Quincy Legal Issues Blog

Life is expensive today. Wages have been fairly stagnant since the 1980's and this has put a real strain on the average working family as they try to make ends meet. Beyond that, there are many expenses in the average family's life that need to be addressed, things that people just didn't have to pay for in decades' past. If you and your family is feeling the pinch of financial struggles, have you considered bankruptcy for debt relief?

Chapter 7 bankruptcy is just one way a person can seek a solution for crippling debt. Debt can come on for a variety of reasons in including a major life event, medical emergency, loss of a job and just plain old everyday expenses can pile up. Under Chapter 7, those seeking debt relief must qualify in order to be considered. Certain restrictions exist, like income thresholds, ability to repay debt and debt previously discharged among others restrictions.

With the constant flipping of real estate in and around Quincy, another potential project has hit the radar. The old home of the Registry of Motor Vehicles offices at 165 Liberty St in Springfield has seen many offers for retail and/or restaurant enterprises. Located at a busy intersection, the area has 22,000 people driving by on the daily and 100,000 people in the immediate area. Offers have proposed everything from fixing up the building and land to tearing it down to start fresh.

The zoning is already set up for commercial zoning uses with the city which is a huge plus. The property is 1.5 acre in total. Recent projects for development in the area have seen huge investments and project totaling $310,000 renovations and $400k plus plans approved by city council as well. Probably the best well-known commercial real estate development project is the purchase of Springfield Plaza to the tune of $35 million. Another $6 million has been invested so far.

This blog recently took a look at the different business structures and the importance of selecting the best one for your business. There are a few considerations to take into account during the business formation process and this blog will help entrepreneurs and business owners take a look at what those considerations are and answer questions they may have.

A business start-up should consider both its current needs and its potential needs for the future when contemplating business formation. To begin with, the entrepreneur should consider the cost of the business they are setting up and the costs associated with maintaining that business structure. Some business types, such as a corporation, are more costly to run due to paperwork, filing and regulatory requirements. In addition, operation of a corporation can be more complicated and costlier than, say, a sole proprietorship or partnership for instance.

When starting a business, one of the most important decisions the entrepreneur will make it what business type they select. There are a variety of different business forms to consider when starting up a business and entrepreneurs should understand the benefits and implications of each.

Business formation can be a sometimes overlooked step in terms of importance during the overall business start-up process. The type of business form that is selected impacts the taxation of the business and its owners, paperwork and regulatory requirements, the ability of the business to raise money and the personal liability of the owners of the business. The most basic business form is a sole proprietorship. While sole proprietorships provide the most control for the business owner, they also carry the most liability for the business owner.