between 36-53% of small businesses get sued every year. You can’t always avoid disputes as a business owner, but you can be prepared.

As of November 2023, there is a glimmer of hope for home buyers as mortgage interest rates have shown signs of relief—they have decreased from 7.5% to 7.44% in just one week. This steady three-week decline suggests that we may have reached a peak and are now heading towards lower mortgage rates.

Following a successful business lawsuit, the claimant may be entitled to recover compensatory damages, injunctive relief, liquidated damages, and other available legal remedies. According to recent estimates, attorneys often receive around 33% to 40% of the settlement award in a typical lawsuit.

The impact of the COVID-19 pandemic on California businesses is unprecedented. In its wake, businesses are still attempting to recover from losses, and courts are trying to determine whether business interruption insurance providers should pay for them.