Many people think it is easier and less expensive to operate a business as a sole proprietorship, believing that it is expensive and complicated to incorporate. But in reality, the fees to register and maintain an entity such as a limited-liability company ("LLC") or a corporation are minimal considering the peace of mind and the liability protection they provide to the business owner.
Last spring, Walmart announced that it would only accept rate increases from the law firms it hired if those firms could show that its lawyers were more valuable for some reason other than merely aging by a year. Applauding Walmart's stand, a Vice-President of the Association of Corporate Counsel said that most in-house lawyers wished that they, too, "had Walmart's pull in the legal market" so that they could refuse to accept price increases.
But you don't have to be Wal-Mart to demand more value from your lawyer.
Creating condominium or homeowner-association documents that permit the association to maximize collections of assessments in an economic downturn is important to any developer. Fortunately, it is not difficult or costly to achieve. Without effective remedies to collect unpaid assessments, the association will have reduced revenues and will need to cut services or increase assessments to the remaining owners.