by William J. Piercy
In Internal Medicine Alliance, LLC v. Budell, 290 Ga. App. 231 (2008), two physicians, Budell and Verbitsky agreed to create a medical practice together. They formed a new company, Internal Medicine Alliance, LLC, through which to run the business. Although IMA’s Articles of Incorporation …
by William J. Piercy
Yim v. J’s Fashion Accessories, Inc., 298 Ga. App. 399 (2009), underscores the importance of clearly identifying the name of the business that an individual signs his name to a contract on behalf of, and the capacity in which he is signing. Mr. Yim operated an apparel …
by William J. Piercy
In Nationwide Mortgage Services, Inc. v. Troy Langley Construction, Inc., 280 Ga. App. 539 (2006), Nationwide was a “hard money lender” in the business of making loans secured by residential properties. Nationwide also rehabilitated and resold the properties that it acquired, often through the foreclosure process. …
by William J. Piercy
Gardner v. Marcum, 292 Ga. App. 369 (2008). Seeking funding to record and promote their music, musicians Gardner and Steele entered into discussions toward the possible investment of $150,000 from Marcum. Although the details of the transaction were never finalized, Marcum provided $50,000 …
by William J. Piercy
Goobich v. Waters, 283 Ga. App. 53 (2006). The Waters entered into negotiations to sell their nursery business to Goobich. After protracted negotiations, the parties both signed a Letter of Intent (LOI) under which Goobich was to buy the business for $1,950,000 in …
by William J. Piercy
Business disputes often arise because amiable parties agree on a few matters, but leave an essential element of their deal to future negotiations by simply agreeing to agree on (often seminal issues) at a future date. While this may smooth over a contentious issue temporarily, it does …
by William J. Piercy
Ervin v. Turner, 291 Ga. App. 719 (2008). In this case, a group of investors came together and formed a limited liability company, Local MG, LLC (the “LLC”) for the purpose of raising sufficient funds to operate a bank to be known as …
by William J. Piercy
Judicial dissolution is the process through which the courts will wind up and liquidate a business entity such that its liabilities its assets are distributed to its owners, to the extent that there are assets with which to do so. Judicial dissolution is often …
by William J. Piercy
Many closely-held businesses are owned by a two or more individuals who are (or were) also friends, family members, or former co-workers. Because of their prior relationship, these individuals enter into their business relationship with a certain amount of inherent trust. Because they …
by William J. Piercy
Aaron Rents v. Fourteenth Street Venture, LP, 243 Ga. App. 746 (2000). The Court of Appeals affirmed the trial court’s determination that a partnership existed where an association formed by agreement between a judgment debtor and another individual constituted a “partnership,” though the agreement referred to the …