Charlotte Business Attorneys & Lawyers

Many are unaware about the different types of bankruptcy they could be filing for. We’ve heard about the different chapters but don’t know which exactly would fit our needs best. The chapter just refers to the chapter the specific type of bankruptcy is located in Title 13 of the United States Bankruptcy Code.  

Chapter 13 bankruptcy is sometimes referred to as “reorganization” bankruptcy for individuals.

How is Chapter 13 different than Chapter 7?

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Updated November 5, 2020:

Convertible Promissory Note: What is it?

A convertible promissory note is a form of debt that converts to equity when either a certain event has occurred or a certain date has passed. The conversion from debt to equity will depend on the agreement between the person or company that has issued the note and the investor.

The two parts of a convertible promissory note are the promissory note and the equity conversion rights. 

A typical promissory note will have the principal, the interest rate, the maturity date, how the note will be secured (usually by assets of the company), and details of what will happen if there is a default.

The equity conversion will include an explanation of the event that will trigger the conversion. It should also include the formula used in converting the debt to equity, the type of equity the debt will be converted into

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Starting a business can both be exciting and intimidating. With so many pockets of information out there, it can be difficult to know how to get started. Before you begin, it’s important to know that you’ll have to work hard and be consistent. We’ll provide here a comprehensive guide on how to start a business. 

Develop a Business Concept

Before starting a business, you must first know what kind of business you’re starting. There are three great pillars of any business: do what you love, do what’s profitable, and do what you’re good at. Before deciding on a concrete idea, you should first consider the following questions:

• What are you passionate about?

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What Is the Role of the Board of Directors?

The board of director's role is clearly defined by a company's charter. This group hires the CEO, president, or general manager of the company. The board also decides the strategy and thereby the future of the corporation.

What Else Does the Board of Directors Do?

The board of directors has several primary responsibilities. Those include:

• Recruit and oversee the CEO and other high-level positions in the company: The position of CEO or president is crucial to the success of a business. The board must find the right person to lead the company. Sometimes, that employee will work elsewhere. The board must entice the worker to leave a job to become the leader of the board's corporation.
• Choose the direction of the business: The board hires corporate leaders, but th

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What is SOX?

SOX informally refers to the Sarbanes-Oxley Act of 2002, a piece of legislation created for the purpose of protecting investors from accounting fraud, specifically those that are related to shares sold by publicly traded companies.

The Sarbanes-Oxley Act is a deliberate attempt to mandate strict reforms with regards to how corporations made financial declarations. The law mandates increased vigilance with regards to disclosures related to the financial state of the company, particularly when it comes to earnings and profitability.

It is important to remember that this law regulates publicly traded corporations, those that sell shares of stock to the common peo

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