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Business

• [02/03] Japanese entrepreneurs aim for Silicon Valley
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• [02/03] Hungary's Malev airline ceases operations

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Frequently Asked Questions about Business and Commercial Law

Q: What actions and disclosures must a collection agency provide to a debtor when commencing a collection?

A: A third-party collection agency must comply with the federal Fair Debt Collection Practices Act (FDCPA). Pursuant to the FDCPA collection agencies must provide the following information to the debtor either in the initial communication or in writing within 5 days thereafter: (1) the amount of debt, (2) the name of the current creditor, (3) notice about the 30-day period in which the debtor may dispute the debt, (4) notice about the obligation of the collection agency to send the debtor verification of the debt if the debt is disputed and (5) notice that if the consumer requests it within 30 days, the debt collector will provide the name and address of the original creditor, if different from the current one.

Q: What is bankruptcy?

A: Bankruptcy is a legal way to seek relief from creditors. A debtor often files for bankruptcy protection when he or she owes creditors more than he or she has the ability to pay. Very broadly, under federal bankruptcy law, debtors' assets are used to pay off debt or payment plans are set up.

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The Sale, Lease and Distribution of Goods

Contracts for the sale, lease and/or distribution of goods are primarily governed by state law. However, most states have adopted the Uniform Commercial Code (UCC) with regard to these topics. An attorney who is experienced with the UCC can help you with your questions.

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Secured Transactions and Negotiable Instruments

Secured transactions and negotiable instruments are two important areas of commercial and business law. In a secured transaction a borrower agrees that the lender may take property owned by the borrower as collateral should the borrower default on a loan; in other words, it is a way to secure a loan. A negotiable instrument is a writing that promises the payment of a fixed amount of money. Both of these areas are essential to modern business loans and everyday transactions.

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Consumer Credit: Debtor and Creditor Laws

Credit allows people to promise to pay in the future in order to buy or borrow in the present. Credit is vital to our commerce system and is used every day by businesses and consumers. An understanding of the law governing credit is vital to protect your own interests, whether you are the creditor, a business owner, an entrepreneur or a lending agency.

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The Forming and Managing of Business Entities

The forming and managing of business entities are important areas of business and commercial law. There are a variety of common business organization forms. However, most businesses are well served by a variation of one of the four major organizational forms. These major forms include: (1) the sole proprietorship, (2) the partnership, (3) the limited liability company and (4) the corporation. Each form has its specific advantages and pitfalls. A core focus on liability and tax implications should guide a new business owner in his or her selection.

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