Attorney Rochelle Friedman Walk has Achieved the AV Preeminent® Rating – the Highest Possible Rating from Martindale-Hubbell®.

NEWS:    In the world of lawyers, there are many honors and opportunities to buy plaques and spend money to bolster one’s career, but in my book, only some honors worthy of sharing. I have recently learned that I was named a Top Lawyer in Tampa Bay for 2012 and again for 2013 by Law.com, the National Law Journal and some other related publications. This honor stems from my AV – Preeminent Rating, which I achieved and have maintained for more than 10 years. It truly is an honor to be rated by other attorneys in the top category for both ethical standards and legal ability. Some details of the honor:

Rochelle Friedman Walk, a lawyer and mediator based in Tampa, FL whose primary areas of practice are Business and Commercial Law and Alternative Dispute Resolution, has earned the AV Preeminent® rating from Martindale-Hubbell®

“Tampa, FL, March 4, 2013 – Martindale-Hubbell, a division of LexisNexis®, has confirmed that attorney Rochelle Friedman Walk still maintains the AV Preeminent Rating, Martindale-Hubbell’s highest possible rating for both ethical standards and legal ability, even after first achieving this rating in 2002,” according to the press release I received today.

The Martindale-Hubbell AV Preeminent® rating was started more than 130 years ago and is used by attorneys while searching for their own expert attorneys. With websites and social media, anyone can determine a lawyer’s rating by looking  it up on Lawyers.com or martindale.com. The Martindale-Hubbell® AV Preeminent® rating is the highest possible rating for an attorney for both ethical standards and legal ability. This rating represents the pinnacle of professional excellence. It is achieved only after an attorney has been reviewed and recommended by their peers – members of the bar and the judiciary.

The Walk Law Firm provides general counsel and mediation services to a diverse array of local, national and even international clients with particular focus on providing practical business counsel and alternative dispute resolution for businesses with small or nonexistent legal departments. I initially launched the firm to better serve business and mediation clients. Our focus is to assist businesses and entrepreneurs achieve their goals in a cost-effective and expedient manner. Our lean cost structure is designed to keep the burden of significant overhead costs low.

I am also a Florida Supreme Court certified Circuit Civil and Appellate Mediator, serve on the FINRA, Bankruptcy Court and Middle District mediation panels, handling business and financial meditations for parties wanting an experienced executive and lawyer mediate their matters.

To find out more or to contact Rochelle Friedman Walk of Tampa, FL, call 813-999-0199, or visit www.WalkLawFirm.com.

As a result of this honor, American Registry LLC, has added Rochelle Friedman Walk to The Registry™ of Business and Professional Excellence. For more information, search The Registry™ at http://www.americanregistry.com.

I am very proud that I have achieved the AV Preeminent® Rating – the highest possible rating from Martindale-Hubbell®.

Business Identity Theft: What is it? And how do I protect my business assets?

What is it?

Business identity theft is the fraudulent and unauthorized use of an entity’s identity.  It’s not just an information security breach. Rather, like consumer identity theft, business identity thieves impersonate the business or hijack the business’s identity in order to steal money or property, often by establishing lines of credit with banks and/or retailers. A corporate identity is an asset that needs protection!

Who is targeted?

The potential for more lucrative results has spawned an evolution of identity theft.  Rather than targeting a consumer, identity thieves are targeting unsuspecting businesses because businesses tend to have larger bank account balances, higher credit limits, and larger purchases made on behalf of a corporate entity generally don’t set off bells and whistles.  Small businesses are particularly vulnerable because they don’t have resources to constantly monitor accounts and records, and because they don’t have the structured security that large businesses have.

What is the result?

Generally, the damage that results from business identity theft is more severe than the results from consumer identity theft.  In consumer identity theft, the consequences tend to reach only the consumer targeted.  In business identity theft, the consequences affect the targeted business, but also the business’s employees and subcontractors, the business’s creditors, and the economy at large.

You might struggle obtaining a line of credit, which could impact operations. The cost of repairing or cleaning up the aftermath of a business identity theft can be costly with legal and accounting fees.

The terrible irony is that few businesses and business owners think about identity theft prevention as asset protection. But it actually is the most important asset protection plan a business can have.

How to prevent it?

At the Walk Law Firm, as Tampa small business attorneys, we advise our clients to take the same actions that public companies take:

  1. Protect your business information records – treat your EIN and Tax ID numbers like they are your social security number and limit access to all corporate records
  2. Monitor your corporate filings – many secretaries of state, including Florida, have email alert systems that notify you of any and all activity – enrolling in this service can provide early fraud detection
  3. Segregate Duties – accountants and auditors will tell you that no employee should be given access to all banking information as well as typical bank logins and passwords; segregate the duties relating to account access from those handling payroll and accounts payable
  4. Monitor your accounts and bills – frequent monitoring and reporting of suspicious transactions will limit your liability significantly
  5. Monitor the business’s credit report – routinely obtain a business credit report and review it for suspicious activity
  6. Train your employees to protect business information and to be aware of these crimes
  7. Be wary of phishing scams
  8. Install and utilize a firewall on your business computer and network
  9. Contact your creditors to ask about unusual activity

 

Business Loans and Personal Guaranties

The most common complaint I hear from business clients is that they cannot find financing. Needless to say, most are elated when they receive loan approval. As a practical business matter, that approval comes with a pile of paper including:

  1. A resolution of the governing board for the business approving the loan and authorizing signatories – Keep a copy of this in your minute or record book, it is an official corporate record;
  2. A Loan Agreement;
  3. A Promissory Note;
  4. A Security Agreement; and
  5. Personal Guaranties of the Owners or Shareholders.

I can write a blog and book on each of these documents, but today I want to focus on Personal Guaranties.

Let’s start by agreeing that Personal Guaranties are a necessary  part of the lending arrangement for small business today. As a business lawyer, I recognize that banks will not make loans without assurances and a way to ensure repayment. Clients generally assume that the Personal Guaranty is required and is limited to the amount of their investment in the business. Personal Guaranties ARE NOT limited automatically. Usually, they are joint and several.

A joint and several guaranty means that each party signing the guaranty is personally responsible for the whole amount due. So if the loan is for $1,000,000 and there are three owners, each owner can be sued for the full amount of $1,000,000, but the lender can only collect the amount once from any one or combination of the the three.

In order to be liable only for an owner’s proportionate share, the guaranty must be a limited guaranty, limiting recourse to a maximum amount or percentage.

To change the loan documents, an owner will need a productive relationship with the businesses bank and banker, and will need to specifically ask for limited recourse. Your business attorney can review the documents and help you negotiate a better deal. We recommend that small businesses find experienced business lawyers with the skills and knowledge to assist you with loan documents.

Please contact us if you have any questions.—-Rochelle Friedman Walk, Esq.